|Exceed CA Limited
Newsletter September 2009
|Newsletter September 2009|
This month we have included a note of possible future changes in the Construction Industry, details of what happens to your pension fund when you die, notice of a tax amnesty for US citizens in the UK and an update regarding further changes at Companies House.
The next newsletter will be published on Tuesday 6 October 2009.
|Tax Amnesty - United States of America|
On the 23 March 2009 the IRS launched a 6 month voluntary disclosure process that allows US citizens to bring their tax affairs up to date in the US without triggering the full impact of the penalties normally levied when non-disclosure is discovered. The following commentary is quoted from the IRS web site at http://www.irs.gov/newsroom/article/0,,id=210027,00.html
"Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution. Making a voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues. Taxpayers who do not submit a voluntary disclosure run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution."
US citizens are required to file a US tax return each year even if they have no tax liability. They should also include details of their interests in the UK whether they be limited companies, UK bank accounts or other UK investments, or interests in trusts.
The present amnesty ceases on the 22 September 2009.
|More changes at Companies House|
From the 1 October 2009 a director's home address can be protected from disclosure. If you would like take advantage of this new concession you need to register a service address, which could be your registered office address, with Companies House. This can be done online www.companieshouse.gov.uk from the 1 October 2009.
If you take no action your home address will be taken as your service address until changed.
Just a quick reminder that other recent changes include:
1. You must be aged 16 or over to be appointed as a director.
2. You no longer have to appoint a company secretary, although you can do so if you wish.
3. You no longer need to hold an AGM unless you opt to do so.
DISCLAIMER - PLEASE NOTE: The ideas shared with you in this email are intended to inform rather than advise. Taxpayers circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Exceed CA Limited
Bank House, 81 St Judes Road, Englefield Green, TW20 0DF
Tel: 01784 439 955 Web: www.exceedca.com
Exceed CA is a limited company registered in England & Wales (4473979). Registered for VAT (792 6771 79). Directors of the firm are members of the South African Institute of Chartered Accountants and the Institute of Chartered Accountants England & Wales.
“A member of the ICAEW Practice Assurance Scheme”