Additionally, there is a final opportunity to correct your affairs with HMRC, potentially with no penalties!

HMRC introduced the Requirement to Correct (RTC) statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK position. Failure to comply with this regulation, individuals will face punitive financial penalties and potentially other severe sanctions. HMRC wants all taxpayers who have or who had any offshore financial connections (including those who consider themselves to be non-UK domiciled and/or non-UK resident) to review their UK tax affairs to ensure that all tax returns are correct. Furthermore, taxpayers should ensure they submitted tax returns for all years for which they owed tax on income or gains. Originally, Taxpayers had to disclose to HMRC of their intention and provide information about their UK tax affairs before the deadline of 30 September 2018. HMRC have recently updated their guidance and are allowing Taxpayers to notify HMRC of their intention to disclose via HMRC’s Worldwide Disclosure Facility by 30 September 2018. If the process is completed, within 90 days of HMRC’s acknowledgment, further penalties can be avoided. Previously, all corrections were required to have been made by 30 September 2018.

Please find a link to a useful tool which provides general guidance on the Statutory residence test.

Click here for the Statutory Residence Test Flowchart PDF

Please do not rely on this solely to determine your status as there are over 100 pages of guidance from HMRC and various rules and definitions which need to be taken into account before one can definitively determine one’s status.

Please contact Frontier to discuss this matter further if you require detailed advice.

The Chancellor’s 2018 Spring Statement gave the government the opportunity to consider the longer-term fiscal challenges ahead of Brexit, and initiate consultations on how these can be addressed.

Following this, we have put together a PDF which provides an overview of the updated forecasts for the UK economy and public finances, which we trust you will find useful.

Please follow the link to view/download the Spring Statement 2018 as PDF:
View Spring Statement 2018

Please visit the link below to view Tax Rates 2018-19:

This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.

Throughout this guide, we have included tips and ideas to assist you with effective tax and financial planning. We can help to ensure that your nancial plans remain effective, even as your personal and business circumstances change. We will work alongside you to help you achieve a rewarding and financially secure future.

Click here to view and download Frontier Group Budget Report 2017

Plan ahead and make most of your business and personal finances.

Please follow the link to view/download a PDF document on Tax Strategies for 2017-18:
Click here for Tax Strategies 2017-18 PDF

For further information, please do not hesitate to contact us.

Please visit the relevant links below to view Tax Rates:

Philip Hammond, the new Chancellor, presented his first major fiscal statement to the House of Commons on 23 November 2016. This newsletter summarises the main announcements that may affect you and your business.

Please follow the link to view/download the Autumn Statement as PDF:
View Autumn Statement 2016

For further advice, please contact us.

Dear Member,

The Chancellor’s 2016 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.

Following this, we have put together a report which contains the latest tax and financial information, which we trust you will find useful. The report can be found here. Below are some points to summarise some of the important changes.

• Personal allowance increased to £11,000 with the basic rate threshold increased to £32,000 in 2016/17
• Capital gains tax rates reduced with the higher rate of tax down from 28% to 20% and the basic rate tax down from 18% to 10% from 6th April 2016. This will apply to all assets other than residential property.
• Stamp duty will be increased by 3% for any individual who is buying a buy-to-let or second home from 1st April 2016
• A new Lifetime ISA has been introduced where you will receive a 25% bonus from the Government for every pound you put in up to £4,000 a year. This will be available from 6th April 2017
• Corporation tax will be reduced to 19% from 1st April 2017 and will be further reduced to 17% from 1st April 2020

Please also note there are significant changes to pension contributions and the way dividend income will be taxed from 6th April 2016 which were discussed in earlier budget reports. If you would like any more information on these changes please let us know.

For more information on how the changes in this year’s budget may affect you, please contact us.

Kind regards,
Frontier Fiscal Services

Click here to view and download the 2016 Budget Report