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If you're a British citizen planning to live or work abroad, you probably know that this will almost certainly affect your tax status. What you may not know is exactly how it will be affected and what your responsibilities are.
Around five million British citizens now live or work overseas, with something like 300,000 people leaving the UK each year. This process is not without its problems and complications, and thousands of expats find themselves caught up in red tape or hit with penalties for non-compliance with the tax rules.
As well as Brits moving overseas, there are around four million non-UK citizens working here (for example, there were approximately 140,000 US citizens living and working in the UK in 2017), and they need to make sure they comply with the tax laws here and in their own country.
If you're in the process of moving abroad, whether temporarily or permanently, or you're a foreign national working in the UK, Auditox can make the process run smoothly by offering sound, professional accounting and tax advice in our service “accountants for expats”.
Moving to a new country is exciting, and there's a lot to sort out. It's easy to overlook certain facts or to be unaware of them entirely, as you are focused on arranging everything else.
At Auditox, we have a team of accountants trained to deal specifically with expats. Not only are they qualified to handle all the usual accounting issues, but they are also familiar with all the trials and complications involved in moving abroad or working overseas.
They can advise you on any matters relating to this, including the following.
If you still have a UK-sourced income, say, from renting out property or running a business, you will need to complete an annual self-assessment tax return for HMRC.
As a foreign national living and working in the UK, you don't have to advise HMRC if you are still paying tax on income in your own country. However, if you earn over £12,570 a year here in the UK, you must pay income tax to the UK government. If you are an employee, you don't need to worry - your employer will sort out your tax through PAYE, but if you are self-employed, you will need to submit a self-assessment tax return.
'Income' includes any earnings or money from wages, benefits, savings interest, pensions and rental.
There are exemptions - and this is where it gets complicated - as you can claim non-domicile status. This is when someone takes up residence in the UK but states that their centre of financial and personal interest is outside of the UK.
Our accountants will help you establish your UK tax status and complete your self-assessment tax return or any other forms that are required.
UK taxation laws are some of the most complex in the world, and it's wise to get help to negotiate them, whether you are a British expat working overseas or a non-UK resident working here.
We offer expert advice on all aspects of expat tax and UK tax matters, including:
The Statutory Residence Test is used to establish your status as a taxpayer. This helps to work out things like:
Any legal contracts relating to these will need to be altered to reflect your new tax status.
Our accountants will be on hand to guide you through these processes.
If you are leaving the UK, we will help you to sort out your financial affairs, such as:
We will guide you in all of these matters as well as what information you need to provide to HMRC.
Members of the armed forces, civil servants and diplomats are sometimes referred to as Crown Servants.
As such, you will pay income tax as if you were working in the UK, regardless of where you work or for how long. This can become complicated for various reasons, and we offer guidance to ensure UK tax compliance at all times.
We will examine your finances to reduce your tax liabilities where possible using legal methods allowed by HMRC.
It is also very likely that foreign nationals may pay too much tax during their stay in the UK, and we will help to process tax refunds where necessary.
Negotiating the tax filing process in a foreign place can be a daunting task, particularly for someone encountering a UK tax return for the first time!
Our expert accountants will guide you through these mazes and help you to complete any necessary tax returns correctly and within the given deadlines.
As a resident in one place and a citizen of another, you may need to be tax-compliant in both if you want to avoid any penalties.
We will ensure that you complete all tax returns accurately and on time.
If you intend to rent out your UK property while working abroad, you will need to inform HMRC and declare rental income as a non-resident landlord. Registering with HMRC allows you to receive your rental income without tax; otherwise, your letting agent is obliged to forward a 20% tax on this income to HMRC.
It also pays to prepare for your return well in advance, as there are many potential complications. We offer guidance on these matters to smooth the way and make sure all is in order.
If or when you return to the UK, you will need to plan for any further tax changes. Your personal Auditox accountant will assist you in filing the appropriate documentation and ensure that everything is ready for your return.
Whether you're heading overseas to live and work, or arriving in the UK for the same reason, the Auditox Accountancy team is here to guide you through the pitfalls.
From self-assessment tax returns to applying for tax refunds, our comprehensive accountancy services cover every aspect you can think of.
Contact us today for a chat on a no-obligation basis, and we'll formulate a proposal based on your personal circumstances. Whatever your future plans, the Auditox team is here to make the path easier to negotiate.
In the UK, expat accountants help you navigate the complexities of international tax laws, including the Double Taxation Treaty the UK has with various countries. They ensure that you're compliant with HMRC requirements while also considering any foreign tax obligations you may have.
Yes, UK-based expat accountants are well-versed in Double Taxation Agreements (DTAs) that the UK has with over 130 countries. They can help you claim relief or an exemption so that you aren't taxed twice on the same income.
Absolutely, expat accountants in the UK provide services tailored to both individuals and businesses. They assist individual expats with personal income taxes, and help international businesses navigate corporation tax, VAT, and other relevant fiscal matters.
In the UK, you'll typically need to provide your P60 or P45 forms, details of any foreign income, and records of tax paid abroad. If you have investments or other financial interests overseas, documentation for those will also be necessary.
In the UK, expat accountants help you navigate the complexities of international tax laws, including the Double Taxation Treaty the UK has with various countries. They ensure that you're compliant with HMRC requirements while also considering any foreign tax obligations you may have.
Yes, UK-based expat accountants are well-versed in Double Taxation Agreements (DTAs) that the UK has with over 130 countries. They can help you claim relief or an exemption so that you aren't taxed twice on the same income.
Absolutely, expat accountants in the UK provide services tailored to both individuals and businesses. They assist individual expats with personal income taxes, and help international businesses navigate corporation tax, VAT, and other relevant fiscal matters.
In the UK, you'll typically need to provide your P60 or P45 forms, details of any foreign income, and records of tax paid abroad. If you have investments or other financial interests overseas, documentation for those will also be necessary.