Lead Forencsices

UK Self Assessment Tax Return Filing and Penalties

The end of the UK tax year for 2017/18 was 5 April 2018 and taxpayers need to consider completing and filing their Tax Returns for this year.

Tax Returns usually need to be filed with HM Revenue and Customs (HMRC) by 31 January following the end of the tax year if you file online (or by 31 October following the end of the tax year if you file a hard copy paper Tax Return).

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New Offshore Bank Accounts for Expat Employees

Non-domiciled individuals that have come to work in the UK need to open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK.  This relief is known as Overseas Workday Relief – or OWR - and in broad terms applies for up to three years providing employment earnings are paid outside the UK – offshore – and not remitted/brought to the UK.

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Finance Act 2018 Enacted

On the 15th March 2018, the Finance Act 2018 received Royal Assent, bringing the third Finance Act of the 2017/18 period into force. We discuss the main items brought into force from the 6th April 2018.

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EMI Scheme On Hold?

The Enterprise Management Incentive (EMI) Scheme is a popular scheme for smaller companies to provide their key employees with tax-advantaged share options, but delays in obtaining renewal of EU State Aid approval for the EMI scheme means that the benefits will be switched off for an unknown period.

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