Tax in UK and Australia

There are significant changes coming into affect from 6th April 2020, which will dramatically affect the tax paid or due to be paid and the relief’s available on residential properties; Proposed changes in relation to the main residency exemption With effect from 6 April 2020 the following changes will apply; 1. The final period exemption

The removal of the Main Residence Exemption was passed by the Australian Senate on Thursday 5th December 2019 which will see the Main Residence Exemption entitlement removed for Australian expats. Australian expats who currently live overseas and own a property that was a former Principle Place of Residence (PPR) will now need to make a

The UK’s Let Property Campaign, is a campaign run by HMRC for individuals who have undisclosed income in relation to rents received. The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK while your are overseas. If

Should you have missed the 31 January 2019 filing deadline you will have automatically received a late filing penalty of £100.00. If your return is still outstanding as at 30th April 2019 a further penalty of £300.00 will be incurred and £10.00 daily penalties will commence from 1st May for up to 90 days or

Should you need to lodge a UK Tax Return with HMRC and this is your first time you will need to register for Self Assessment, how you do so depends on your circumstances. You can use a form SA1 if you need to register but you’re not self-employed. For example, if you: * become a

Yes you will need to lodge a UK Tax Return for the period 6th April – 5th April if you were: * self-employed as a ‘sole trader’ and earned more than £1,000 * a partner in a business partnership * a director of a UK Limited Company You will not usually need to send a

These changes to capital gains tax (CGT) are due to come into effect from 6 April 2020, but there will be a consultation on the details first. From April 2020: * Lettings relief will only be available to those who are in shared occupancy with a tenant. * The final period exemption allowing Principle Private

Following the transfer of UK sourced pension money to an Australian QROPS, it is then within the Australian superannuation system and will be covered by the Australian rules. However, upon withdrawal or rollover to another superannuation fund, UK tax charges may still apply to the money. There are two different tests for this. Which one

With the introduction of Flexi Access you have the flexibility to access your benefits up to 100% of the value of your funds, I would suggest you discuss this in further detail with a suitable qualified professional on your ability to access your pension benefits when considering your options. You need to be aware of