There is no escape - Making Tax Digital will include Non Doms and Non UK Residents

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) compliance obligations are still being introduced in the UK. This was originally due to be implemented in 2023, but after much lobbying from a variety of professional bodies, this has now been postponed until April 2024.

Autumn Budget Announcement: reporting residential property sales to HMRC – welcome extension to 60 days

Rishi Sunak’s Autumn Budget will come as good news for individuals and trustees selling UK residential property. In his speech on 27 October 2021, the Chancellor announced provisions which will help to alleviate the compliance burden on those selling chargeable residential property by doubling the time available to report and pay Capital Gains Tax (CGT) from 30 to 60 days after completion.

Is the end nearing for the Tax Year as we know it?

The UK tax year runs to 5 April, however, The Office of Tax Simplification ‘OTS’ recently published a document (June 2021) setting out its intention to review the benefits, costs and wider implications of changing the end of the tax year to either 31 March or 31 December. 

Are you a non-UK resident individual that needs to complete UK Self-Assessment Tax Return?

If yes, then did you know HMRC’s online facility does not allow individuals to complete UK Self-Assessment Tax Returns (SATR) if they are a non-UK resident person?  

HMRC seek views on closing the “International Tax Gap”

Statistics suggest that the UK tax gap, ie the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid, fell to the lowest rate on record for the 2018/19 tax year @ 4.7%. This is a major achievement for HMRC and reflects investments made in automating many administrative systems to make it as easy as possible for taxpayers to pay the right tax, at the right time. It also reflects their success acting against those who have sought to deliberately evade their Offshore tax obligations. More than £3 bn has been secured by the UK Government since 2010, just from initiatives that focused on Offshore non- compliance.

Non residents investing in UK property - Stamp Duty Land Tax versus Land and Buildings Transaction Tax

The budget on 3rd March created further differences in tax charges when acquiring land and property, widening the very clear gap between rates of Stamp Duty Land Tax (SDLT) applying in England, compared with Land and Buildings Transaction Tax (LBTT) applying in Scotland.

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