Tax and financial affairs for International clients
Some clients have an international dimension to their tax matters or are non-domiciles.
Some are property investors.
We have experience helping arrivers and leavers with residence queries and small international groups expanding into or leaving the UK.
We also work closely with multinational accountants to ensure up to date and pertinent local advice is offered wherever you are situated, and will coordinate with your legal advisors.”
The residency rules are changing!
April 2013 will see the biggest shake –up in residency rules for many years. This has far reaching implications for both Non-domiciles and Expatriates. The reform of non-domicile taxation will affect both joiners and leavers, making it essential that people affected seek urgent advice about the impact of the new rules. Am I resident? Does the remittance basis apply and how does it affect me?
If you need comprehensive international tax advice as an expatriate, as a potential leaver or joiner, or someone seeking double tax advice, then please contact us.
The Chancellor will legislate afresh in April 2013 and you should ensure you understand the impact of the upcoming amendments.
Recent international personal tax issues
With effect from 6th April 2012 the following non-domicile taxation changes came in:
- The annual charge of £30,000 was increased to £50,000 for people resident in the UK for 12 plus out of 14 years
- Non-domiciles are allowed to bring overseas income and gains to the UK tax-free for the purpose of investing in qualifying businesses.
- All the remittance legislation was simplified.
- Non domiciles may be required to pay the fixed £50,000 charge where they have 7 years residence, From 6 April 2008, non-UK domiciled adults who have been resident in the UK for seven out of the past 10 years but still want to claim this remittance basis of taxation, were asked to pay a £30,000 annual tax charge, unless their overseas income and gains in that particular year were less tha £2,000.
This charge is in addition to any tax due on UK income and gains or on foreign income and gains remitted to the UK. It applies per person as opposed to household - to each tax payer who wants to benefit from the remittance basis, including children of 18 years and over if they are in receipt of overseas income.
- HMRC is going to introduce statutory non resident legislation to give certainty in an area previously plagued with confusion under the changing landscape of HMRC 6 . The Gaines-Cooper Supreme Court decision of 20 October saw HMRC successful in the Gaines-Cooper's residency status appeal. This high profile case highlighted the difficulty in relying on guidance material which carried uncertain and controversial legislative status. A clear statutory definition is hopefully going to provide certainty both to taxpayers and the authorities and is a good opportunity for individuals affected to review how the new rules affect them .Day counting methodology will also probably be explicitly confirmed
Whether you are setting up a UK branch or subsidiary, the process of setting up in the UK can be confusing and time consuming. Let us Help.
We can help you get to terms with the UK direct and indirect tax aspects and the accounting and financial reporting systems. Don’t be delayed , we can help with vat registration, setting up payroll systems, establishing the vat method and making sure you get to work quickly without delay. Whether you are a small group or a single company setting up a UK branch, get in touch.
Caldwell & Braham are experienced in advising inward investment and have helped overseas companies get established and meet all relevant reporting requirements. We can offer corporation tax services as well as help to design management accounting systems to report to the owners .
We have particular experience of helping property entrepreneurs, the service industry, Information Technology, and light engineering . We work with European associates, and have access to a network of overseas professionals in numerous countries to provide an integrated view of the proposed structures and transactions.
How we can help
- General commercial and tax advice
- Preparation of statutory accounts in accordance with UK
- Annual branch accounts and Corporation Tax returns
Help with UK banking matters
- Company set-up and registration
Contact us today or telephone on 020 to find out how we can help drive your business forward. 7253 0030