Friday, November 16, 2018
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In addition to the latest headlines on tax changes and developments, the Money International tax writers are also providing the tips, deadlines and scams you need to know to make the most of your finances.

News includes information on the latest FACTA developments from the USA, HMRC from England, and other updates from leading financial centers.

We’ll also keep you informed on sanctions and developments taking place within smaller countries – so you can understand the nuances which shape the tax landscape.

In essence, we provide you with the breaking tax news you need to understand how to protect and grow your wealth – wherever you are in the world.

Updates and analysis on the latest tax news, including economic advancements, FATCA and HMRC developments and general international tax information. Including the best methods of tax efficient saving and earning, and any important changes to legislation.

Taxpayers are paying the government more money now than they have paid in the past 50 years, according to a new study. Tax has reached a 49-year high, says the Taxpayer Alliance, a lobby group that monitors tax and government spending. In 2018, taxes will make up 34.3% of the country’s...
The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in 2016...
Tax is getting a little complicated for expat American business owners. An unintended result of President Donald Trump’s Tax Cuts and Jobs Act is a transition tax aimed at the profits of multinational companies. This transition tax demands expats running small businesses abroad should pay a 15.5% tax on foreign earnings...
Online crooks have put thousands of fake web sites online to scam millions of pounds from taxpayers on both sides of the Atlantic. HM Revenue & Customs warns fraudsters are forever coming up with ways to rip-off taxpayers. In the past 12 months, HMRC has taken 20,750 malicious web sites offline-...
Death taxes for families reached a record high of more than £5 billion last year, according to figures from HM Revenue & Customs. The inheritance tax take was up £400 million to £5.2 billion despite the launch of a new allowance allowing parents to pass on more of their wealth...
Paying tax is more taxing in some leading economies than others, according to data released by the Organisation of Economic Development and Co-operation. The OECD is a talking shop for the world’s 35 leading economies, including the UK. The group’s 2018 Taxing Wages reportshows the OECD tax rate for a single...
English Premier League soccer stars face bills adding up to £250 million after pouring cash into a discredited tax avoidance scheme. Nearly 150 players are caught up in the scandal. Many face financial ruin if they cannot pay the massive bills sent out by HM Revenue & Customs. One former Manchester United household...
If you are an expat and want to ensure your wealth goes to the people you intend when you die, then you need to understand inheritance tax rules. You must remember is your place of domicile affects the inheritance tax (IHT) that you pay in the UK. The rule of thumb...
US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have owned...
Taxpayers with cash or assets hidden offshore have only a few months to disclose them before tough penalties kick in, warns HM Revenue and Customs. Later this year, HMRC proposes to change the time limits for investigating offshore tax cases to 12 years. “HMRC is extending the time limit because it...
A promise that cracking down on tax evasion through offshore havens would raise more than £1 billion has backfired. The UK Treasury and HM Revenue & Customs launched an attack on taxpayers hiding their wealth in secretive offshore banks and financial institutions such as Switzerland and Liechtenstein several years ago. The...
Funnelling money through an offshore tax haven is not illegal – providing the idea is not to hide the true extent of your wealth from the tax man so you pay less tax than you should. How international corporations and wealthy individuals keep their wealth offshore is exposed in the...
Around 3.6 million people are still to file their personal tax returns - even though the deadline is just a few days away. HM Revenue & Customs says they are expecting the returns and tax payments to come in before time runs out at midnight on January 31. Every year, around...
The Scottish government is introducing a new range of tax bandings that will see bigger tax bills for many expats who pay tax at home. Any expat who is tax resident in Scotland will pay income tax at the new rates from April 2018. The move could prove bad news for...
The tax man wants to target expat landlords with a new crackdown on avoidance. Revealing a new policy to shrink the black economy, HM Revenue & Customs has made clear landlords are in their cross hairs. The plan is to make granting property licenses conditional on landlords proving they are registered...