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30-day Capital Gains Tax reporting function is extended by HMRC

As from 6 April 2020, Capital Gains Tax on residential property in the UK is required to be reported and paid to HMRC within 30 days of completion. However, the HMRC reporting system has had a number of glitches, some of which have now been resolved. The updated system is now allowing gains on second and subsequent disposals to be reported online. Previously the reporting system had only allowed for one online filing in each tax year, resulting in the need for any further filings to be reported on a paper return. In addition, the system now has the capacity for personal representatives and those holding a power of attorney to report gains, and for agents to be able to report on behalf of the

The Complex Tax considerations for UK entrepreneurs working in the United States

Post Brexit global trading is likely to be a large part of many entrepreneur’s growth plans for their business and the US is understandably often a market being considered for expansion into. There are however a number of tax considerations to be aware of for a UK company thinking of doing business in the US and it is important to properly consider these in advance to ensure you avoid unnecessary excessive dual tax bills. Under UK rules, a UK registered limited company will be subject to UK corporation tax on all of the company’s worldwide taxable profits. However, under US rules, corporations engaged in business in the US will also need to pay US corporation tax on income on activities whic

Tax efficient charitable giving for the UK and US

Tax efficient charitable giving for the UK and US When planning US and UK charitable giving, care should be taken to ensure that all of the available tax relief options are maximized. With many areas needing due consideration in order to donate with tax efficiency, we have detailed a number of the points to take into account; but for individual advice on your personal circumstances, please contact us for assistance. Consider the timing of the gift The most advantageous time to donate to a charity for a UK resident US citizen is before 31 December and potentially before filing the UK return for the previous UK tax year (usually due by 31 January) This can then allow the tax relief to be claim

Draft Finance Bill 2021 gives HMRC access to taxpayers' financial information without obtaining

In the draft Finance Bill for 2021 published at the end of July, HMRC are being given substantial new powers to enable the issuing of financial institution notices (FINs), without the need for permission from either the taxpayer or tax tribunal. Being brought in to meet the information exchange requests from foreign governments, HMRC cites the amends to the finance bill as necessary; in order to comply with the target international standards for sharing information of six months. It currently takes the UK up to twelve months to obtain the relevant information. FINs are issued when HMRC need a financial institution or bank to disclose information on a specified taxpayer. Going forward, the

The Capital Gains Tax system.  Is it ‘fit for purpose’?

Chancellor Rishi Sunak has requested that the Office of Tax Simplification (OTS) conduct a review of the current capital gains tax (CGT) system. Stating that the current system is not ‘fit for purpose’ and that it can ‘distort behavior’; the Chancellor has asked the OTS to review the overall scope of CGT and the rates levied in relation to other taxes. If the system is found to not be working efficiently, the most likely outcome is that the wealthy and possibly middle income earners will be subject to higher tax liabilities. Capital Gains Tax is incurred when profit is made upon selling an asset that has increased in value. This encompasses property such as second homes, buy-to-let properti

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