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Penalty alert for non-residents selling UK homes

21 February 2017

April 2015 saw the introduction of CGT for non-residents owning UK residential property. Not only are non UK residents now liable to UK CGT on the sale of UK residential property, they also have an obligation to file an online return with HMRC within 30 days of the property being sold. Failure to do so can mean penalties rack up on a daily basis.

Year end tax planning (but not the usual stuff)

21 February 2017

With the end of another tax year fast approaching many will be considering whether any action should be taken before 5 April to mitigate their tax liabilities for the year. Whilst we should not forget the usual year end planning points, such as using ISA allowances, the 2016/17 tax year has a number of new complexities that should not be overlooked.

Tax planning between now and 5 April 2017

18 January 2017

Tax reliefs and allowances are normally provided for a particular tax year. If not used by 5 April, they are lost. Now is the time to review what can be done to make full use of the allowances available to you.

Navigating you through the tax landscape
Gary Heynes

As the UK tax system is as complex as ever before and the penalties for getting it wrong are at its most severe.

Have you thought about inheritance tax?
Joan Foster

To help you to maximise the inheritance you leave it’s important to review what inheritance tax (IHT) could be payable, identify any exemptions and reliefs, and – crucially – plan ahead.

Protecting the innocent (taxpayer)

05 January 2017

Wealthier taxpayers are the subject of increasing scrutiny by HM Revenue and Customs (HMRC) in the belief that more tax can be collected by looking more carefully at their affairs.

Changes to non-dom rules give taxpayers little time to organise tax affairs
Gary Heynes

06 December 2016

Changes to the non-dom rules contained in the draft Finance Bill 2017 leave affected taxpayers with little time to organise their affairs warns RSM.

Private individuals

23 November 2016

The Chancellor has reconfirmed the government’s commitment to increasing the personal allowance to £12,500 and basic rate band to £50,000 by the end of the parliament.

RSM partner named as one of 50 most influential private client practitioners
Gary Heynes

22 November 2016

RSM’s head of private client Gary Heynes has been named as one of the ‘50 most influential’ private client practitioners by eprivateclient.

Could this year’s Autumn Statement contain good news for private clients?

15 November 2016

We expect to see a number of announcements that will impact private individuals. We hope for some good news on a delay to complex changes for non-doms due to be rushed in in April 2017 and are optimistic about the likely simplification for many small businesses and landlords.

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