PUBLISHED: 15:09 10 December 2018 | UPDATED: 15:09 10 December 2018 Caroline Culot pic: www.gettyimages.co.uk Looming on the horizon are some most unwelcome changes in the way that UK taxpayers will have to report and pay for capital gains tax (CGT) on residential properties in the future. Jon Hook, managing director at Norwich Accountancy Services, discusses. Jon Hook, managing director at Norwich Accountancy Seervices. Pic: www.eddp24.co.uk(These changes will not apply to UK resident companies and these rules already exist under a similar regime for non-residents).At present, a capital gain made by a UK resident individual is reported through the self-assessment tax return regime. This means that, if an individual disposes of a property anywhere, say, between April 6, 2018 and April 5, 2019 it will be notified on his or her 2018-19 tax return – which does not need submitting until January 31, 2020 (and the tax is due on the same day).The current … [Read more...] about What are the changes to capital gains tax?
Self assessment pay tax
PHILIP HAMMOND slapped a £440million a year tax on the world’s biggest tech giants yesterday in a Halloween attack on the “FAANGS”. The Chancellor said it wasn’t fair that companies such as Facebook were making so much in the UK but paying so little to the Treasury. The new ‘Digital Services Tax’ will see the so-called ‘Faangs’ – Facebook, Amazon, Apple, Netflix and Google – taxed two per cent on the revenue they make from advertising and online marketplaces from April 2020. Critics said it defied belief that the UK had set its rate at two per cent rather than the three per cent mooted by the European Union. Spain earlier this month proposed a three per cent rate when unveiling its own proposals to get tough with web companies and streaming services. The actual taxable revenue will also be based on ‘self-assessment’ by the companies. But the Chancellor insisted Britain was leading the way by moving now. … [Read more...] about Philip Hammond takes a BITE out of FAANGS tech giants’ profits with £440m a year tax
There are some things you need to know before the French government starts taking your taxes directly out of your salary (called "prelevement a la source in French) at the beginning of 2019. Here's a list of the main questions and answers people are asking right now and if there are any missing that you would like information on, please email us at [email protected] and we will answer them and add them in. Will the change affect me? The reform concerns nearly all taxpayers at all levels of income in France who are earning through their work or their pension. In all, some 38 million households are set to be affected by the change. From January 2019 income tax (called impôt sur la revenu in French) will automatically come out of salaries, pensions and substitute income, for example in the case of maternity leave, job seekers' allowance and sickness compensation. What if I'm self-employed? Those … [Read more...] about Q&A: What the big change to income tax in France means for you
This article is available to Members of The Local. Read more Membership Exclusives here. People who live and work in Germany in certain circumstances are not obligated to file a tax return by May 31st. Earners below a certain income level If you earn below €8,820 per year as a single person or €17,640 annually together with your civil partner, you do not have to pay taxes on this income (i.e. file a tax return). Employees in tax class 1 Employees in tax class 1 (Steuerklasse 1) whose only source of income is from their employer - a significant amount of the workers across Germany - also do not have to file a tax return. The same applies to married people with tax class combination 4/4 (Steuerklassenkombination 4/4). In both these cases, filing one’s taxes is unnecessary since one’s employer pays the workers' taxes to the finance office. But it could be worth filing a return nonetheless. For the 11.5 million residents nationwide who received a … [Read more...] about Who is obliged to file a tax return in Germany and who isn’t?
QUESTION: I have read about the changes coming through Making Tax Digital. What are these and are there any benefits for my business? ANSWER: Making Tax Digital (MTD) is part of the government's plan to make it easier for businesses to stay on top of their day-to-day finances. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.From April 2019, legislation will require businesses above the VAT threshold (currently £85,000) to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.Any business whose year-end date is other than March 31 should consider using MTD systems far earlier. For example, a business whose year-end is June 30 will be required to file its … [Read more...] about Is your business ready for Making Tax Digital?