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UK Taxman Story No 465........

UK Taxman Story No 465........

Old Jul 5th 2011, 9:26 am
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Default UK Taxman Story No 465........

.........although as the article quotes you-know-who, it might need a bucket of salt. Meow?

http://www.arabianbusiness.com/thous...x--408435.html
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Old Jul 5th 2011, 10:00 am
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Default Re: UK Taxman Story No 465........

Funnily enough, I am about to do a radio interview for ARN on just this topic.

Let's make it clear, this is speculative, based on an HMRC consultation document (a thrilling 40 page missive that I have been reading in detail) that was issued a couple of weeks ago. The rules have not changed in the current tax year and I do hate the scaremongering that goes on.

In short don't panic now, as the proposals are quite likely to be altered before becoming law, probably from 06/04/12.

I'll be writing about it properly in the next couple of days, so bear with me and I'll put up the link when I do.
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Old Jul 5th 2011, 10:01 am
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Default Re: UK Taxman Story No 465........

Originally Posted by Meow View Post
Funnily enough, I am about to do a radio interview for ARN on just this topic.

Let's make it clear, this is speculative, based on an HMRC consultation document (a thrilling 40 page missive that I have been reading in detail) that was issued a couple of weeks ago. The rules have not changed in the current tax year and I do hate the scaremongering that goes on.

In short don't panic now, as the proposals are quite likely to be altered before becoming law, probably from 06/04/12.

I'll be writing about it properly in the next couple of days, so bear with me and I'll put up the link when I do.
So another kick in the wedding equipment for VD for getting it wrong?
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Old Jul 5th 2011, 10:21 am
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Default Re: UK Taxman Story No 465........

Originally Posted by The Dean View Post
So another kick in the wedding equipment for VD for getting it wrong?
Not wrong exactly, but these are only proposals. This could all change significantly before it makes it to the Finance Bill. I just don't see this suggestion of anyone working in the UK for 20 days in a tax year being taxed (and their employer too presumably if it is a UK company) being passed into law. The last thing the Government wants to do to negatively affect business.

I do think that people who work overseas but whose family reside in the UK, own a home there, remit all their earnings to the UK and visit regularly could have issues, but that's been in the cards for a while.
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Old Jul 5th 2011, 1:07 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by Meow View Post
I do think that people who work overseas but whose family reside in the UK, own a home there, remit all their earnings to the UK and visit regularly could have issues, but that's been in the cards for a while.
Can you elaberate on this please?

Thanks.
John.
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Old Jul 5th 2011, 1:52 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by reeferjon View Post
Can you elaberate on this please?

Thanks.
John.
It's been mooted for some time that someone in that situation should be treated as resident for tax purposes. The HMRC suggestions only form a consultation document so there is little point in going into all their ideas in much detail, but suffice it to say that the rules will be tighter with various conditions that will have to be met to be treated as non-resident in addition to the current one of simply days spent in the UK.
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Old Jul 5th 2011, 2:05 pm
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Default Re: UK Taxman Story No 465........

Interesting......do they have a projected time scale or is this on 'the list'

Thanks.
John.
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Old Jul 5th 2011, 2:08 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by reeferjon View Post
Interesting......do they have a projected time scale or is this on 'the list'

Thanks.
John.
The consultation period is open until 9th September and anyone with an interest can contact HMRC with their specific thoughts and concerns. They will then go away and review all the responses and it is expected that the changes will be published as part of the Finance Act becoming law at the start of the next tax year on 6th April 2012.
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Old Jul 5th 2011, 2:18 pm
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Default Re: UK Taxman Story No 465........

Wondeful

Best Keep an eye on that then....maybe its not such a good time to accept that offer after all lol.
Thanks for the info


John.
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Old Jul 5th 2011, 2:22 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by reeferjon View Post
Wondeful

Best Keep an eye on that then....maybe its not such a good time to accept that offer after all lol.
Thanks for the info


John.

I think that only a minority of people will be affected. Anyone that moves overseas with their family and doesn't breach limits regarding permissible days in the UK is unlikely to be affected in any way.

As soon as I find the time I'll be writing in my blog/website in a bit more detail and will also write about what transpires so you could always subscribe to be kept informed. I assure you that what I write will be much easier to follow than the standard missives from HMRC.
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Old Jul 5th 2011, 2:31 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by Meow View Post
Not wrong exactly, but these are only proposals. This could all change significantly before it makes it to the Finance Bill. I just don't see this suggestion of anyone working in the UK for 20 days in a tax year being taxed (and their employer too presumably if it is a UK company) being passed into law. The last thing the Government wants to do to negatively affect business.

I do think that people who work overseas but whose family reside in the UK, own a home there, remit all their earnings to the UK and visit regularly could have issues, but that's been in the cards for a while.
After having been a UK tax non-resident for 13 of the past 15 years, my family have just returned to our home in the UK while I continue to work at a remote site in Canada. I took tax advice that confirms that because my home is in the UK, my family is now in the UK, my children now attend school in the UK, and I return to the UK on my days off, there is NO WAY that the Inland Revenue will consider that I am not resident for UK tax. Ah well, I had a pretty decent run. Actually, it's fair enough... we are using the services.

The old way of you simply being out of the country for x days per year no longer cuts it.
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Old Jul 5th 2011, 3:43 pm
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Default Re: UK Taxman Story No 465........

Meow please do an article on tax avoidance
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Old Jul 5th 2011, 3:47 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by UKCityGent View Post
Meow please do an article on tax avoidance
Why? I thought you claimed to be some sort of financial expert.
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Old Jul 5th 2011, 3:53 pm
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Default Re: UK Taxman Story No 465........

Originally Posted by Meow View Post
Why? I thought you claimed to be some sort of financial expert.
Nice interview by the way............. THREE HOURS A DAY????????? What do they think it is - Ramadan???
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Old Jul 5th 2011, 3:56 pm
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Default Re: UK Taxman Story No 465........

Reading between the lines then....with my wife, kids staying in UK in family home.......for this to work for me I need a divorce and sign the property over to my would be ex-wife........hmmmmmm.
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