Tax

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  • FBAR

The Foreign Bank Account Report (FBAR) – do you need to file?

Filing US tax returns is a well-known responsibility of American ex-pats, but the Foreign Bank Account Report (FBAR) is often forgotten. This can be costly, as failing to file the FBAR can draw the attention of the IRS, and lead to some harsh penalties. A United States person that has a financial interest in, or

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  • vat cut

A temporary reduction in VAT from 20% to 5% for worst hit sectors

Chancellor's Summer statement A temporary cut in the sales tax from 20% to 5% has been announced by the UK government for attractions, meals and accommodation.  Chancellor Rishi Sunak proposed the measure during his Summer Statement in order to provide relief for some of the sectors worst hit by the coronavirus pandemic. The VAT rate

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  • expat tax haven

HMRC’s crackdown on overseas tax evasion

In a single year, HM Revenue & Customs’ (HMRC) crackdown on overseas tax evasion has seen a massive increase in the number of people admitting to not paying tax. According to a Freedom of Information (FOI) request, 867 British expats declared they failed to pay the amount they owed in 2018-19. This marks a 12-fold

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  • IR35 Tax Delay

Covid-19 emergency postpones tax reforms

The UK government has delayed proposed changes to the IR35 tax rules until 2021 in response to the COVID-19 crisis.  MP Steve Barclay, the chief secretary to the treasury, unexpectedly announced the move on the evening of March 17th and was keen to stress that it was merely a postponement. Mr Barclay said: "I can

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  • independent contractor

IR35 Changes: Risk and Responsibility in the Private Sector

The planned changes to the UK’s Inland Revenue 35 (IR35) Laws are intended to create a clear distinction between independent contractors and full-time employees.  By determining employment status, HMRC hopes to ensure that proper tax contributions are obtained.  In order to achieve this, IR35 shifts the responsibility for determining the status of workers and the

  • dark window

Communicating The New Capital Gains Tax Rules

Through a Time Window, Darkly In April 2020, new rules will be taking effect regarding Capital Gains Tax (CGT).  The policy change from HMRC aims ‘to improve collection of CGT by reducing error and increasing compliance; customers will have 30 days following property disposal to file their return and make an advance payment towards their

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  • making tax digital calculator

Making Tax Digital for VAT

MTD has landed We first examined Making Tax Digital (MTD), and the arguments surrounding it, back in 2017.  Now that the dust has settled and MTD has come into force, it seems a good time for another look.   From VAT periods commencing 1st April, MTD now applies for most companies that have taxable turnover above

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