Susan Hutter, a partner at Blick Rothenberg said, 'GPs and consultants in private practice should try to avoid having to pay large lump sums in one go. That includes personal and corporate tax liabilities, professional defence cover and even accountancy fees. I recommend that a monthly provision is made for personal tax and corporation tax. As far as other items are concerned, where possible, pay on a monthly basis. If you do set funds aside, it is best to put them in a seperate bank account otherwise you may be tempted to spend it.'
Source: Independent Practitioner Today
Sean Randall, partner at Blick Rothenberg said, 'It is enforced by registering ownership of the purchased land. It will come as a surprise to many US secondees (and possibly their employers) that merely renting a residential property for a secondment period may be taxable. Anecdotally, many are living in rented accommodation (or have done so) without realising that stamp duty is due. This was the case, for example, with a British-headquartered multinational bank over more than ten years.'
Source: The American
Jessica McLellan, a director at Blick Rothenberg said, 'Connect completely changes the dynamic of how HMRC commits investigation resource to risk and enables thematic and risk-based enquiries across the taxpaying population.'
She added, 'No taxpayer can hide from the sophisticated electronic searches available to HMRC, it's not just about identifying income and gains; the searches are being used to provide key information about wider lifestyle questions - for example, the existence of offshore assets, expensive flights to exotic destinations, or purchase of high value assets in the UK such as property or classic cars.'
Source: PQ Magazine
David Hough, a partner at Blick Rothenberg said, 'There is a risk that the approach to audits of UK SMEs becomes driven by regulatory compliance needs on both the auditor and company side, rather than developing an understanding of risk and meaningful reporting to management on their business.'
Alex Altmann, a partner at Blick Rothenberg said, 'The UK's exit from the European Union will ultimately mean less political influence on various EU policies, including trade. The private sector will have to create new forums in all sorts of areas to continue and enhance the dialogue between the UK and the EU. The BGBEC creates that forum for participants in British-German trade, and at the moment that is critical.'
Source: Business Money
Fiona Fernie, a partner at Blick Rothenberg said, 'We are seeing increasing numbers of letters to taxpayers from HMRC suggesting they have received information indicating that they had offshore income or gains in an earlier tax year. But many of the letters are inaccurate, do not reflect the person's tax return and can be intimidating.'
Mark Levitt, partner at Blick Rothenberg said, 'The additional prize money received by the clubs will form part of their annual turnover. Any resulting profit is liable to UK corporation tax; this is obviously a potential boost to HMRC, with 18 out of 20 clubs generating profits in the year 2016/17.'
Paul Haywood-Schiefer, a manager at Blick Rothenberg said, 'Top players' contracts are littered with bonuses on performances, for goals, appearances, league positions and of course cup-runs. While the players will benefit from the progression to the final, those players' bonuses will be taxed through PAYE by the club. This means that after accounting for the tax due and the NICs, the players will see 47% of any bonus passed direct to HMRC.'
Source: Evening Standard
Sean Randall, partner at Blick Rothenberg said, 'The First-tier Tribunal has decided that the SDLT general anti-avoidance rule, FA 2003 s 75A, applies to arrangements that are not tax avoidance arrangements, even read purposively. In effect, it self-defines 'tax avoidance' with the result that it is an 'anti-saving' rule. This potentially has consequences in all cases where real estate is sold via corporate wrappers, especially where the sale is preceded by something, however benign.'
Source: The Tax Journal
Nilesh Shah, CEO of Blick Rothenberg said, 'I am delighted with our new partner hires. It continues on ambitious growth in the property and the owner managed business sector.'
Source: Business Leader
Suzanne Willis, partner at Blick Rothenberg said, 'Those selling property in the UK could also find themselves with a hefty US tax bill. While a main residence is exempt from Capital Gains Tax in the UK, the IRS could tax any gain in value at a rate of 23.8%. There is a tax-free allowance of $250,000.'
She added, 'Bizarrely exchange rate fluctuations could make remortgaging an issue for US citizens. Because US tax is calculated in dollars, a mortgage of £100,000 taken out in 2008, when £1 was worth around $2, but remortgaged today, when £1 is worth around $1.20, could lead to a 'phantom profit' being taxable by the IRS.'
Source: The Telegraph