The 2018/19 tax year will herald the introduction of the much-maligned Scottish rates of Income Tax and all the added complications that these bring. This is particularly relevant to Scottish resident, self-employed Dentists who will now be charged to tax at very different rates compared to the rest of the UK.
The global economic landscape is constantly changing. A rapid growth of global export of goods and services and foreign direct investment has changed how and where we do business and technology has played a critical role in getting us there.
Something that crops up in a significant number of the cases that cross my desk is the issue of an overdrawn director’s loan account, and the implications that has for both the company and the director.
The deadline for individuals, Trusts and Estates to submit a full disclosure to HM Revenue & Customs (“HMRC”) if they need to correct their underpaid UK tax position in respect of any offshore interests is fast approaching. With less than 1 month to go until the deadline of the 30 September 2018, it could not be more apt to issue a reminder regarding the Requirement to Correct legislation.