Weekly tax brief | 1 August 2018

Holiday home owners – don't relax too much this summer
Gary Heynes
HMRC's warning that UK taxpayers need to come forward and declare foreign income or profits on offshore assets by 30 September may come as a shock to those relaxing at their holiday home this summer. Urgent action may be required.

Should we fear the flight of the middle classes?
Rachel de Souza
Fears around wealth taxes and exchange controls are leading some to consider upping sticks and moving abroad, but what impact will this have on the UK's tax take?

Four in ten small businesses reluctant or resistant to Making Tax Digital
Anne Holt
A new HMRC survey has found that four in ten small businesses are less than enthusiastic about the imminent introduction of Making Tax Digital for Business. While HMRC has made some concessions to allow for a soft landing, businesses need to take action now to prepare.

Timing could be key for entrepreneurs seeking tax relief
Chloe Ellis
Proposed changes to Entrepreneurs Relief could make it easier for entrepreneurs to claim tax relief on gains but the timing of transactions will be key.

The importance of registering for child benefit – even if you don't receive it
Andrew Hubbard
Recent correspondence between the Treasury Select Committee and the Treasury has revealed there are no statistics for the number of people who should be registering for child benefit even if they don't qualify for payments. This is important as registration for child benefit will automatically entitle a non-working recipient to qualify for National Insurance Credits. Failure to register could affect eligibility for the state pension and certain other state benefits.

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