May 5, 2017Because more and more people are setting up and developing businesses abroad in Europe, it is important to be aware of what is happening in those countries from a fiscal point of view. Today’s article is important and brings news for those working in the UK. Because we are part of a prestigious international network, Nexia professionals can offer you consulting wherever you work.
A new program for digitizing tax returns is being implemented in the UK with a deadline of April 2018, for individuals who earn income from commercial activities or rentals. This system will replace the annual return that was submitted at the end of the fiscal year with quarterly statements of income and expenses. At the same time, there is the obligation to submit an annual declaration at the end of the year. In general, persons who have commercial activities or owners who rent spaces will have the obligation to submit a quarterly summary of income and expenses, and at the end of the year will have to submit a new declaration for the fiscal closure of that year. There are currently no plans to change the tax payment dates. People earning business or property in the UK should plan ahead to make sure they can meet the new reporting requirements. This should involve an analysis of how the records are currently being made and of any necessary changes, whether it is work processes or technology. If you are interested in international taxation in the countries where you carry out your business activities, we together with our colleagues from the Nexia International network can offer you specialized support and consultancy.