Living and working in another country is an interesting and challenging experience for the individual, but coping with new tax systems can be daunting. There are many potential stumbling blocks. With our help, you can avoid these hazards and plan to make the most of your new tax residence, whether you are leaving or arriving in the UK.
Coming to the UK If you are not domiciled in the UK, a number of straightforward structures can be used to limit your UK tax exposure on your investments and, depending on your employment circumstances, your earnings. However, the UK tax authorities are increasingly focusing on the financial arrangements of both non-resident UK nationals and foreign nationals living and working in the UK and a number of changes to the tax rules took effect from 6 April 2008. Many otherwise tax-efficient structures can fail simply because they are not implemented correctly by the individual or employer. For example, where UK and overseas duties are covered by separate contracts of employment, there must be no merging of roles when the duties are actually performed. Difficulties can also arise with the allocation of workdays and the overseas exemption, the remittance basis, demonstration of residency status and the correct apportionment of bonuses and share options. We can provide ongoing advice to ensure that the minutiae of the tax rules are followed so that planned tax savings are realised. Leaving the UK It is widely known that there can be a number of tax saving opportunities for UK expatriates. But there are also many problems to overcome and some time-consuming complications. We will take you through a step-by-step process to ensure that all UK tax issues are addressed, and that they are resolved quickly and efficiently following your departure. We work with our colleagues throughout the world to ensure that you understand your tax obligations in your new location and maximise the possible UK tax savings while you are overseas.
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