If you live or work overseas, or are planning to do so, your tax status will almost certainly be affected by your change of residence from the UK to overseas.
Living & Working Abroad
Expat status is a complex area. Without careful planning you can be subject to a punitive tax liability. As well as your changed UK tax status the tax laws in your new country of residence will need to be taken into account.
Statutory Residence Test
First you need to consider the new expat criteria as defined by the tax authorities in its proposed new Statutory Residence Test.
This will help you work out ;
- how any UK investment income will be treated
- the implications of selling any UK assets (e.g. property)
- the Inheritance Tax and Capital Gains Tax rules
As a result you will also need to have your contract(s) reviewed to take into account your changed tax status.
Tax Planning on Leaving the UK
Once you have established your status our experts can help you plan your financial affairs to the best tax effect. Areas to consider would be:
- Advising on tax treatment of income, both in the UK and overseas
- Considering tax efficient asset disposal
- Dealing with investments
- Inheritance Tax planning
Non-resident Tax Returns
As well as tax planning, it is also important to know your new filing obligations in both countries. We can help you avoid any penalties by ensuring that:
- all tax returns required are identified and,
- are completed accurately and
- are filed on time to avoid any late filing penalties
Tax Planning on Returning to the UK
This is obviously the counterpart to tax planning on leaving the UK. Similar issues have to be considered to ensure tax is lessened and pitfalls avoided.
Expat Tax Mitigation Experts
Our specialists are experienced in advising expats on tax mitigation and efficient tax planning in all these areas.