Hi, thanks for such informative video. I am planning to move to the UK soon. I have a complex case that includes more than 2 jurisdictions including China, India, HK. I would like to book a call. Do you have experts who know taxation in China, India also? I want to plan well before I land there.
Hi, I have a friend who is a UK resident but not a Uk domicile, and he has sold his property in France where he is also a resident, should he pay the Captial Gain Tax for the UK? Should he fill out a Self Assessment Tax return for this, please? thanks.
Your friend needs to get tax advice. It is possible to pay CGT in both France and UK with a tax credit. It is also possible to use the remittance basis for the gain dependent on a number of factors
Hiya I am planning to return to the UK in Jan 2023, I moved to Dubai in Nov 2021 and have seen talks/videos about large tax bills. Will I be subject to any tax the UK also I'm looking to buy a property any advice on that please?
You are best to speak to a specialist accountant before you do anything. Sadly, you will not find much joy on a free UA-cam channel community page. There is just too much to information that is required from your staff to understand the tax implications
If I choose remittance base and non domicile, for those income generated in foreign countries and not remitted to UK, have no need to pay UK tax. I remit these income, generated from foreign countries, to UK on the 6th year. Is the income need to pay tax? What level of tax rate? If l earned GBP50,000 from foreign countries each year, then I earn totally GBP300,000 in 6 years. I remit this GBP300,000 to UK, this GBP300,000 need to pay UK tax? What tax rate will be apply? 20% for GBP50,000 each year or 40% on GBP300,000?
The rates of tax that you pay in the UK will change from year to year. This is because amount of tax you pay would depend on your income in the tax year you remit the money. Don’t forget that there is a remittance basis to tax charge, which needs to be taken into account given the significance
Hiya I am planning to return to the UK I've just been living outside the UK 2014 will I be subject to any tax the UK also I'm looking forward buying a property any advice on that please
There are no taxes for you to pay when returning to the UK. However, You may need to pay taxes in the country that you are leaving. If you are buying a property in the UK you will have to pay stamp duty land tax and you are better to get some tax advice on this point
You may need to also consider capital gains tax on any UK property that you wish to sell. It’s might be better for you to sell this property was not in the UK to benefits from a lower amount of CGT
My name is KANU Shah. I was born in Kenya to Indian born parents. I therefore consider myself to be non domiciled for U.K. tax purposes. Similar situations apply to my wife. I have always declared my wife and I to be non Doms in U.K. tax Returns.We have been non residents for last six continuous years for U.K. tax purposes. We have been residents of Dubai for last six years. We have assets in UAE,U.K.,USA and India. We had an Accountancy business in U.K. plus some residential properties, commercial properties, commercial ground rents student accommodations through limited company based in U.K. and offshore companies. We need some help and guidance for IHT Planning before becoming residents of U.K. We need a quote from you roughly how much the cost would be?
Hi Kanu The best think to talk about IHT/Tax Structures with domicile/residency is to book a consultation with our qualified accountants/qualified tax advisor. The 60 minute call provide the most benefit given your situation. Please upload as much information and supporting dictators ahead of the tax consultation. All our tax advisors meet in the morning and will collectively discuss your situation. They will agree on the most tax efficient solution. The calls are recorded and sent to you with our tax notes when the call ends. We will also provide you with after call support via email to answer any lingering questions or concerns Please use the code CRM20 to get a 20% discount optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation Warm regards Simon
Me and my wife moved abroad 1 and half year ago and we are starting a company in the UK to do business online and the business will be getting leads from another UK based company and all the money made will be from the UK and UK customers. Will we be paying the tax in the UK or in Turkey?
UK companies will pay UK tax. However, there is a way to mitigate but this is a complex area of international tax law. Best to get a specialist tax advisor to help you.
This can be a very complex area. It’s depends on your residency and Thomas are status. You really need to speak to Accountant about your Indian savings account and to see how you could protect it from UK tax
Hi Simon, I started renting my buy to let property since December 2020. Is the deadline for my self assessment tax return 31 January 2022 or was it 31 January 2021? It would be great if you could help.
If you rented your buy to let property in December to 2020 then you do not need to submit a self-assessment tax return until the 31st of January 2022. This is because the year end for you is the 5th of April 2021
Really helpful for my ACCA ATX UK exam. thank you!
You are very welcome
Hi, thanks for such informative video. I am planning to move to the UK soon. I have a complex case that includes more than 2 jurisdictions including China, India, HK. I would like to book a call. Do you have experts who know taxation in China, India also? I want to plan well before I land there.
