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Taxation of Non Doms and Non Residents
Taxation Of Non Doms and Non Residents
Dealing with United Kingdom taxes as a non doms and non residents can be confusing and stressful. IBISS & CO make it easy to understand for you. By just paying the taxes that are necessary our team of professionals helps you save money. IBISS help you every stage and make sure your tax situation is simple and clear. You may relax and keep more of your earnings by putting your trust IBISS to handle your taxes.
What Are
Non Dom Residents and Non Residents?
In the UK tax system residents non residents & non domiciled residents are treated differently and Each category offers unique tax planning opportunities.
Non Domiciled Residents
Foreign nationals living in the UK may be classed as non-domiciled residents. This status means they are considered UK tax residents but their domicile remains their country of origin. On the other hand as of April 6, 2017 anyone who have spent 15 of the previous 20 years residing in the UK are considered UK domiciled for tax reasons.
Non Residents
An individual is automatically a non-resident if they meet the following criteria:
Spend fewer than 16 days in the UK during the tax year (if they were a tax resident in either of the last three years), or Work abroad full-time (averaging 35 hours a week) and spend fewer than 91 days in the UK (with no more than 30 of those days spent working in the UK) if they have not been a resident in any of the last three tax years.
May be necessary to make use of the HMRC Statutory Residence Test.
Typically, non-residents only pay taxes on their income earned in the UK. For more complex situations, the HMRC Statutory Residence Test may be required.
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How We Can Help
Taxation of Non-Doms and Non-Residents
UK Non-Resident Tax Planning
Clarifying your tax residence status can be complicated. Even if you no longer live in the UK you may still need to file a tax return (if you are a director of a UK company or if you make gains from UK based assets). t is highly advisable that you consult with a chartered tax accountant to avoid penalties paying disproportionate amounts of tax and to ensure that all necessary information is disclosed to HMRC.
If you plan to move abroad from UK preparation and planning is essential to make certain that you avoid any pitfalls. An IBISS & Co tax accountant will help ease the transition process, overseeing a range of matters related to taxation of non-doms and non-residents, including:
Clarifying the implications for your earnings, assets, and investment income (due to income tax and CGT), and undertaking suitable tax planning.
Reviewing contracts of employment.
Working out the number of days you can spend in the UK without affecting your non-resident status; planning departure/re-entry dates.
Non-Dom Tax Planning
Non-UK dom individuals can elect to be taxed on the remittance basis. Provided that specific conditions are met electing to be taxed in this way allows the individual to avoid paying UK tax on non-UK assets and income. However when it comes to taxation of non-doms, the rules are complex and there are various limitations in place; moreover – as with all legislation – regulations are subject to change. If you are a non-dom, it is therefore crucial that you engage an experienced tax consultant to formulate an effective tax strategy.
Undertaking bespoke tax planning with IBISS & CO can significantly reduce your non-dom tax liability (as well as that of your family members), so it is well worth the investment. IBISS & CO services include but are not limited to the following:
Establishing your UK tax status.
Planning for CGT and corporate tax.
Planning for personal tax.
Assistance with will writing.
Advising on inheritance tax and related planning.
Remittance-based tax planning.
Business exit strategies.
Advising on the utilisation of offshore companies.
At IBISS & CO, we provide a full portfolio of services to manage taxation of non-doms and non-residents: from accountancy to specialised tax consultancy. Your tax affairs will be looked after by our multi-disciplinary, expert team, with everything catered for under one roof; a unique proposition that means we can provide an outstandingly comprehensive yet cost-effective bespoke tax planning service to our clients. Contact us today to learn more.
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I have been IBISS & CO client for past 7 years. Their team is professional and proactive who assist me in filing my overseas and UK tax disclosure.
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I’ve used them for the past few years now and I am very satisfied with their services. The staff are very amicable as well. Definitely recommend them.
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