All Capital Gains Now TaxedJuly 8, 2013 1:34 pm
Some starchy news that caught our eye this weekend was the crackdown from the tax man on second home owners and buy-to-let landlords. The crackdown was launched against property owners who are failing to declare and pay capital gains tax (CGT).
Only your main family home, known as your “principal private residence” is exempt from CGT. Holiday homes, second homes and investment properties are all liable for tax on sale proceeds.
The new legislation states that if you live in the UK but have your permanent home in another country, you may need to decide how you want to pay tax on the income and ‘gains’ (such as taxable profits from the sale of property or investments) you earn abroad. If you are an expat or living abroad now is the time to see what your status and obligations are.
There are two different payment options, including paying your tax on an arising basis or a remittance basis, and it is important to establish which option will best suit you. The recently launched online tax indicator on the HMRC website is a simple way to establish where you stand with regards to your tax payments.
People will be given until 9 August 2013 to declare what they owe to the taxman in return for lenient treatment, and must pay any outstanding CGT owed by 6 September. So it is vital to distinguish how much is to be declared, and how you will be making your payments before Friday, otherwise it is likely that you will be fined up to 100% more than you owe.
We can support with your international payments, and save you up to 4% over using the bank and are available 24/7 to make sure you make the deadline.
Registering with FTT only takes a couple of minutes and you will have instant access to your account. You can make payments 24/7 and once your currency has been sent to your wedding supplier you can track the progress of your funds anytime.
Enjoy peace of mind that with FTT Global, your funds are protected against fraud or negligence by an “A” rated Insurer and processed through protected client accounts at Barclays Bank.
Our friendly Customer Support Team are available by email anytime or you can call us during UK office hours on +44 (0)203 6038940 with your queries.
Categorised in: White label
This post was written by Kayleigh Driscoll