Sadly not China or India. We specialise in UK, US, Spain and Hong Kong. Happy to host a cal on the UK but sadly not the other two
Hi, I have a friend who is a UK resident but not a Uk domicile, and he has sold his property in France where he is also a resident, should he pay the Captial Gain Tax for the UK? Should he fill out a Self Assessment Tax return for this, please? thanks.
Your friend needs to get tax advice. It is possible to pay CGT in both France and UK with a tax credit. It is also possible to use the remittance basis for the gain dependent on a number of factors
Hiya I am planning to return to the UK in Jan 2023, I moved to Dubai in Nov 2021 and have seen talks/videos about large tax bills. Will I be subject to any tax the UK also I'm looking to buy a property any advice on that please?
You are best to speak to a specialist accountant before you do anything. Sadly, you will not find much joy on a free UA-cam channel community page. There is just too much to information that is required from your staff to understand the tax implications
If I choose remittance base and non domicile, for those income generated in foreign countries and not remitted to UK, have no need to pay UK tax.
I remit these income, generated from foreign countries, to UK on the 6th year. Is the income need to pay tax? What level of tax rate?
If l earned GBP50,000 from foreign countries each year, then I earn totally GBP300,000 in 6 years. I remit this GBP300,000 to UK, this GBP300,000 need to pay UK tax? What tax rate will be apply? 20% for GBP50,000 each year or 40% on GBP300,000?
The rates of tax that you pay in the UK will change from year to year. This is because amount of tax you pay would depend on your income in the tax year you remit the money. Don’t forget that there is a remittance basis to tax charge, which needs to be taken into account given the significance
Hiya I am planning to return to the UK I've just been living outside the UK 2014 will I be subject to any tax the UK also I'm looking forward buying a property any advice on that please
There are no taxes for you to pay when returning to the UK. However, You may need to pay taxes in the country that you are leaving.
If you are buying a property in the UK you will have to pay stamp duty land tax and you are better to get some tax advice on this point
You may need to also consider capital gains tax on any UK property that you wish to sell.
It’s might be better for you to sell this property was not in the UK to benefits from a lower amount of CGT
My name is KANU Shah. I was born in Kenya to Indian born parents. I therefore consider myself to be non domiciled for U.K. tax purposes. Similar situations apply to my wife. I have always declared my wife and I to be non Doms in U.K. tax Returns.We have been non residents for last six continuous years for U.K. tax purposes. We have been residents of Dubai for last six years. We have assets in UAE,U.K.,USA and India. We had an Accountancy business in U.K. plus some residential properties, commercial properties, commercial ground rents student accommodations through limited company based in U.K. and offshore companies. We need some help and guidance for IHT Planning before becoming residents of U.K. We need a quote from you roughly how much the cost would be?
Hi Kanu
The best think to talk about IHT/Tax Structures with domicile/residency is to book a consultation with our qualified accountants/qualified tax advisor.
The 60 minute call provide the most benefit given your situation.
Please upload as much information and supporting dictators ahead of the tax consultation.
All our tax advisors meet in the morning and will collectively discuss your situation. They will agree on the most tax efficient solution.
The calls are recorded and sent to you with our tax notes when the call ends.
We will also provide you with after call support via email to answer any lingering questions or concerns
Please use the code CRM20 to get a 20% discount
optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation
Warm regards
Simon
Me and my wife moved abroad 1 and half year ago and we are starting a company in the UK to do business online and the business will be getting leads from another UK based company and all the money made will be from the UK and UK customers. Will we be paying the tax in the UK or in Turkey?
UK companies will pay UK tax. However, there is a way to mitigate but this is a complex area of international tax law. Best to get a specialist tax advisor to help you.
If you are a UK resident with some savings in an Indian bank , how are you taxed in the UK?
This can be a very complex area. It’s depends on your residency and Thomas are status. You really need to speak to Accountant about your Indian savings account and to see how you could protect it from UK tax
@UK Tax Tips thanks a lot.
You are welcome. Best of luck to you.
@UK Tax Tips 👍
Hi Simon,
I started renting my buy to let property since December 2020. Is the deadline for my self assessment tax return 31 January 2022 or was it 31 January 2021? It would be great if you could help.
If you rented your buy to let property in December to 2020 then you do not need to submit a self-assessment tax return until the 31st of January 2022. This is because the year end for you is the 5th of April 2021
Thank you so much @@UK-Property-Tax-Accountants
You are very welcome and I wish you the very best look
Sunaks wife?
What Sunak’s wife was doing is legally correct per the UK and Indian tax treaty. The Labour Party and the media seem to make it up as they go along