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Leaving the UK and Paying Tax to HMRC - Be A Tax Master

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UK Property Tax Accountants

UK Property Tax Accountants

Күн бұрын

Пікірлер: 64
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
Request a call back: If you are looking for a new US or UK real estate property tax specialists contact us here: survey.zohopublic.com/zs/80zrXp
@allykhan8594
@allykhan8594 2 ай бұрын
Seems like, if you set up a company and buy property and rent it out and only take dividends and live abroad you are exempt from taxes! Going to Oman has zero taxes anyway.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 ай бұрын
Yup, spot on 👍
@69xmoe
@69xmoe 2 ай бұрын
Hi Simon how are you doing. I been have been giving this subject a lot of thought over the year. I think you mentioned you have other videos but couldn’t seem to find them. Do you have a link please ? Thank you. Moe
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 ай бұрын
Yes I sure do. Please do a search on my channel to find out more and look at this channel too youtube.com/@movingtospainfromtheuk-nk5qr?si=Cwa61w93gK0kqOUW
@hnia0
@hnia0 2 жыл бұрын
This is video is hands down the most clear one! You actually try to simplify what HMRC has on the website. I still dont fully understand it, as is it enough for me to just quit my employment before the end of july - with the split year example and then never come back more than 16 days to the uk? Also can I keep using my UK bank accounts? thank you
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
I can confirm “yes” to each of your questions Anna 🙏
@hnia0
@hnia0 2 жыл бұрын
@@UK-Property-Tax-Accountants thank you so much!!!
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
You are very welcome 🙏
@vp2272
@vp2272 3 ай бұрын
Thank you for this insightful video. Have seen so many videos on this, and this by the far the most easiest to digest. I am not UK domiciled and also non UK resident. The only UK income that I will receive is dividends from a ltd company. Will I need to file a self assessment tax return ? I have no intention of ever visiting the UK.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 3 ай бұрын
If you are neither UK domicile or UK resident then there is no need to file a UK self-assessment tax return or pay UK tax on those dividends received. Thank you ever so much for the kind comment
@encouragesolutions2595
@encouragesolutions2595 Ай бұрын
I live in Bahrain but the tax man made me pay around 6% tax after they made me complete a double tax form, even though Bahrain is meant to be tax free. I have had 7, 17, 36 days on vacation in UK in last 3 years. I need advice but can't get it here in Bahrain. Any contacts would be appreciated.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Ай бұрын
I can help with that. Book a call here; calendly.com/optimiseaccountants/us-international-tax-consultations?back=1&month=2024-07
@marketgarden1
@marketgarden1 4 ай бұрын
Has anything important changed since this video was put out? I have started working online as a contractor for a couple of companies in America and for the first time have started to think about tax as I've never had a good income before. I only rent a place and can leave anytime, could work from anywhere and it makes me want to vomit calculating the tax I'm going to be due if I do nothing. I could easily set up a UK company and leave before July 6th, have the guys in America pay that and then go work for the company full time somewhere else (or multiple places) but it sounds too easy.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 4 ай бұрын
Please do get some tax advice. You are going to be taxed where ever you are based providing services. You also need to think about sales taxes/VAT
@TheMetyx
@TheMetyx Жыл бұрын
How to pay from abroad from Lithuania (by the way I left UK in 2019 and I have 2000 fines) ??? Basically, I got fines for the years that I wasnt working in UK, because I was out for a year 2017, and then I left UK in 2019 but forgot to report to HMRC (I was self-employed) taht I am leaving.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
Beat thing is to call HMRC and explain your situation
@fasihahmad97
@fasihahmad97 Ай бұрын
My work right is ending in August 2024 and hence employment so returning to home. Can i get taxes back?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Ай бұрын
You can do a tax return to see if you paid too much tax overall or wire to HMRC, which may take even longer
@inshapewithryan-onlinecoac4757
@inshapewithryan-onlinecoac4757 6 ай бұрын
Simon, I am moving to Greece in July on a digital nomad visa. Does the working 35 hours on my own business fall under the same bracket? I’m super confused about how it impacts me with U.K. tax.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 6 ай бұрын
It depends on what you will be doing in your work. In any case moving to Greece and having a home there rather than the Uk would affect your tax residence status
@Daimasing
@Daimasing 7 ай бұрын
Hi I just moved out of the U.K. on 22/10/23 which makes me fall in the 183 days in U.K. from April 2023. But I work a full time job abroad now well over 35 hrs a week. Will the split year treatment apply to me in the case 1 scenario?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 7 ай бұрын
You will be UK tax resident as you live in the UK for 183+
@ProdigalAutist
@ProdigalAutist 7 ай бұрын
Hi there! thank you for the video. Im a UK employee but ive been living and working abroad for more than 18 months (have not returned to the UK in between) Do i still pay tax on my salary to the UK?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 7 ай бұрын
Your employer can pay you overseas but they must pay income taxes and security taxes where you are tax resident to be compliant
@JasonEyermann
@JasonEyermann 2 ай бұрын
I’m working in China, but still earning money on the trading 212 app registered in the UK. I can’t buy shares in China. I guess I still need to pay capital gains tax?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 ай бұрын
f you're living in China and buying UK shares you generally won't have to pay UK Capital Gains Tax (CGT) on any profits you make from selling those shares. You would pay UK CGT if you were UK resident in certain circumstances
@kenhughes1160
@kenhughes1160 3 ай бұрын
I'm 88 years old.A UK resident. I've lived in the Philippines for the last six years.. what are the pros and cons to claiming a tax rebait Thanks
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 3 ай бұрын
What tax rebate are you looking to claim?
