RESIDENCE AND DOMICILE
If you live or work overseas, or have significant worldwide assets, one of the most important factors to consider when tax planning is your domicile and the date non-residence begins and steps to take to remain compliant as a non-resident for UK tax purposes.
Teodora offers to advise you through a 30-minute online meeting. For a fixed fee of just £99, you can ask as many questions as you like and receive answers to understand whether moving to Dubai or another location will help you reduce your taxes. Additionally, you can learn how to better organise your International Tax Planning.
Book a 30 Minute International Tax Planning Meeting with Teodora
INTERNATIONAL TAX SERVICES FOR INDIVIDUALS
Self-Assessment Personal Tax Return
Non-Resident Capital Gains Tax Returns
Statutory Residence Test Tax Advice and Planning
Planning a move to the UK
Planning to move abroad
Domicile reviews
Capital Gains Tax
Retirement Planning
Estate Planning
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Tax Advice for Dubai Expats
As a specialist tax consultant for Expats in Dubai, Teodora offers to advise you through a 30 minute e-meeting at a fixed fee of just £99 you can ask as many questions as you like and receive answers to help with your International Tax Planning.
Teodora works regularly with Expats living in Dubai who require advice and planning for their taxes in the UK. You will receive dedicated and clear communication from your trusted International Tax Advisor.
As a Chartered Certified Accountant, Teodora can also work with your UK Limited Company to provide you with Corporate Accounting Services for your Consultancy, Property, or E-commerce business. You will also learn about relocating your online business to Dubai.
Tax Efficient Exit Strategies for UK Residents Relocating Abroad
1. Undertake a Domicile Review
a) Domicile of Origin
This is awarded at birth based on the domicile of your father.
b) Domicile of Choice
You’ve the legal capacity to acquire a new domicile at the age of 16. Broadly, to acquire a domicile of choice, you must:
- leave your current country of domicile
- settle in another country
c) Deemed domicile
From 6 April 2017 new deemed domiciled rules apply. A person who has been resident in the UK for 15 out of the most recent 20 years is deemed to have acquired a UK domicile for all tax purposes.
2. Am I UK resident for tax purposes? – standard test
You are likely to be treated as UK resident under if you:
- spend 183 or more days in the UK in the tax year
- have a home in the UK, and don’t have a home overseas
- work full-time in the UK over a period of 365 days
You could still be treated as UK resident even if you do not satisfy these conditions. This will depend on the number of connections you’ve to the UK and the amount of time you spend here.
Key Tax Considerations for UK Expatriates Exiting the UK
3. Am I UK resident for tax purposes? – Sufficient Ties test
You’ll need to consider your connections to the UK, known as ‘ties’
- a family tie
- an accommodation tie
- a work tie
- a 90 day tie
- a country tie
4. Non-resident landlords
If you will have rental income from property in the UK, this income will be liable to UK tax whether or not you’re resident in the UK. If you sell or dispose of a UK residential property you may have to pay Capital Gains Tax on the gains you make.
5. Tax liability in the year you arrive in or depart from the UK
You’re either UK resident or not UK resident for a full tax year. If you leave or come to the UK part way through a tax year, the year may be split: this is referred to as split year treatment.
Establishing your UK tax position can be complex especially if you have worldwide assets and have been living overseas for some time.
The UK tax residence rules are complicated, so if you find yourself in the position trying to assess your residence status, you should seek expert tax advice.
Next Steps Book your 30 Minute Personalised Tax Planning e-meeting with Teodora
It’s vital to always seek advice from a qualified tax expert to help you navigate this specialist area of tax planning