HMRC issue one too many letters – again…

HMRC are sending letters to individuals who are named as a Person of Significant Control (PSC) of a company registered at Companies House. These letters have been issued to a large number of taxpayers and are being sent directly to individuals and/or separate letters to their agent, where the taxpayer is represented.

Non Resident Landlords continue to own up to HMRC…

Around 250 non UK resident landlords voluntarily disclosed previously undeclared rental income for 2020/21 to HMRC, via their ongoing “Let Property Campaign”.

UK Non Doms subject to HMRC scrutiny

HMRC action

The UK still provides significant UK tax mitigation strategies for overseas income sources where you are tax resident here, but not UK domiciled (Non Dom). HMRC are looking very closely at this group of individuals and have recently issued “Nudge letters” asking them if they are confident their tax liabilities have been reported correctly, particularly targeting those who have been resident in the UK for a number of years.

Don’t be late - register for Self Assessment before 5 October 2021

Have you become chargeable to income tax or capital gains tax for the first time? Now is the time to notify HMRC.

Time is of the Essence for CCO Compliance

The Legislation 

Crypto Assets – HMRC seeking ownership declarations

Following HMRC’s drive to aid the economic impact of the COVID 19 pandemic and a surge in recent enquiries into tax affairs of individuals and companies alike, HMRC have confirmed that e-money value transfer systems and Crypto assets are on their watchlist of assets they will be looking closely into. This is particularly the case, since it is known such assets are commonly used by organised crime. HMRC now receives information from crypto exchanges on transactions carried out by crypto asset investors based in the UK and may also receive information on crypto asset transactions under the Common Reporting Standard. 

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