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Register of Overseas Entity deadline approaching!Overseas entities that own land or property in the UK are required to declare their beneficial owners by 31 January 2023.As part of the Economic Crime (Transparency and Enforcement) Act 2022, certain entities will need to be registered on the Register of Overseas Entities (ROE) by 31 January next year (2023).Broadly, this includes overseas entities that already own or lease land or property in the UK. It also includes entities that want to purchase or sell land or property in the UK. Affected entities…

Functionality to allow employers to set up a recurring direct debit to pay PAYE and national insurance liabilities launches on 19 SeptemberThe August 2022 issue of HMRC’s Employer Bulletin announced that a variable payment plan for PAYE and NIC liabilities would be introduced from 19 September 2022. The current system allows only a single payment to be made by direct debit. HMRC has provided some further details about how the variable payment plan will work in practice.First, HMRC has confirmed that the direct debit amount will be the figure declared on returns…

HMRC has clarified that, with one exception, a CGT property return must be filed even if the disposal has already been reported on a self-assessment return. ICAEW’s Tax Faculty explains the rules and the impact on penalties. The government introduced the requirement to report disposals of UK residential property and pay the capital gains tax (CGT) arising within 60 (previously 30) days of completion on 6 April 2020. Non-residents are required to report the disposal of a wider group of assets, even if there is no gain. Many transactions…