2020 news

The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s decision to allow late loan charge spreading elections, but has warned of other barriers stopping people from meeting their loan charge obligations. HMRC must address these barriers to break the impasse, says LITRG.

LITRG is disappointed that the Office of Tax Simplification’s (OTS) 135-page review of the capital gains tax (CGT) regime and its recommendations fail to acknowledge fully how CGT affects unrepresented taxpayers – in particular, the role of the Annual Exempt Amount (AEA) in preventing inadvertent non-compliance by those unaware that they might have a CGT liability.

Given the rise of remote working, you might be thinking of working for your UK employer while overseas – for example, if you are a migrant worker temporarily returning to your home country. However, doing so can carry a number of risks for both you and your employer. LITRG has published guidance on the key things to consider.

Limited companies are cheap and easy to set up. But working through your own limited company is very different from being an employee or self-employed. You therefore need to consider all the factors before deciding to set one up to ensure you fully understand your obligations. Our new guidance will help you do this.