UK tax advice worldwide and tax treaty claims for teachers who have worked in Thailand, the UK, USA
HM Revenue & Customs posted on LinkedIn We are aware of scammers claiming to be from HMRC offering financial support as a result of If you receive an email, text or call claiming...
An extended legal definition of 'cash', to include many kinds of physical property, will come into force on 16 April, along with a new procedure to seize, detain and forfeit it.Unexplained wealth orders to be issued started in January
Powers to issue 'unexplained wealth orders' against people who cannot account for their assets, as set out in the UK Criminal Finances Act 2017, came into effect on Wednesday 31 January. A new procedure allowing the authorities to issue bank account freezing and forfeiture notices without a court order came into force at the same time.
This year's Self Assessment programme has now been completed. All 2017 Self Assessment Returns have been filed in time to beat today's deadline. .
As a prelude to launching a client interface, I have increased the security of the website and email service by changing the site protocol from HTTP to HTTPS. When sent via the secure HTTPS protocol, data is protected by encryption to keep it secure from interception. Data cannot be modified or corrupted during transfer, intentionally or otherwise, without being detected. Links to the former http version of the site will automatically be transferred to the new https version
Finance Bill:Written statement - HCWS47 The Finance Bill introduced in March 2017 provided for a number of changes to tax legislation that were withdrawn from the Bill after the calling of the...
Somebody with an anonymous Facebook account is messaging me for confirmation of departure dates. Sorry, but without a name I cannot confirm anything, and with the account being anonymous Facebook will not permit me to reply.
I have already been advising clients on the basis that this new legislation will take effect with effect from 6th April, and now it is being shelved. People have already made expensive and irrevocable decisions on the basis of this government's earlier statements.
The Finance Bill 2017 will not include changes to the tax rules applying to non-doms and their offshore structures. The Government had intended to introduce new rules with effect from 6th April 2017 to increase the tax take from non-doms.
To recap, the intended changes:
Deem individuals who have been UK tax resident for more than 15 out of the previous 20 years to be UK domiciled so they no longer qualify for the ‘remittance basis’ and become subject to income tax and capital gains tax on their personal worldwide income and gains. In addition, inheritance tax could become due on their worldwide assets.
Give protections to offshore trusts set up by such individuals from income tax, capital gains tax and inheritance tax where they meet the qualifying conditions.
Give non-doms who had claimed the remittance basis and paid the remittance basis charge an opportunity to ‘rebase’ the cost of their assets to their value at 5th April 2017.
Give non-doms the opportunity to ‘cleanse’ mixed funds so that clean capital could be identified.
Charge inheritance tax on UK properties held by non-doms and their trusts where those properties are held by overseas companies.
The changes were set out in Finance Bill 2017 and were intended to take effect from 6 April 2017.
The House of Commons has approved an early general election date of 8 June 2017 and Parliament will be dissolved on 3 May. This means that there is a much shorter time than usual for the Finance Bill to go through the appropriate stages of review and receive Royal Assent.
The selection of amendments for the Finance Bill committee stage debate today shows that the Government intends to remove the majority of the Finance Bill, including the non-dom changes set out above.
This U-turn means that trusts set up by non-doms prior to 5th April 2017 will protect the settlor from capital gains tax and Inheritance tax but will not shelter the income in an offshore trust in which a settlor can still benefit. In most circumstances a UK resident non-dom settlor will still need to claim the remittance basis and pay the remittance basis charge until the changes are brought in.
Non-doms who intended to fund their lifestyle in the UK by taking advantage of the rebasing election or the cleansing provisions will now need to wait until next year. This may mean that plans to sell rebased assets may now need to be deferred.
It is likely that these changes will return in a future Finance Bill, whatever the sitting Government, and take effect from 6 April 2018.
Non-doms who had missed the earlier 5 April 2017 deadline to restructure their affairs ahead of the new rules coming into force now have time to do so. In particular, they should seek advice on:
Removing UK properties from corporate structures;
Setting up qualifying trusts before they become deemed domiciled; and
Other pre-deemed domicile planning.
Disguised remuneration: job board avoidance scheme (Spotlight 37) - GOV.UK HM Revenue and Customs is aware of a scheme that claims to avoid tax by using job boards and loyalty points paid by a third party.
Credit Suisse faces tax probes in multiple countries Dutch, UK and French authorities launch simultaneous investigations
Theresa May's letter under Article 50https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/604079/Prime_Ministers_letter_to_European_Council_President_Donald_Tusk.pdf
Wednesday's statement by Philip Hammond, "I have decided not to proceed with the Class 4 NIC measures set out in the Budget. There will be no increases in NICs rates in this Parliament. We will continue with the abolition of Class 2 NICs from April 2018."
Premier League and Championship clubs and players may face huge tax bills Professional football clubs and their players - past and present - may face bankruptcy over the non-payment of taxes, which could total up to £100m.
For those wishing to follow either the Brexit and Budget debates. http://www.parliamentlive.tv/Event/Index/781520e8-92a0-40c5-8e9a-55514180b62e
Parliamentlive.tv House of Commons
The full 2017 Budget speech and Treasury report are now on the News section of my website
HMRC have issued a warning about another widespread scam - this time, fraudsters are trying to con their victims into buying Apple iTunes gift cards in order to pay off a bogus tax debt. HMRC never ask for your personal financial details via email or text, or ask for payment in the form of iTunes vouchers. If you or someone you know has received a suspicious call, text or voicemail like this, please report it to Action Fraud.
