In addition to the late filing penalties for UK tax returns discussed here, any tax that remains owing to HM Revenue under the Self Assessment system can be expected to give rise to a late payment penalty: Payment made more than 30 days late – 5% of the tax owing Payment made more than 6 […]
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UK Tax Returns – Late Filing Penalties
Penalties for filing a UK tax return late can be significant, with penalties of £1,600 or more a possibility if you delay lodging your tax return for a significant period. There’s a month to go before the deadline for the electronic submission of 2018 UK tax returns. To focus your mind if your 2018 UK […]
UK Tax Returns – the Residence Supplement, SA109 form
With the 31st January 2019 filing deadline for the electronic submission of 2018 UK tax returns soon to be upon us it is timely to review the circumstances when the Residence, Remittance Basis, etc form SA 109 supplement to the UK tax return is to be completed. The HM Revenue & Customs website advises that […]
2018 UK Tax Return Filing Deadline Approaching Fast
A reminder that HM Revenue and Customs (HMRC) must receive your 2018 UK tax return and any money you owe by the 31st of January 2019. If you have been issued with a Notice to File a 2018 UK tax return the return must be completed and lodged if a late filing penalty is to […]
UK Tax – Penalties for Non Disclosure of Income About to Increase Significantly
HM Revenue has been operating its Let Property Campaign since September 2013 under which those who have not made known the existence of let property income that should be taxed in the UK have been able to confess their error in exchange for a reduced late notification penalty. That opportunity – which was discussed in […]
Leaving Australia to Live Overseas – Capital Gains Tax and Your Former Residence in Australia
Did you know that if you leave Australia to live overseas for a few years there may be significant consequences if you sell your former main residence in Australia? The timing of the sale may be key to reducing the capital gains tax payable. In the 2017 Federal Budget, the Australian Government announced that foreign […]
Leaving Australia to Live and Work Overseas – CGT Event I1 – Deemed Disposal of Investments
Moving from Australia to live in a new country – or to return to your original country if you migrated to Australia – can trigger unexpected tax issues under CGT Event I1 if you have investment assets. This is because Australia treats the cessation of tax residency in Australia as a Capital Gains Tax Event, […]
UK Rental Income and Not Declaring It? Read on!
HM Revenue’s Let Property Campaign provides an opportunity for those with rental income from property in the UK and who haven’t previously told HMRC to declare the existence of this source of income. The Campaign is available to all residential property landlords whether they have one property or several properties, so long as the rental […]
Australian superannuation contributions – Catch up measures now in place
Since the start of the previous tax year – ie from the 1st of July, 2017 – it has been possible for individuals to make personal contributions to an Australian superannuation fund, and to claim a tax deduction for contributions paid. The result of making a personal contribution to a super fund is to reduce […]
Moving to Australia and Letting a UK Property
If you are moving to Australia and will be letting a property in the UK there are some important tax planning and compliance issues to consider. HM Revenue & Customs in the UK will have some interest in what you are doing and you must take care to jump over all the necessary barriers – […]