@kenhughes1160
@kenhughes1160 3 ай бұрын
I'm paying 300 pounds a month tax on my DWP pension plus my company pension. As I'm not resident in UK maybe I could have a refund
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 3 ай бұрын
@kenhughes1160 you should not need to pay UK income tax on your private pensions. You will pay UK income tax on your DWP pension..
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 3 ай бұрын
@kenhughes1160 you should contact your private pension and ask them to pay you gross
@OhJayP
@OhJayP 2 жыл бұрын
Thanks for the video, definitely helped to clarify a few things! I’m going to move to the Cayman Islands for full time work in November. I will be employed there for at least a year (probably more). Can I still benefit from the split year treatment in this case? (I.e be taxed as a cayman resident from the moment I move there on my Cayman income)?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
You sure can get a split year treatment. Have a great time in Cayman Islands. Great opportunity 🙌👍
@japanluv
@japanluv 3 күн бұрын
Hi. Would you be able to help customers who are futures/forex traders, currently living in the UK with settled status but probably leaving by next year, also it seems I am considered a subcontractor since I have funded accounts with few futures prop firms offering funding. They are based in USA but I’m living in the UK at the moment. I can’t even find the right object of activity when I try to open a LTD company with what I do at the moment in order to be prepared in advanced for the end of this financial year and others to come.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 3 күн бұрын
Yes we do support UK/Us tax clients. Feel free to book a call with us here: optimiseaccountantsltd.as.me/schedule.php?appointmentType=190078
@johnporcella2375
@johnporcella2375 Жыл бұрын
So, a limited company owner/director could leave the UK for an entire fiscal year and declare huge dividends (assuming that the company has sufficient revenue reserves and cash) and avoid paying UK Income Tax on it, so long as in the UK for fewer than sixteen days? Great! Sounds like an opportunity to travel the world so as not to stay for long in any single country abroad! That stated, it makes sense to go, for non-travel fans, to a country like Croatia where it will be happy to have such people.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
Spot on. Careful planning required but certainly achievable. You do need to think about the country you’re moving to or tax residency purposes
@scottwilson9496
@scottwilson9496 Жыл бұрын
​@@UK-Property-Tax-Accountants Is this possible with a SIPP drawdown too ?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
I am certainly not going to get involved in pensions drawdown mixed in with the UK residency. We certainly will need to speak to a pension advisor on this complex subject. So sorry that I can’t be any more helpful 😥
@sadafahmed9563
@sadafahmed9563 11 ай бұрын
What happens if your planning to move to UAE - as theirs no tax their....how do you move it from the UK?? How many days can you then visit the UK?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 11 ай бұрын
This is rather a complex question and not one that can be answered here sadly
@jacobevansarm
@jacobevansarm 2 жыл бұрын
Hi there., what if you consider the employment bracket in general to be slave labour and you trade currencies for a living? If I want to move to the dominican republic, how do I reduce my tax burden to 0? I would be residing in the DR, visiting the uk from june-august every year, my transactions would be Bitcoin to stablecoin and stablecoin to bitcoin etc, I wouldnt be interacting with any british currency and I would sell stablecoins to pay for the D pesos I need for food and travel around the DR, i wouldnt get the split year because i wouldnt be working abroad? my exchange is binance, they are the ones paying me, located in the cayman islands
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
Hi Jacob, it sounds as though you need a text consultation to go through this level of detail. Sadly it is not something we can achieve on a KZfaq forum.
