Do you have sources of income or hold any assets outside the UK?

No – there’s no need to read any further.

Yes, I have reported these to HMRC – you may wish to check the article highlighted below.

Yes, I’ve done nothing about this – please read on and take some action before HMRC catch up on you.

HMRC have given a final warning that new international rules take effect from 1 October 2018. From that date they will be able to share information on financial accounts with over 100 countries. You can read their full note here.

So, if you have any overseas income which you have not yet declared then contact your accountant, or HMRC now, before 30 September 2018. You will then have a further 90 days to make a full declaration and pay any tax due.

The Lost Coin Financial Planning Ltd is a small independent financial planning practice providing a personal service to business owners and their families, professionals and senior managers, who live in the UK. We work with professionals in South Gloucestershire, Bristol, Bath, Somerset, Gloucestershire and Northamptonshire.

Categorised in: Capital Gains Tax, Dividends, Income Tax, Savings, Tax

This post was written by Simon Carlin