Individuals in the UK with income over £100,000 or with income outside of employment e.g. with rental income or are self employed are required to file annual self assessment tax returns with HMRC. With a current marginal tax rate of 45%, it is important to ensure that you are full compliant with your tax filings as well as ensuring you are maximising any tax reliefs and/or exemptions available to pay the right amount of tax. This is particularly important to consider if you have overseas / non-UK sources of income / investments. We have provided an overview of some of our key services below and would be happy to have an initial consultation call to discuss your requirements and the support we can provide in further detail.
We are seeing increasing activity from hmrc who are contacing indivdiuals who have foreign assets or income. This can include but is not limited to for example bank accounts, overseas property etc. This income may potentially be subject to income tax so if you receive a letter from hmrc askingfor additional information, please get in touch with us as soon as possible. Our article ("taxtionof foreign income - increased hmrc activity") provides further information on this and also includes a sample letter from hmrc.
We can assist youwith the preparation of and/or review of your uk self assessment tax return prior to finalisation and submission to HMRC.
With the introduction of the uk statutory residence test from 6 april 2013, it is important to ensure that a detailed review is undertaken of these rules prior to coming to or leaving the UK. E-tax consulting can assist with undertaking this review to help you to minimise your uk income tax burden.
Individuals with foreign sources of income could be subject to significant uk taxes on this income depending on their domicile status. E-tax cosulting can assist with undertaking an assessment of your domicile status and advise on the most cost effective approach which minimises your uk tax liabilities.
The UK has entered into double taxation agreements with over one hundred countries. E-tax Consulting can assist by undertaking a detailed review of the relevant double tax treaty to minimise any potential double taxation on your income.
E-Tax Consulting can assist with tracking your rental property income and expenses to ensure that accurate records are mainted for your uk self assessment tax return filing.
Overseas workday relief is a significant tax relief that's available to individuals which can help to minimise your uk income tax liability. If you are therefore moving to the UK either on assignment or as a local UK employee and will still be required to spend some time working overseas, then do get in touch ideally before you arrive as we can advise and support you with claiming this relief.