@tukaruss8680
@tukaruss8680 Жыл бұрын
How do i notify hmrc that I'm now a french resident so all my income is now taxable with impôt.?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
You can do this on your self-assessment tax return
@tukaruss8680
@tukaruss8680 Жыл бұрын
@@UK-Property-Tax-Accountants brilliant thank you I'm submitted my self assessment in coming weeks
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
Great news. Best of luck 🙏
@user-jz1uz1ds5b
@user-jz1uz1ds5b Жыл бұрын
how do I register if I don't have a British identity bo?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
You will need a UTR number, which may be obtained here: www.gov.uk/register-for-self-assessment/self-employed
@michaeltaylor3473
@michaeltaylor3473 2 жыл бұрын
Hi there, in order to be non-UK tax resident, do you have to be tax resident in another country? Or can you be tax resident of nowhere?
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
Income would be taxable in the country earned without a tax residence to enact a double tax treaty. It is not helpful to you.
@metaphysicalfuck
@metaphysicalfuck 2 жыл бұрын
@@UK-Property-Tax-Accountants So let's say my life "goal" is to work from, to name a few countries, thailand 4 months, Italy another 4 months, then a few odd days in between on other locations and stay in the UK for a month. Given I don't spend around 6 months in any one place...tax residence is not changed Based on this, it is doable and even benefitial tax-wise, given I inform HMRC correctly Are there tax code changes? I did not finish watching the video entirely and went into comments to read the feedback already lol
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
In many countries the 183 days is erroneous. Just because you do/don’t spend six months in a country does not mean that your tax resident or tax resident. It really does depend on the situation and where the country feels that you are spending your most time. The idea of being a tax nomad is so misleading
@metaphysicalfuck
@metaphysicalfuck 2 жыл бұрын
@@UK-Property-Tax-Accountants So your advise is to set a tax residency where taxes are more benefitial to the tax payer, rather than have no tax residency? I am trying to get clarity on the topic, but to be fair the idea was to be a nomad and not pay taxes in the UK specifically. I know the 6 month rule is different in each country, but it is a rather widespread sort of rule.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
Please reach out to your local international tax advisor
@Matt-fb1xl
@Matt-fb1xl Жыл бұрын
hi there, thanks for the video, i found it very insightful. I am a UK citizen and have paid tax in the uk on my income since i started working over 10 years ago. I have an offer to move to Saudi Arabia which requires me to move over there before the end of 2022. Will iIbenefit from split year treatment and avoid having UK tax applied to my overseas income?I' be looking to work out there for at least two years. I am also a UK homeowner so not sure whether that complicates things or not.
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
Yes indeed you will benefit from the splits your treatment provided that you tick all the boxes
@Matt-fb1xl
@Matt-fb1xl Жыл бұрын
@@UK-Property-Tax-Accountants many thanks for your response, following the RDRM pages i believe i tick all the boxes apart from the fact i've worked in the UK for more than 91 days this UK tax year (RDRM11140), would this negatively affect me? Thanks again!
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants Жыл бұрын
I would get some tax advice on this to make sure that no mistakes are made. I could answer each question and turn that there will always be stones unturned leading to unforeseen errors. See www.optimiseaccountabts.co.uk for more details
@shirmelduggins9984
@shirmelduggins9984 Жыл бұрын
If you are renting out your property, you will most certainly need to fill in an annual tax form and pay taxes on that Also sign up for the government gateway well in advance before you leave. This will allow you to check your National Insurance contributions or whether you owe taxes etc
@Matt-fb1xl
@Matt-fb1xl Жыл бұрын
@@shirmelduggins9984 thanks Shirmel, I won’t be renting out the property as my partner will continue to live in it while I am away, do you know of any implications on this? Or is that irrelevant because I’m not making any income from the house? Noted on government gateway, have been using it a while now although they recently told me I had paid too little tax! :(
@UK-Property-Tax-Accountants
@UK-Property-Tax-Accountants 2 жыл бұрын
Important - read this www.optimiseaccountants.co.uk/knwbase/uk-residence-and-the-tax-remittance-basis-charge/ Invest in a SIPP or SSAS pension here survey.zohopublic.com/zs/prBUdT Download our FREE Checklist (PEP) www.optimiseaccountants.co.uk/property-ebook-and-check-list-download-thank-you/ Our live events www.optimiseaccountants.co.uk/tax-seminars/
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