Do you have any clients with income or assets overseas?
If you do, then you need to be aware that HMRC now require you to notify your clients about HMRC requirements in relation to any overseas income or assets. Full details can be found here.
This notification requirement applies to –
Specified Financial Institutions
Generally, this includes banks, building societies, insurers, fund managers, wealth managers, investment entities or similar businesses.
Specified Relevant Persons
Generally, this includes tax agents / advisers, solicitors and financial advisers.
Note that a Relevant Person is the business, and can be an individual, a company, a partnership, or similar entity.
Which clients need to be notified?
Any client who is a UK tax resident in either the –
- 2015 to 2016 tax year
- 2016 to 2017 tax year
And that you have advised or referred in respect of their offshore:
- self-employment income
- employment income
- savings
- investments
- profit from selling assets abroad
When sending the standard letter, you must include a covering letter containing set text. Both the text and the letter are available from the link given earlier.
The replacement business blind spot?
Paul Jay Compliance Drawdown, FCA, Pension, PI, platform, Switch, transfer
We’ve been involved with a number of firms who are on the acquisition trail and as part of the due diligence work we support them with, we check a lot of advice files. It won’t come as a surprise that many of these involve replacement business. What never ceases to amaze us is that, despite […]