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Everfair Tax takes great pride in providing easy to access information for our clients and playing an active part in the local community for each office.  Whenever possible we will bring you up to date news on new tax issues, our services, a published report, relevant international and global news, the activities we support and our media coverage along with any interviews we have taken part in. 

 

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What do you need to do before the US Tax year ends?

For most U.S. taxpayers the 31st December is the last day you can make any changes that will impact on your 2016 tax returns. Gillian Everall from Everfair Tax recommends that you give yourself plenty of time to consider options for maximising your tax position and has put together some pointers to help you get the ball rolling. Start with your Capital Gains Tax and decide whether you can sell assets to realise a capital gain or loss to ensure you minimise any capital gains tax payable. This allowance cannot be carried forward to subsequent years, so we would advise clients to use this tax-free allowance and reduce the risk of incurring significant Capital Gains Tax bills in subsequent year

Paid informants will help HMRC recover a target of an additional £7.2 billion in tax by 2020/21

Paid informants will help HMRC recover a target of an additional £7.2 billion in tax by 2020/21 Data released in a Freedom of Information request details that the HMRC has paid out nearly £2 million to informants over the last four years, according to data obtained by Business Insider. Of that, HMRC paid £421,460 for information about tax evasion in 2016/17. With a series of new laws coming in to force to help HMRC achieve a target of recovering an additional £7.2 billion in tax by 2020/21, taxpayers should seek advice to ensure that they are not caught unawares. Earlier this year, HMRC also warned of the potentially "life changing consequences" of failing to disclose offshore wealth by Se

Are you a non-domiciled individual?

86% of the £9bn in tax paid by non-doms, is paid by London and the South East residents. In figures released by the HMRC for the first time, according to The Times, 86% of the £9bn in tax paid by non-doms in 2014/15 was paid by those living in London and the south-east. If you are a non-domiciled individual, there may be some advantageous tax planning options that you should consider. Whether you are expecting to be in the UK short term, or planning a longer stay, we can advise you on the intricacies of the remittance basis and how this will apply to you, please contact us for more information More information can be found at www.fundstrategy.co.uk

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Email: info@everfairtax.co.uk

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