When you depart the UK – whether to migrate to a country such as Australia, or to live and work as an expat in a no/low tax jurisdiction for several years – important tax planning and compliance questions will usually arise.
A key issue is whether you will cease to be tax resident in the UK – and (if so) what consequences arise?
For example, what are your obligations if you let a property in the UK?
You are likely to be required to register as a non resident landlord, and to submit tax returns with HM Revenue as a non UK resident person.
How do you ensure that the low/no tax salary earned as an expat will not be taxed in the UK?
If you decide to sell a UK property when you are not resident in the UK there are also important capital gains tax issues to consider in the UK, as well as – most probably – in the country in which you are tax resident.
Inheritance Tax (IHT) planning is an issue of increasing importance for many, as an exposure to IHT is a function of an individual’s domicile status, rather than tax residency – although being a tax resident of the UK can trigger or revive a former UK domicile of origin.
Indeed, even those who are not UK domiciled remain subject to IHT in the UK on UK located estate.
bdh Tax provides the following services to individuals who are departing the UK to live in Australia, or elsewhere in the world:
- Tax planning advice, including advice on your tax residency status
- Preparation of UK and (if required) Australian Tax returns, including advice on tax deductions to reduce your tax liability. All tax returns are submitted to the tax authorities electronically
- Assistance to ensure income is properly taxed and not taxed twice. This includes a consideration of the provisions of any applicable Tax Treaties
- Capital gains tax planning: the timing of the disposal of an asset in the UK such as a let property can be key to the mitigation of the tax payable
bdh Tax provides a fixed fee quote whenever possible to all who are interested in engaging our services.
We can assist with the preparation of tax returns in the UK and in Australia.
If you are departing the UK – or are already outside the UK – and would like a no obligation fixed fee proposal from a firm of tax advisors that understands the issues affecting people who are ceasing to live in the UK please contact us by completing the enquiry form on this webpage, or telephone the bdh Tax office that is closest to you.
We look forward to hearing from you.