Spotlight On … Clifford Knezovich – IFA

In my business, when I think about what’s important for clients, it´s about getting to the heart of the most important issues and understanding the most pressing concerns, be that now or in the future.

To do this, it’s important to ask the right questions, both of yourself and your financial adviser.

Here’s my list of important questions, there are lots more I am sure, but these are what I believe you should start with:

Time is fast approaching for UK taxpayers and expats with UK tax obligations to ensure they meet the 30 September 2018 deadline laid down by HMRC for the declaration of all UK tax liabilities on overseas income and assets that fall under the auspices of the Requirement to Correct (RTC) legislation, Finance (No 2) Act 2017.

Non-compliance, even if it is inadvertent, has the potential to be met with uncompromising penalties, so anyone who is any doubt about their tax obligations regarding offshore investments – if you have expat regular savings or wealth management concerns outside of the UK – should contact their financial adviser immediately as a matter of urgency.

The penalty for most breaches is 200% of the tax that has been avoided. However this may be reduced to 100% depending on the taxpayer’s perceived level of compliance. That said, the minimum is 150% in cases where disclosure has been prompted by HMRC. Larger non-disclosures may be punished by further penalty of 10%