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Making Tax Digital

We have created our own guide to help you understand how Making Tax Digital might affect you.

Click here to download your guide

 

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Making Tax Digital Workshop

Making Tax Digital Workshop

3rd October 2018

Canterbury Cathedral Lodge

Two Sessions:

7.30am-9.00am

or

9.30am-11.00am

To book into your preferred session email: marketing@burgesshodgson.co.uk

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HMRC Consultation on CGT payments on account for residential property closes

The current system is that capital gains tax (CGT) is payable on residential property in line with normal income tax payment dates. This can mean that any CGT due is paid up to 21 months from the date of the transaction. From 2020 #HMRC propose to collect a payment on account of the CGT within 30 days of the transaction.

CLICK HERE TO FIND OUT MORE

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HMRC estimate ‘Tax Gap’ to be £33 billion for 2016/17

  • ‘Tax Gap’ is the difference between what HMRC thinks the total tax collected should be and what is actually collected

  • Up from £32bn in 2015/16

  • The expected tax collection is calculated based on estimated levels of economic activity

  • Tax Gap due to criminal activity, tax evasion and errors.

CLICK HERE TO FIND OUT MORE

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HMRC confirms reinstatement of EMI scheme

  • The EMI scheme was effectively withdrawn from April 2018 as EU State Aid approval had expired.
  • On 15 May 2018 the State Aid approval was reinstated by the EU.
  • The EMI scheme now continues as it was pre 5 April 2018
  • EMI schemes are tax-advantaged HMRC approved share option schemes
  • Very useful for growth companies looking at long term incentive plans for employees.

READ MORE FROM HMRC HERE

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Making Tax Digital Update

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. This change might seem daunting, but we’ve compiled everything you need to know so your journey into digital tax recording is as easy going as possible.

What’s changing?

• Paper records will no longer be sufficient. Almost all businesses and landlords will now be legally required to use digital software or a spreadsheet to keep accounting records.
• Accounting records will be required to be submitted to HMRC directly from accounting software within one month of the end of each quarter.

(more…)

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2018 Tax Notes

To download the document please click here

2018-tax-notes

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Important Tax updates for US Citizens in the UK

US Tax Updates 2018:

On 22 December 2017 President Trump signed the Tax Cuts and Jobs Act.

https://www.congress.gov/bill/115th-congress/house-bill/1/text

Some of the key highlights are as follows:

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2017 US Tax filing deadline

2017 US tax returns and Foreign Bank Reports (FinCen 114) – 16th April 2018

Extensions can be filed for US citizens who are residing outside of the USA – this is an extension for the filing deadline not for payment of tax due.

If you have any US Tax related queries please get in touch:

Email: USTax@burgesshodgson.co.uk or Call: 01227 454627

Or find more about our U.S. Tax Services here:

www.burgesshodgson.co.uk/our-services/tax-planning/usa-tax-services/

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HMRC: The Requirement to Correct – Offshore Accounts

HMRC have introduced new legislation called “The Requirement to Correct”, which requires UK taxpayers to ensure that all their foreign income and assets, where tax may be payable, have been declared to HMRC  BEFORE the 30th September 2018.

Click below to find out more:

RTC Information

 

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