Foreign nationals living or working in the UK may face complications with reporting and double taxation. This is due to the fact that the UK subjects UK residents to tax on worldwide income, meaning that income or gains which arise back home, or in other non UK countries, may be taxed in the UK.
Our services to non UK domiciled individuals include:
● Advising and preparing taxes
● Ensuring correct reporting
● Avoiding double taxation
● Reducing tax paid in the UK (remittance or arising basis)
● Maximising your ability to move non-UK funds
● Quickly responding to changes in your financial situation
At Harris Stewart, we are experts in advising on the best use of tax law to ensure you are not paying more tax than is required.
Could you benefit from remittance tax?
The UK has a number of rules which we can apply to your benefit. For example, the UK allows non- UK domiciled individuals to claim to use the remittance basis of taxation, whereby income and gains will only be taxed in the UK if they are brought into the country. This can result in substantial tax savings.
While this used to be an automatic basis of taxation, since 2008, legislation now requires an individual to claim to use the remittance basis. The claim process can often be complex, and as it’s vitally important to get the detail correct, it’s recommended to seek professional advice. This will help you to avoid getting into difficulty and ensures it’s prepared by someone with an excellent knowledge of this complex legislation.
As of 6th April 2017, any non-UK domiciled individual who has been a resident in the UK for 15 out of the previous 20 years, will be deemed to be a UK domiciled individual for tax purposes. Please visit our deemed domiciled service page for more information.
Gain expert tax advice
Now more than ever, it is incredibly important to seek good tax advice before arriving in the UK, or as soon as possible thereafter, to ensure you are advised on how to avoid doing something which will cause you an unnecessary tax charge. We often work with individuals who have waited several months to seek advice, having inadvertently moved non-UK money, or disposed of offshore funds in a way that increases tax liability in the UK.
As part of our services, we will maximise your ability to move funds in and out of the UK confidently, without resulting in unnecessary tax liability. We will also ensure that we establish the most cost effective basis of taxation for you to use, based on your personal objectives.
Get in touch today
Our team will work with you to gain an accurate understanding of your situation, placing us in the best position to help with your reporting. As a client, any relevant changes in legislation or guidance will be followed up to ensure they are dealt with swiftly, and in the most beneficial manner for your taxes.
As members of the Association of Independent Expatriate Tax Practitioners (AIETP), we are regularly one of the first few advisors to learn of changes in HMRC views and policies. If you are a non domiciled or foreign national working or living in the UK, our qualified team are on hand to help, and you can be confident your UK tax liability will be the lowest possible.
Due to the fact your situation may change over time, we ask to be updated on your employment and financial situations as even small changes can impact your tax liability in the UK.