On 30th September 2016, the UK government brought the International Tax Compliance (Client Notification) Regulations 2016 into force, which set out a new obligation on financial institutions and professional advisers to notify certain clients of the information HMRC will receive automatically under the OECD Common Reporting Standard (CRS) from 2017. Where these regulations apply I shall be writing to Clients in the coming days.
Teachers' Thai Police Background checks - Stephen Dann ITPA Police Background Checks for Thailand obtained by Stephen Dann ITPA
Before overseas landlords get excited by yesterday's Budget, in which the Chancellor announced reductions to capital gains tax rates (down to 20% and 10% for higher rate and lower rate taxpayers respectively) these tax cuts do not apply to disposals of residential property. The Chancellor wants people to invest in companies rather than property.
I have now completed updating my website for 2016
The proposed HMRC digital tax accounts, information in PDF form from the horse's mouth: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/484668/making-tax-digital.pdf
The new system of personal tax accounts, which will eventually replace annual tax returns, is being launched by HM Revenue & Customs (HMRC).
The system of online accounts will be similar to online banking, HMRC says.
The new accounts will allow people to see their tax details and make payments at any time of the day or year.
The roll-out for individuals is being phased in, for people currently in the self-assessment system.
All personal taxpayers will have personal accounts by April next year, as will all of the country's five million small businesses.
Two million businesses are already using the new system.
The government says one advantage of the new digital tax accounts is that they should stop the build up of tax due, or refunds owed, at the end of each financial year, with no more surprises or shocks for tax payers.
"The launch of personal tax accounts is a groundbreaking development for HMRC and our customers," said Ruth Owen, the director general of personal tax at HMRC.
"Remember when you started banking online? Well, this is the equivalent shift in service for the majority of our customers wanting to do business with us online."
The HMRC's aim is that by 2020 the new digital accounts will encompass all taxpayers, individual or corporate.
Businesses including the self-employed and landlords will, from April 2018, have to update HMRC every quarter where this activity is their main source of income.
That obligation to report quarterly will also apply where the money is a secondary source of income worth more than £10,000, and the main income is from employment or from a pension.
Behind the scenes, HMRC plans to bring all the information it holds on a taxpayer into one system, including data from employers, banks, building societies and other government departments.
This will eventually lead to the demise of the annual tax return for most taxpayers and so the current system of self-assessment, introduced in 1996 and now largely online, will wither away.
"Self-assessment for individuals and small businesses (including companies) will work through digital tax accounts, so there will be no need for them to send in annual tax returns," an HMRC spokesman explained.
"Obligations on customers, such as to inform HMRC of taxable income or to provide information relating to that income, will not change where HMRC does not have the data from another source.
"Taxpayers will still have to confirm their information is correct and make sure the right tax is paid," he added.
Yesterday the Chancellor delivered his Autumn Statement. There are two major issues:
Capital Gains Tax (“CGT”) on residential property
CGT is due on the profit on the disposal of chargeable assets, such as residential property which is not used as an individual’s main home.
Currently CGT due on the disposal of a residential property is paid up to 22 months after the sale of the property. The Chancellor has announced that by April 2019, any CGT due on the disposal of residential property will be reportable and payable 30 days after completion.
Offshore Tax Evasion
July’s Summer Budget suggested that there will be new penalties brought in for offshore tax evaders and today’s Autumn Statement has supported this.
Where there is deliberate evasion of tax on offshore income and gains, HMRC will apply penalties based on a percentage of the value of the relevant asset and not, as currently, on a percentage of the tax lost. HMRC will also continue their public naming campaigns for those individuals. This ‘naming and shaming’ will also be extended to individuals who facilitate tax evasion, or “enablers”.
Perhaps more worrying is the new criminal offence for failure to declare offshore income and gains. Intentional tax evasion is already a criminal offence, but the new penalty extends this further so that HMRC would not need to prove an intention to evade tax.
Stressed tax inspectors encouraged to cuddle dogs to help them unwind STAFF at a HM Revenue & Customs centre in Edinburgh booked the “therapet” service - a 45-minute session run by the Canine Concern Scotland Trust.
This years HMRC certification finally arrived. http://www.uktaxadvisor.com/Graphics/HMITregistration.jpg
I am pleased to announce that all of my regular email accounts are now up and running again, vis:
My new internet hosting service has proved even less reliable than the last one with all of my email account now out of service. Until further notice please use stephenuktaxadvisor.biz for all messages.
2015 UK Budget speech and full Treasury report now available on my website. I'll have the new tax rates and allowances online before Monday.
I am the Director of Siam International Accounting Management Ltd. providing tax consultancey services to expatriates who have worked in Thailand. Our primary work is for international teachers for whom we have obtained almost 500 tax treaty refunds in the past twelve years. Now representing teachers at twenty-eight international schools in Thailand we are currently processing in excess of 160 claims for American, Australian, British, Canadian, Irish and other nationalities.
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