Europe’s biggest urban wetlands opens
• HM Revenue and Customs (HMRC) is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
• From 2016, HMRC is getting new financial information about our customers from more than 100 jurisdictions – including details about overseas accounts, structures, trusts, and investments.
• HMRC is already using information, supplied by overseas banks, insurers, and wealth and assets managers, to identify the minority who are not paying what they owe.
Are you confident that your UK tax affairs are up-to-date?
You need to regularly check that you have declared all of your UK tax liabilities and, if needed, bring your tax affairs up-to-date.
Personal circumstances change. For example, you may have recently inherited assets overseas.
• If you are confident that your tax affairs are up-to-date and complete, then you don’t need to do anything further.
• If you are unsure, we recommend that you speak to a tax adviser to find out if you need to take action now.
• If you find that you need to bring your tax affairs up-to-date, it can be easier than you think. You can chooseto do this now using HMRC’s straightforward online disclosure facility at www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure
If you have not paid the right amount of tax and choose not to take action now, you need to know that:
• HMRC will find out about your money and assets overseas through new information from more than 100 jurisdictions.
• Penalties are increasing for those who are not paying the right amount of tax on their offshore assets, and you can even face criminal prosecution. Under new rules, you could face further penalties based on the value of the asset as well as the tax due, resulting in potentially life-changing consequences.
If you choose to delay in coming forward, it’s very likely to cost you more and there is also more chance that HMRC will come for you.
Come to us before we come for you
• If you are confident that your tax affairs are up-to-date, and you have declared all of your UK tax liabilities, then you don’t need to do anything further.
We are already using early financial information to identify the minority who are not paying what they owe.
If you need to bring your tax affairs up-to-date, it is your responsibility to do so – act now at
The 'People's Princess'
The iconic royal, Diana Princess of Wales, would be 56 now. Diana was an inspiration to so many, and she was aptly dubbed the 'People's Princess' owing to her kindness and compassion. Although Diana sadly passed away 20 years ago, her legacy continues to live on through her children, William and Harry, and her grandchildren, George and Charlotte, of whom we are sure she would be immensely proud.
LANDLORDS - Are you aware from April 2018 you will be required to report to HMRC quarterly?
Hmrc has confirmed the timetable for the rollout of quarterly reporting and a year end reconciliation under Making Tax Digital with the first tranche of taxpayers, including buy-to-let landlords and the self-employed, set to kick in from April 2018
- April 2018 if profits chargeable to income tax and pay Class 4 national insurance contributions (NICs);
- April 2019 onwards VAT falls under Making Tax Digital, so anyone registered for VAT will report and pay this through the new system; and
- April 2020 for corporation tax payers.
Under the scheme, public assets will be transferred into a new company, the Haringey Development Vehicle (HDV), owned 50/50 by Haringey council and private firm Lendlease, in a deal set to last 20 years.
On Monday evening, the Labour-run council will vote on the largest sell-off of its kind ever undertaken by a UK local authority. But earlier in the day, two local north London MPs sent the council’s leader, Claire Kober, a strongly worded letter.
David Lammy, for Tottenham, and Catherine West, for Hornsey and Wood Green, reiterated concerns that include the affordability of the homes, the bidding process, the financial risks to the council and the lack of oversight.
The letter reads: “In addition to reiterating these concerns, in light of the fire at Grenfell Tower we write today with the utmost urgency to urge caution and call on the cabinet to pause and reflect further on whether entering into a public-private partnership is the correct decision for the borough and its residents.
“In our view no decision should be taken on the HDV until a fully updated business case is evaluated and further work is carried out by an external adviser or auditor to analyse and review the risks relating to the HDV.”
Kober said the issues raised by the disaster at Grenfell Tower did not justify “reneging” on the local manifesto pledges to build new homes. “The Haringey Development Vehicle – a 50/50 partnership between the council and developers Lendlease – is an innovative approach to regeneration that will deliver change local people can benefit from,” she added.
The council plans to demolish whole streets of publicly owned buildings as part of a vast regeneration project in which 6,400 new homes will be built.
Local councillors estimate that up to 20 Labour councillors, out of 49 in total, oppose the scheme, as well as all Lib Dem members, the two constituency Labour parties, plus trade unions and a number of local activist groups. The council’s scrutiny committee has twice in the past six months called for an immediate pause to the plans.
The MPs urged the council to consider a recommendation by the authority’s overview and scrutiny committee to use a wholly council-owned housing company to purchase and manage the HDV social and affordable homes “to ensure that there will be no overall reduction in the number of homes in the borough that are wholly owned and managed by the council”.
Public-private partnerships have come under increased scrutiny in recent weeks in the wake of the Grenfell Tower blaze.