Chartered Accountants of Poynton, Cheshire |
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Pay less tax - Create a tax shelter investmentThere are many ways to save tax - all of them perfectly legal. Did you know that.... Tax can be effectively deferred by investment in Enterprise Investment Scheme shares, Venture Capital Trust shares (both subject to limits), or in film finance partnerships? Call us at Appletons Accountants and we'll tell you more! Tax ReturnsIf you submit your tax details to us, we can advise you of your exact tax liability. |
Have you any undeclared overseas income?If you have any overseas income such as interest on a foreign bank account or rent from a property and you are a UK resident, UK tax may be due on that income. The Government had offered an 'amnesty' to anyone who disclosed any previously undeclared foreign income. However, the disclosure had to be made by 22 June 2007 of the existence of the income and full details supplied by 26 November 2007, in which case the penalty for the non-disclosure would be capped at 10% plus the full amount of tax that had not previously been declared. If disclosure had not been made, in full, by the earlier date, much higher levels of penalties will be levied. Banks have supplied full details to HMRC of all overseas accounts held by UK nationals. As a result of this, HMRC will be tracking down all taxpayers who have not made the voluntary disclosure. So what do I do if I have not made the disclosure?You still need to make the disclosure of the additional income you have, though this will attract higher levels of penalties. If you have failed to make a disclosure and would like further advice on the tax and penalties due, please do not hesitate to contact us here at Appletons Accountants. |
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