HMRC

The list below is a collection of articles that refer to, mention or discuss HMRC.

Non Resident Landlord Scheme, NRLS

Non Resident Landlord Scheme

You don’t have to be a full time expat to fall under the tax rules of non resident landlord scheme. Although most people would take non-resident as a landlord living permanently outside the UK, the scheme follows a different logic. Strict rules decide how any income tax on property rental profits is paid, so getting … Read more

Categories Tax

Savers Putting Too Much Into Pensions Face Tax Bills

Man with a tax bill

The tax man is about to crack down on pension savers who have failed to report that they have breached the annual allowance. HM Revenue & Customs has fired a warning shot to retirement savers to bring their records up to date when filing their self-assessment tax returns by January 31, 2020. “We know that … Read more

Categories Tax

5 Ways To Save Tax With Offshore Bonds

saving and money in a jar

Everyone wants their savings to work harder, and for British expats offshore bonds are a good way to squeeze every penny out of an investment. Offshore bonds are effectively a portfolio of up to 100 insurance policies that hold savings in a tax-efficient wrapper. The main advantage of saving into an offshore bond is ‘gross … Read more

Categories Tax

Secret HMRC Unit Targets Wealthy Families

HMRC logo

A hush-hush tax probe is underway to stop wealthy investors avoiding inheritance tax with family investment companies. HM revenue & Customs set up a special unit to investigate family offices a year ago. The FICs are believed to manage more than £1 trillion in assets which are escaping IHT by exploiting legal loopholes. The main … Read more

Categories Tax

Your Personal Tax Coding Notice Explained

code on a screen

Expats will soon collect their coding notices from the tax man, but what does the strange jumble of numbers and letters mean? Recently, tax codes have changed depending on which country in the UK where someone lives. For expats, the tax coding will appear on a Form P60 from HM Revenue & Customs which lets … Read more

Categories Tax

Pensions Overhaul Frees Doctors From Taper Trap

The National Health Service, NHS, Logo

Budget 2020 was big on spending but light on cutting taxes – but pension rules have changed for the highest earners. The tapered annual allowance for pensions has been a buffer stopping doctors working longer hours because their pay arrangements meant earning more put them at risk of tax penalties as much of the extra … Read more

Most People Really Do Find Tax Too Taxing

Few people understand tax and how the rules impact the money in their pockets, according to new research. Out of 2,000 people quizzed about tax, the average score out of 30 was just 10.6 – while half of those taking the quiz scored less than 10. The lowest scores came from the youngest people asked … Read more

Categories Tax

How UK Crypto Traders Can Avoid Tax Pitfalls

cryptocurrency bitcoin

Buying and selling cryptocurrencies can be a minefield for taxpayers who fail to keep accurate records, according to a leading online trading platform. In Britain, HM Revenue & Customs (HMRC), online platform eToro and the accounting trade body ICAEW recently got together to offer tax advice to crypto traders in a webinar. The online discussion … Read more

How Tax Planning Can Backfire For Property Partners

Property cost

Forming a limited liability partnership is a popular tax planning strategy for landlords – but there must be a sound commercial reason for doing so. Making the move to avoid tax is not enough because of strict General Anti Avoidance Rules (GAAR) that let HM Revenue & Customs unwind the changes to reclaim wrongly claimed … Read more

Watchdogs Ban Tax Firm’s Misleading Ads After HMRC Complaint

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 said: “Calculate Stamp Duty … Read more

Categories Tax