Whitley Stimpson advises non-resident corporate landlords to be ready for upcoming changes in taxation from 6 April 2020
Recent changes to the taxation of UK property held by non-UK residents have meant a fundamental reshuffle of tax planning in the lettings market.
Nowhere to hide: why HMRC’s Connect system means keeping your tax affairs in order is more important than ever before
Recent reports have shown that HMRC’s sophisticated automated information system, Connect, is being used increasingly frequently to identify income and gains that have not been declared for tax purposes, and the amount of information that HMRC can access to check whether an individual or business is evading tax is growing all the time.
A new law will require individuals and trustees with undeclared tax liabilities related to offshore matters to disclose them to HMRC by 30 September 2018, or face much stiffer penalties.