ORF Archives

Are You At Risk From Penalties From Offshore Investment Reporting?

First published on Armchair Trader on 2nd May 2023. By Michael Edwards, Managing Director of Financial Software Ltd Having reached the end of the tax year, you’ll be looking at the information you need to complete your 2022/23 tax return. While you might be familiar with the process, it’s worth giving extra thought to what’s […]

Growth in offshore investment has led to increased HMRC scrutiny

According to HMRC, offshore reporting funds have grown by over 20% in the past two years. This increase from 76,777 funds in April 2020 to 93,167 in April 2022 can be partly attributed to tax incentives. Funds that report to HMRC are subject to the lower capital gains tax rates of 10% or 20%, contrasted […]

Tax Simplification: Financial Solutions for Wealth Management Services

When wealth management companies simplify tax reporting with the right financial solutions, there are many benefits for their business. One of the most significant is providing a better service for their clients. Customer demands are increasing, and changing legislation makes it hard to keep on top of liability calculation and tracking. Gathering, analysing, and reconciling […]

Include outsourcing in your 2023 budget forecasts to ensure accurate offshore investment reporting

Did you know that investigations by HMRC’s offshore unit increased eight-fold between 2016/17 and 2019/20? With many investors now having offshore financial interests, HMRC’s specialist team is ramping up its efforts to clamp down on offshore tax evasion and tax return errors. Data from our recent Freedom of Information request shows that HMRC’s Offshore, Corporate […]

HMRC Crackdown on Offshore Fund Holders

The problem The Chartered Institute of Taxation has received notice from HMRC that they will soon be mailing taxpayers with a renewed focus on wealthy UK offshore fund holders. The letters, due to be sent this month, ask recipients to check that they have correctly declared money received from offshore collective investment funds. HMRC have […]

Why should you outsource Offshore Reporting Fund data?

As defined in UK tax legislation, Offshore Funds are investment schemes of which the trustees or operators are non-UK residents. Certain types of offshore funds are regarded as reporting funds. This means investors need to pay tax to HMRC when disposing of such funds. HMRC implemented new legislation – The Requirement to Correct (RTC) – […]

FSL’s Offshore Reporting Funds service

After 20+ years of providing our market leading capital gains tax software (CGiX) to clients in the UK and Europe we have developed and launched a complementary service for Offshore Reporting Funds.

FSL’s Offshore Reporting Funds data goes live

FSL’s offering of Offshore Reporting Funds data integrated with CGiX’s tax calculations has now gone ‘live’ with two existing clients.

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