International Tax presents an extra layer of complexity. Our international tax team can assist with a wide range of taxation issues for both UK businesses and individuals. This includes who are looking to provide services, work or live overseas and for overseas businesses and individuals requiring UK tax advice.
International tax advice for individuals
Whether you’re an individual moving to the UK or from the UK, our tax advisors are here to help.
International tax advice for UK individuals moving overseas
Whether a temporary or permanent move overseas, UK based individuals still need to understand their UK tax position.
Out team can advise you on residence and domicile, including any UK taxation liabilities. Importantly, these which may continue once you have left the UK. This may be income from UK property, including if you let out your existing home as well as other forms of UK source income.
If you sell UK properties, even as a non-resident you will be liable to pay Non Resident Capital Gains Tax (“NRCGT”). We provide advice in relation to this and also assistance with the necessary filing requirements. Penalties for failure to file and pay the tax within the required timescale can be substantial, so seeking early advice is essential.
We can also notify HMRC of your relocation and deal with any queries that may arise.
International tax advice for Individuals moving to the UK
When arriving in the UK from overseas, we provide expert advice and support to individuals in relation to their UK residency position.
We advise on both permanent moves and temporary relocations, such as for a fixed period during a work relocation or project or whilst studying.
This is an important issue to understand, as it will have implications on your continuing tax liability both in the UK and overseas.
Domicile reviews and advice
Whether an individual is UK-domiciled or non-UK domiciled can have a significant impact on their tax status.
Understanding your domicile position, as well as the deemed domicile legislation which applies for tax purposes is vital. Understanding this can produce opportunities to structure your wealth efficiently. This is especially important for overseas individuals with significant wealth who are looking to become UK residents. In all circumstances we can advise in the most tax efficient ways to maintain wealth.
International Tax advice for non-UK domiciled individuals
For UK residents considering leaving the UK to seek permanent residence overseas we can advise on the importance of domicile. Additionally, we can advice on whether and how it is possible to become non-UK domiciled and the significance of this on your IHT position.
For non-UK domiciled individuals moving to the UK to take up residence here, it is important to structure offshore assets and bank accounts appropriately. This is to maximise the benefit of non-UK domiciled status and planning for tax-efficient remittance of funds to the UK.
We can assist with planning before a move to the UK, assistance with completion of UK tax returns and advise on whether to claim the remittance basis.
Trusts for international and UK clients
Offshore Trusts have become less tax efficient than they had once been for UK domiciled individuals, due to changes in legislation. Additional legislation introduced from 2017 onwards also made significant changes to the UK taxation of non-UK domiciles. this includes the taxation of trusts. However, for non-UK domiciled individuals, there is still scope for appropriate trust structures. This particularly applies to those created before moving to the UK, in order for them to be used efficiently. We are able to advise on the tax position of trusts and their implementation.
Due to both changing legislation and changes in personal circumstances, we can undertake a review of existing structures. We often find that without regular review and up to date advice, these can become less tax efficient over time.
Whilst tax efficiency is unlikely to be a major factor for UK domiciled clients in setting up trusts, they do still have a vital part to play in succession planning and asset protection. We can advise on all aspects of taxation for both UK and overseas trusts.
We can also assist clients with tax compliance and reporting requirements for UK resident trusts or non-UK resident trusts with UK source income or gains.
Business Investment Relief for non-UK domiciled individuals resident in the UK
If you are a UK resident, but are non-UK domiciled, Business Investment Relief (“BIR”) can often offer valuable relief.
Where applicable, a taxpayer can invest in the UK utilising non-UK income or gains without incurring the UK tax charge which would otherwise arise on the remittance of those funds to the UK. Available since 2012, we can advise on this and claim the benefit on your behalf.
International Tax advice on UK and overseas investments
When investing in the UK as a non-domiciled individual (or businesses) the tax position can have a substantial impact on the return from the investment. We regularly advise in relation to such investments and ensuring they are structured as tax efficiently as possible to maximise return. We also have considerable experience in advising overseas buy to let investors and other property investors.
For UK residents looking to invest overseas, we are also able to provide advice. This includes advising on structuring investments in the most tax effective manner to suit individual circumstances.
International tax advice and planning for businesses
Our team of international tax advisors provides businesses both in the UK and overseas with proactive advice on a comprehensive range of cross-border tax matters, navigating the complexities of multiple tax systems, including analysis, reporting and risk management.
Overseas businesses entering or operating in the UK
We have many clients who are subsidiaries of larger overseas corporate groups, where we provide both audit and accounts services and corporate tax services for their UK subsidiaries.
Tax advisory and compliance work regularly undertaken includes:
- Corporate structuring
- Treaty qualification
- Shareholder advice
- Tax advice on acquisitions and disposals
- Shareholder & staff incentives
- Tax on options & IP issues
International VAT advice
Where international companies have an obligation for UK VAT, we provide a full range of services. These include setting up VAT registration, advising how VAT applies and submitting all returns, declarations and correspondence to HMRC.
International tax advice for UK businesses Expanding overseas
Operating across different tax jurisdictions present businesses with additional tax complications and obligations.
Our international tax advisors can provide advice on entering overseas territories, whether that be through expansion or acquisition. We can help with setting up overseas entities in the most tax-effective manner. We can advise where and when tax liabilities arise and advise on VAT, Capital Gains Tax and the treatment of employees.
Our services include:
- Company structuring
- Intellectual Property advice
- Tax attributes of overseas jurisdiction including tax treaties
- Profit Management
- Employee taxation and human capital advice
- Taxation of overseas profits, reporting and compliance
- Related party transactions and transfer pricing
- Finance and cash management
Contact our International tax team today
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