For Those of you who have not heard,
May 31st 2007, 7:50 am
#1
Forum Regular
Thread Starter
Joined: Apr 2007
Location: Newcastle,Puerto Andratx
Posts: 93
For Those of you who have not heard,
Tax Returns Are You Ready?
Significant changes to the 2006/7 Tax Return have been made with greater disclosure now needed from those living or working abroad. In addition to the usual non-residence questions, expatriates now must also disclose information how often they visited the UK, how long spent in the UK and the reasons for the visit. With the announcement from The Chartered Institute of Taxation that a third of all UK taxpayers find self-assessment forms difficult to complete, the additional disclosures could mean that an already complex burden is being made even more onerous. For more information about the Tax Return changes, click here. If you would like support and assistance with your Tax Return please contact us.
Residence Greater Scrutiny Continues
Two high profile tax cases last year, concerning Mr Shepherd and Mr Gaines-Cooper, meant that attention was focused on the issue of residence. More information about these landmark cases is available on our website. At the start of this year, HMRC issued a note to confirm that there are no changes to the 91-day rule which many expatriates use to determine their non-residence status. Yet the changes to the Tax Return (noted above) demonstrate that HMRC is taking the issue of non-residence extremely seriously and greater scrutiny continues. As a result, it is critical to ensure you have a sensible tax planning strategy in place.
Offshore Accounts Partial Tax Amnesty in Place Until 22nd June
HM Revenue and Customs (HMRC) announced in April 2007 that it is offering a window of opportunity to those with undeclared income from overseas bank accounts. The amnesty has been designed to encourage those who have money in offshore savings to declare it and pay any tax and interest owed. A 10% fine will also be applied. The amnesty is in place until 22 June. After this date HMRC has the power to impose substantial fines and even start criminal prosecutions. By mid-May 2007 only a small percentage of people had responded, according to press reports. HMRC has commented that it expects to see greater levels of disclosure in the run up to the deadline in June. This amnesty is not just for offshore bank accounts and may prove a useful tool for those who have undeclared income as higher penalties are certain to arise in the future.
Significant changes to the 2006/7 Tax Return have been made with greater disclosure now needed from those living or working abroad. In addition to the usual non-residence questions, expatriates now must also disclose information how often they visited the UK, how long spent in the UK and the reasons for the visit. With the announcement from The Chartered Institute of Taxation that a third of all UK taxpayers find self-assessment forms difficult to complete, the additional disclosures could mean that an already complex burden is being made even more onerous. For more information about the Tax Return changes, click here. If you would like support and assistance with your Tax Return please contact us.
Residence Greater Scrutiny Continues
Two high profile tax cases last year, concerning Mr Shepherd and Mr Gaines-Cooper, meant that attention was focused on the issue of residence. More information about these landmark cases is available on our website. At the start of this year, HMRC issued a note to confirm that there are no changes to the 91-day rule which many expatriates use to determine their non-residence status. Yet the changes to the Tax Return (noted above) demonstrate that HMRC is taking the issue of non-residence extremely seriously and greater scrutiny continues. As a result, it is critical to ensure you have a sensible tax planning strategy in place.
Offshore Accounts Partial Tax Amnesty in Place Until 22nd June
HM Revenue and Customs (HMRC) announced in April 2007 that it is offering a window of opportunity to those with undeclared income from overseas bank accounts. The amnesty has been designed to encourage those who have money in offshore savings to declare it and pay any tax and interest owed. A 10% fine will also be applied. The amnesty is in place until 22 June. After this date HMRC has the power to impose substantial fines and even start criminal prosecutions. By mid-May 2007 only a small percentage of people had responded, according to press reports. HMRC has commented that it expects to see greater levels of disclosure in the run up to the deadline in June. This amnesty is not just for offshore bank accounts and may prove a useful tool for those who have undeclared income as higher penalties are certain to arise in the future.
May 31st 2007, 10:40 am
#2
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: For Those of you who have not heard,
Happily I don't do a UK tax return any more 
