Tuesday, November 19, 2019
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Tax

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.

watch dog
Advertising watchdogs have banned financial advisers from marketing a scheme that claims to save stamp duty of up to 60% when buying a home. HM Revenue & Customs complained about the claims on the web site of CDP Tax and Wealth Ltd trading as Fiducia Wealth & Tax. The web site...
taxes
Taxpayers worked 149 days in 2019 just to earn enough to pay their taxes - but from May 30 onwards, all the money they earn belongs to them. This was the latest date Tax Freedom Day has fallen in the year since 1995, says financial think-tank the Adam Smith Institute. Every...
taxes
The courts have backed HM Revenue & Customs for a second time for imposing thousands of pounds of self-assessment late-filing penalties on a  taxpayer who owed no tax. Barry Edwards had argued HMRC was unfair to him by asking for penalties and interest when his tax returns showed he had...
scam
Taxpayers can expect to be hit by a slew of scam messages purporting to offer refunds over the coming weeks. HM Revenue & Customs warns that the scammers tend to hit every spring because they know tens of thousands of taxpayers are sent their self-assessment refunds at this time of year. Investigators...
Millennials relying on an inheritance to help them buy a home have an unrealistic outlook, according to a new survey. Researchers found one in seven young adults were waiting for an inheritance before they reached the age of 35, even though the usual age to receive an inheritance is between...
The net is closing on expats and taxpayers with offshore accounts and investments who have not declared their interests to the tax man. Financial advisers who has referred a client to an overseas financial institution or to pointed them towards offshore advice or services must declare the information to HM...
taxes
If you pay your taxes in full and on time, you will be horrified to know that one in five taxpayers deliberately lie about how much they earn. New research points the finger at the type of person most likely to evade their taxes. More than a fifth of taxpayers ‘under...
At last some good has come out of Brexit as the Ministry of Justice confirms a probate fee hike planned for April 1 has been shelved until further notice. The lack of Parliamentary time due to Brexit is blamed for delay. A Ministry of Justice spokesman explained the regulations to increase...
prices up
Astonishing new official figures show that where your home is when you die has a huge bearing on how much inheritance tax is paid on your estate. The major factor is house prices and anyone with a home in London of the South-East pays more to the government. That's because house...
Piles of money have bought happiness for a group of multimillionaires who spend most of their time on a floating tax haven cruising the globe. The World is a unique ship – part cruise liner and part home that has some of the most expensive apartments that extreme wealth can...
Property cost
Expats looking to move back to the UK could face unexpected property tax bills. Everyone buying a home in England must pay stamp duty on property purchases of more than £125,000, while Scotland and Wales have their own rules. But many expats do not realise they could fall outside of the...
The tax man may not pick up the phone as quickly as most taxpayers would like but whistleblowers seem to have no problem getting through. HM Revenue & Customs has revealed more than 40,000 callers clamouring to tip them off about tax cheats got in touch last year. That’s double the...
The end of the financial year is fast approaching for UK taxpayers - including expats who may live overseas but are still tax residents. It’s important to make the best of any available tax breaks that allow taxpayers to keep their money in savings or investments rather than handing too...
The Common Reporting Standard is expected to swing into action in a few weeks - but how does this impact expats and the tax they pay? To find out, here’s a list of frequently asked questions about the standard: What is the Common Reporting Standard? The Common Reporting Standard or CRS is...
taxes
Wealthy landlords, expats and investors could be in the firing line as ministers look for ways to raise more tax. Even though taxpayers are paying more towards government revenue now than at any time in the past 50 years, Whitehall still needs more cash. Tax experts suggest the Treasury is already...