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Recent tax law changes and new policy and budget implications will be included here, along with some easy to understand documents on UK and International, personal and business subjects.  And, if you think we are missing a report or any useful facts, please do not hesitate to contact us so that we may then provide you with the information you are looking for.​

UK residents are taxed on all income and gains regardless of whether it originates from the UK, or has already been taxed in another country and all income and gains must be declared yearly on the tax return.  This does not necessarily apply to non-domiciled individuals. An individual who is resident but not domiciled in the UK, may have an annual choice in whether to use the arising basis of taxation or the remittance basis of taxation.

Many US residents of the UK who have been self-employed, have taken the decision to create a limited company to then employ themselves.  While this has a number of UK tax advantages, there are conversely a number of US Federal tax issues to be considered and understood, both from a reporting standpoint and potential additional tax cost.

It is always worth taking a moment to consider whether there is any action you should take before the end of the current tax year and take advice if required.

Whilst it may seem financially attractive for US citizens living in the UK to take advantage of UK based investments, there is often an unwelcome sting in the tail.

With tighter regulations and increasing accountability being introduced to limit unscrupulous tax avoidance ploys, the taxation process for a US national living abroad is becoming increasingly challenging.

When a US citizen, whether at home or abroad, receives general income and / or earnings above the tax exemption threshold, a yearly tax return is required to be filed with the IRS.  Although a two-month extension to pay the tax is given to non-resident US citizens, any unpaid liability at April 15 will incur interest and possible penalties.

The ‘gloves are off’ as the deadline for registering tax disclosures under the requirement to correct (RTC) rules has passed, and HMRC’s new failure to correct (FTC) penalties have come into force.........

Historically Trusts have been registered with the HMRC using the 41G (Trust) form, but as from June 2017, HMRC now require all trusts to be registered via their online Trust Registration Service.

HMRC are focusing on uncovering the large portion of unpaid taxes that relate to offshore assets. Large penalties are about to be introduced and the Requirement to Correct (RTC) cut-off is looming.

Inheritance Tax has seen a number of changes over recent years, which has resulted in more estates being caught by the tax, but many mid-value estates will now pay less tax.

How will getting married affect your tax?

In general, married couples and those in a civil partnership are better off tax wise, but this is not always the case.  Here we have a look at what changes you need to be aware of, and those you can benefit from.

Don’t get caught out. IRS Tax amnesty ends in September 2018.

It is estimated that the US government loses out on nearly $200 billion in tax revenue per year and it is therefore a high priority for the IRS to improve on avoidance.  To act as an incentive, different IRS amnesty programmes have been created to help taxpayers get back on track and avoid some hefty penalties. 

Do you have U.S. Tax Filing Obligations?

As a U.S. Citizen your worldwide income and gains are generally reportable and potentially subject to U.S. income tax, even if you are not currently resident in the USA. 

Understanding your Tax Code

HMRC send out your new tax code before the January 31st tax return deadline.  This means that the information they are using to calculate your tax code may not be fully accurate, making it all the more important for you to ensure that it is right.  

Tax Deadlines Year Planner 2018

More and more people are renouncing their American Citizenship.  Figures show the growth between 2015 and 2016 as a 26 percent increase, with 5,411 giving up their citizenship or terminating their long-term residency status.

But why?  

With regular changes being made to how you can pay your Tax Bill Everfair Tax has compiled a summary to show the current alternative ways to pay to ensure you do not get caught out.

There have been key changes to the UK tax system in the past year and those who have never had to report their income to HMRC may now need to do so.  This document sets out how who is most likely to be affected by these changes.

See our resource document to find out what changes the 2017 Finance Bill brought in.

HMRC’s approach to Short Term Business Visitors has changed. For more information on this issue please read our resource document​ available via the link.

It is always worth taking a moment to consider whether there is any action you should take before the end of the current tax year and take advice if required.

Residence, Domicile and the Remittance Basis.

Please see HMRC Guidance Notes re Statutory Residence Test (SRT).

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Everfair Tax : Weybridge Office

Suite 6, The Monument Building, 45-47 Monument Hill, Weybridge, Surrey, KT13 8RN  
Tel:  01932 320 800 


Everfair Tax : London Office

4 Lombard Street, London, EC3V 9AA 

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