Taxation for Non-Domiciled and Non-Residents
Understanding the UK tax system as a non-dom or a non-resident can be complex for you. At IMACC & CO, the process is made a whole lot easier. Our team makes sure you get to minimise tax payments legally and ensure that you are compliant with the law, saving you money in the long run. Let IMACC & CO take care of your taxes while you watch your wealth grow.
Who Are Non-Domiciled and Non-Residents?
The UK tax system treats residents, non-residents, and non-domiciled residents differently. Knowing your status is a key aspect towards appropriate allocation of your resources.
- Non-Domiciled Residents: Foreign citizens residing in the UK may be classified as non-domiciled residents. They are UK residents for tax purposes, but their domicile is still in a foreign state. After living in the UK for 15 out of the last 20 years, you will be considered ‘UK domiciled’ for tax purposes.
- Non-Residents: You are automatically a non-resident if you: Spend fewer than 16 days in the UK in a tax year (if previously a UK tax resident). Work abroad full-time and spend fewer than 91 days in the UK (with no more than 30 working days in the UK). Non-residents usually pay tax only on UK-earned income. The HMRC Statutory Residence Test may be required for more complex cases.
How IMACC & CO Can Help Taxation of Non-Domiciled and Non-Residents?
Taxation For Non-Residents
If you’re residing outside of the UK but managing a company or receiving UK-based income, a tax return needs to be filed. That is why our tax experts are here to assist you to:
- Define your tax residence.
- Optimise the timing of your departure/re-entry.
- Develop a reactive tax strategy to minimise overall tax payments.
- Minimise exposure to penalties and excess tax.
Non-Dom Tax Planning
Non-Domiciled can use the remittance basis to avoid UK tax on foreign income and assets. However, the rules are complex and frequently changing. IMACC & CO offers expert tax planning to help you with:
- Defining your UK tax status.
- CGT, corporate tax and inheritance tax plan.
- Remittance strategy implement.
- Offshore companies use.
Get Expert Tax Advice Today
At IMACC & CO, you will receive tailored assistance so that Non-Domiciled and non-residents can manage their tax obligations in the West Midlan with ease. Register for a meeting today, and we will provide that expert advice you need and a complimentary consultation.
