This week we are featuring residency and domicile as we are fielding so many queries in these areas following the changes to non-domicile taxation and the new CGT regimes.
As another tax year draws to a close it is essential to ensure that clients have retained accurate data to complete both residency and domicile pages in their tax returns. I note that many taxpayers and advisers have not realised how drastic the changes have been.
We have confirmation that the government will bring in a register on non-resident entities owning UK property and there have been recent calls in Parliament for a register of offshore trusts making payments to UK residents, it seems that this is an area that we will need to continue to look at in some detail.
We are also looking ahead to the new tax year in April, with a focus this time on employers. Look out for more pre tax year-end guides and toolkits over the coming weeks. We also feature a couple of interesting cases, wages paid to a family member and how to prepare accounts for tax when there is a change in the law.
If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk: subscribers you are entitled to free quick queries so do ask.