Tax Residency and Anlo Updates
Remember back in April I said I am going for a surfing lesson? It went well, but gosh did I work some muscles! The idea behind it was to do something out of your comfort zone. Surfing, I realised, isn't just out of my comfort zone, it is also the best way to get completely away from everything.
When you are in the water, waiting for the next wave, you can’t think of anything else except surfing or how to get yourself standing on the board. And it was an amazing way to connect with nature. I highly recommend it!
Now let's talk about tax and accounts 😊
Useful Reminders
Remember to create your own Government Gateway account to view your tax affairs. The HMRC mobile app is very useful as well. You will need to create separate Gateway accounts for your business and your personal tax affairs.
The Recovery Loan Scheme was extended on the 20th of July 2022. For more information please read here
All Capital Gains Property returns must be filed even if the sale was declared on your personal self-assessment. Please let us know if you have sold any property recently so that we can assist you in filing the necessary returns to HMRC. See confirmation here.
If you think you can benefit from the Help to Grown Management Scheme where the government is supporting business owners with learning and a growth plan, read this article, or go to the Help to Grow website. We mentioned the accounting software that is supported by this scheme last month, but we also want to highlight that it gives training and support to business owners.
Tax Residency
Anlo Assist is for anyone who has struggled to understand Her Majesty’s Revenue & Custom (HMRC) website on tax residency (let’s be honest - who hasn’t?!)
Are you worried that you might be due tax in two (or more) jurisdictions and unsure where you are tax resident? Does your uncertainty leave you worried that you are not acting on your tax obligation in the United Kingdom?
Anlo Assist uses a series of specific questions to quickly assess the probability that you are a UK resident for tax purposes. It will not give you an absolute answer because tax affairs are complicated, but it will indicate with a high degree of accuracy if you are likely to be regarded as resident or not.
Once you have that answer you can decide whether you’d like to speak to one of our colleagues to reach a definitive understanding of your tax position. Only if you do that will any of your information be retained under the terms of our Data Policy.
If you think you might be dual residence, please feel free to use this app, but remember that a double taxation agreement might need to be considered in your tax affairs, and I would encourage any person with dual residence (residence in two countries) to seek further advice. If your circumstances change, you will need to look again at your status.
Finally - your tax status depends on the facts of your individual case - if you need more advice, please speak to one of our advisors.