Friday, 16 February 2018

Reporting Deadline - 30 September 2018 to avoid harsh penalties!

The Finance Act 2017 brought in a “Requirement to Correct (RTC)” for taxpayers who think or know that they have underpaid UK tax in respect of overseas income, assets or taxable activities.  The deadline for the RTC is 30 September 2018  so taxpayers who do not come forward and report their omissions to HMRC by that date, face much stiffer penalties than hitherto. 

From 1 October 2018, if a disclosure or discovery is made, the taxpayer will face penalties which start at a minimum of 100% of the tax due.  In serious cases there is also an Asset Based Penalty of up to 10% of the underlying asset and additional penalties levied if HMRC can show that a taxpayer moved their assets in order to avoid reporting. 

By 1 October 2018 more than 100 jurisdictions will have exchanged data with the UK under the “Common Reporting Standard”.  So, as at the deadline, HMRC are being provided with information on UK taxpayers’ bank accounts, investments and trusts held around the world.

The intervening period to 30 September 2018 is the last opportunity to make a voluntary disclosure to HMRC and benefit from the lower penalty regime.

If you require further information or assistance to make a voluntary disclosure to HMRC then please contact us on

Thursday, 30 November 2017

FRANCE: CFE bills are now released and are due for payment by 15 December

The CFE (Contribution Fonciere des Entreprises) bills for Micro-entrepreneurs (formerly Auto-entrepreneurs) and other businesses are now available online.

Access your CFE avis via your "espace professionnel" and follow the links to the CFE avis to make the payment online.   

No prompts or reminders are sent out by the Tax Administration, so you forget to pay this at your peril!

Monday, 27 November 2017

Letters from URSSAF (Union de Recouvrement des Cotisations de Sécurité Sociale et d'Allocations Familiales)

Following the release earlier this year of data to URSSAF by the Tax Administration, we are aware that many expatriates living in France have recently received a letter from URSSAF stating that contributions to the PUMA health regime (formally CMU) will be due from them within the next month.  The normal rate of PUMA contributions is 8% of the household's "revenus de patrimoine" ie investment income and capital gains.

Expatriates in France in possession of an S1 healthcare certificate from their home country are urged to obtain an Attestation from CPAM which should show code 70 on the attestation, meaning that their healthcare costs are borne by their home country ie United Kingdom, the Netherlands, Ireland etc and, thus, the PUMA charge is not applicable.

If the attestation does not show code 70, it is possible there was a clerical error when the S1 was first registered with CPAM.  Often the CPAM forms erroneously show a retired person as “inactive” rather than “autres/retraité” so it will be necessary to get this amended to show the all-important code 70.

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 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

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.
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

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