Friday, 14 July 2017

MTD Part Six: Common sense prevails!



The Treasury announced yesterday that there will be a significant revamping of the proposals for MTD.

Businesses with income below the £85,000 VAT threshold, and which previously were caught under the original proposals, will no longer have to report online under the digital regime.  The Treasury have said they can join the digital revolution “at a pace that is right for them” although tax reporting online may be brought in at some point in the future.

The modified proposals see businesses above the VAT threshold being required to keep online digital records from April 2019 – but only for VAT reporting.  For other taxes, there is no requirement to keep or update digital records quarterly until “the system has been shown to work well and no earlier than 2020”.

PetersonSims are delighted at this announcement and Gerry Sims FCA said “At last, common sense has prevailed and the Government has listened to the views of the accounting profession and recognised that MTD would have been a significant time and monetary cost for business, just at the point when they would be facing other economic challenges associated with Brexit ”.

The new legislation will form part of the new Finance Bill which is expected to be introduced before Parliament’s summer recess.

Saturday, 1 July 2017

New Expatriate Tax Director


PetersonSims are expanding the Expatriate Tax team and we are delighted to announce the appointment of Oliver Dupuy as Expatriate Tax Director from 3 July.   Oliver joins us from Ernst & Young, having worked in a senior role in expatriate tax in their Cambridge, London and Moscow offices.
He joins our existing Expatriate Tax team, providing advice on all aspects of expatriate taxation and bringing a wealth of Big 4 experience to our clients.  Oliver is located in our new offices in Letchworth and can be contacted by email at odupuy@petersonsims.com or by telephone on +44 (0)208 068 1400

Sunday, 25 June 2017

Queen’s Speech and the Finance Bills


Following the Queen’s Speech last week, it is rumoured that a number of Finance Bills will be published on 28 June, which may include the proposed legislation regarding the changes to the “non-dom” regime.

However, a leading Counsel, closely involved with the drafting of the “non-dom” legislation has publicly stated that it is likely that the proposed changes to the “non-dom” regime would be deferred such that the new rules would apply with effect from 6 April 2018.  It is thought that it would be too difficult to introduce this complex legislation part way through the current tax year and that non-doms are  already experiencing too much uncertainty in their tax situation in the 2017/18 tax year. However, until that draft legislation is published non-one will know the approach the Government will take with regards to implementation of the proposed “non-dom” changes.

If you have any questions on the proposed “non-dom” legislation, then please contact Paulette Peterson on ppeterson@petersonsims.com

Thursday, 4 May 2017

French Tax Refund Scam!



BEWARE Scam emails (example below) have been sent out to French taxpayers purporting to come from the French Tax Administration.   If in any doubt contact your local SIP and do not respond.   

Cher(e) client(e) :

Vous avez choisi de télérégler vos impôts par Internet et nous vous en remercions.

Après les derniers calculs d'administration fiscale d'impôt sur le revenu,nous avons déterminé que vous êtes admissible à recevoir un remboursement de notre part d'un montant de 158,40 €

Quelles sont les démarches à suivre pour effectuer mon remboursement d'impôts ?

Veuillez accéder à votre dossier personnel est mettre à jour vos coordonnées postales et bancaires pour que votre remboursement soit effectué dans les plus brefs délais et vous nous permettez dans les 3 jours ouvrables pour traiter votre situation.
ATTENTION! :
ce lien est valable pour une durée de 48 heures.

Vous pouvez consulter les Conditions Générales d'utilisation de votre espace particulier.
En vous remerciant de votre confiance.

La Direction générale des finances publiques

Suivez-nous sur Twitter@dgfip_officiel et sur Facebook : Direction Générale des Finance

Tuesday, 25 April 2017

MTD Part Five : On hold !



It was announced today that the Finance Bill will not contain the proposed MTD (Making Tax Digital) legislation so, effectively, this initiative is shelved until the next Government decides on the way forward!