What are the HMRC penalties for not declaring my overseas income?

If you are a tax resident in the UK and not legitimately claiming remittance basis, you need to report your worldwide income & gains.

If you fail to report this in your personal tax return, the penalties vary based on whether or not you are first prompted by HMRC to make the disclosure of your overseas income.

Your penalty is a percentage of the outstanding tax liability relevant to your undisclosed overseas income.

These percentages are:

Voluntary (no contact from HMRC) - Minimum Penalty = 100%, Maximum Penalty = 200%
Non-voluntary (after contact from HMRC) - Minimum Penalty = 150%, Maximum Penalty = 200%

For support on international taxation, Call us at 02033 259 341 or e-mail info@spondoo.co.uk.

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Can You Claim Food as a Business Expense?

The golden rule when claiming business expenses is that the cost must be “wholly and exclusively” for business purposes. So, where do you stand when it comes to food and drink? After all, everyone needs these things to survive. When does it become an allowable expense? Read on to find out when your business can claim food and drink as an expense.

Self-Employed National Insurance Class 2 and Class 4 Rates

If you are sixteen and over, self-employed (sole trader or in a partnership) and making a profit befitting the ‘small profits threshold’, you are liable to pay national insurance.

Key UK Personal Tax Year Dates & Deadlines 2021/2022

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How To Set Up A Limited Company 

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Accountants in Haslemere, Surrey

We are qualified accountants providing personal and professional services for start-ups, established companies and individuals in and around the Haslemere area in Surrey. With the rise in technology, we have embraced the digitisation of accounting using efficient digital accounting tools to offer reliable services to our customers. Our goal remains to get our clients the best accounting and taxation services at the most affordable rates.

Onsite Canteen and Lunch Vouchers - Are They Taxable?

The provision of food and drink to an employee by their employer is a lovely thing to do. Eventually, it promotes teamwork, loyalty, a sense of belonging and even improves productivity. Taking it at face value makes it look like a simple act of kindness. However, unless it is done correctly, it can cause tax and national insurance compliance issues for the employer.

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Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.

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