HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders.
Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes:
– interest from overseas bank or building society accounts;
– dividends and interest from overseas companies;
– rent from overseas…
The Welsh Government and the National Assembly for Wales take responsibility for some of the taxes paid in Wales in April 2018.
Three taxes in Wales are affected by the partial devolvement:
– Stamp duty land tax;
– Landfill tax; and
– Income tax.
Land transaction tax (LTT)
From 1 April 2018, Land Transaction Tax (LTT) replaces Stamp Duty Land Tax (SDLT) in Wales. LTT will be collected by the Welsh Revenue Authority (WRA). The Welsh rates and bands for LTT were published in October 2017.
The change means that HMRC will not accept SDLT…
Finance Act 2018, which received Royal Assent on 15 March 2018, enacts several changesaffecting the taxation of partnerships, most of which apply for the 2018-19 tax year onwards. The changes will be relevant to general and limited partnerships, Limited Liability Partnerships (LLPs) carrying on business with a view to profit, and foreign entities classified as partnerships for UK tax purposes.
Although HMRC believe there will be little impact for most partnerships, it will be important for partnership structures to review the rules and assess their likely impact.
New rates for the National Minimum Wage (NMW) and National Living Wage (NLW) (aged 25 and over) apply from 1 April 2018, and employers must ensure that they implement them accordingly. The rates are as follows:
– 25 and over – £7.83 per hour;
– 21 – to 24-year-olds – £7.38 an hour;
– 18 – to 20-year-olds – £5.90 an hour;
– under 18s – £4.20 an hour; and
– Apprentice rate – £3.70 an hour.
Severe penalties may be imposed for failure to comply with NMW/NLW obligations. Broadly, the penalty percentage which…