Budget 2017 – highlights and (more) lowlights!

Here is a summary of all the Budget 2017 proposals affecting mainly small and mediums sized businesses and private clients: Corporation tax: Offshore property developers: all profits arising on or after 8 March 2017 from trading in and developing land in the UK will be taxed in the UK. Substantial Shareholding Exemption:   new rules will […]

UK Tax Residence – The Statutory Test

Tax residency in the UK has long been a highly contentious issue particularly for those with tax affairs in more than one jurisdiction. As there was no statutory definition of what makes a person a ‘resident’, often it was left to individual circumstances, general practice, judicial interpretations and at times even pure ‘common sense’! The […]

Reasonable excuse and HMRC

HMRC defines a ‘reasonable excuse’ as some unexpected or unusual event beyond your control and provides a few examples on its website such as: a) a failure in the HMRC computer system, b) taxpayer’s computer breaking down before or during the preparation of the online return, c) a serious illness making the taxpayer incapable of […]