In the 2015 Federal Budget in Australia legislation was passed to require Australian graduates living overseas to make repayments of debts arising under the Higher Education Loan Programme (HELP), or a Trade Support Loan (TSL) based on their income in the 2016/17 tax year if they earn above the HELP/TLS income thresholds. Previously repayments have […]
In addition to the late filing penalties for UK tax returns discussed on our separate blog post, any tax that remains owing to HM Revenue under the Self Assessment system can be expected to generate late payment penalties, as follows: Payment made more than 30 days late – 5% of the tax owing More than
UK Tax Returns – Late Payment Penalties Read More »
With a month to go before the deadline for the electronic submission of 2015 UK tax returns here are a few words to concentrate your thoughts if you have not yet lodged your 2015 UK return. The penalties for filing a tax return late can be significant, with penalties of £1,600 or more a possibility
UK Tax Returns – Late Filing Penalties Read More »
A question we are asked regularly by those who are moving to Australia, or who are moving to the UK from Australia is: “Do I need to lodge a UK tax return?” HM Revenue & Customs – or HMRC – issues tax returns to individuals who are already actively in the UK Self Assessment tax
Do You Need to Lodge a UK Tax Return? Read More »
When an Australian resident individual chooses to leave Australia to live overseas permanently – or even for several years – s/he is usually classified as a non resident for Australian tax purposes from the time of departure. A significant Australian tax consequence can arise under what is called CGT Event I1 when that individual departs
Leaving Australia and Ceasing to be a Resident – Capital Gains Tax and Deemed Disposals Read More »
A question we are asked regularly by clients moving to Australia – whether as migrants or as returning Australians – concerns the need to account for GST on work that is done remotely for a client (often a former employer) that is based outside Australia. In Australia GST is to be applied at the rate
GST on Consulting Work Done for Overseas Customers and Clients Read More »
From the 1st of April, 2016 small businesses in Australia can provide employees with multiple work related devices without incurring a fringe benefits tax (FBT) liability. The devices can include: laptops tablets calculators GPS navigation receivers mobile phones Currently an FBT exemption can apply to more than one portable electronic device used primarily for work
Australian Tax Exemptions Extended to More Electronic Devices Read More »
HM Revenue has issued draft legislation confirming Replacement Furniture Relief will replace the 10% wear and tear allowance for furnished rental properties located in the UK from the 6th of April 2016. More specifically, from the start of the next UK tax year for UK purposes tax relief will be given against rental income for:
A new consultation paper issued by HM Revenue is proposing anti-avoidance legislation to prevent limited company owners from extracting income as capital. These proposals are likely to prove highly controversial, as they include an attack on the capital gains tax treatment (often with Entrepreneurs Relief available, reducing the tax rate on the gain to 10%)
New HM Revenue Proposals Likely to Affect Migrants Owning UK Companies Read More »
HM Revenue in the UK presently has a campaign running which is inviting individuals with let property which is subject to UK tax and who have not previously made this known to approach HM Revenue with a notification of a liability to income tax, in the form of a voluntary disclosure. The HMRC website advises
UK Rental Income – HMRC’s Let Property Campaign Read More »
