Pre Departure - Moving to The UK
If you are moving to the UK to live or work or have recently arrived from Australia or another overseas county, then as an expat you may have important tax planning and compliance questions to consider.
This can be a particular issue where a property in the overseas country is being retained and rented. For people in this situation there is likely to be a requirement to submit tax returns to report the rental in the overseas country and report the rental income in the UK also.
For those who are non-resident in Australia for tax purposes and are selling an Australian residential property must also consider their capital gains tax position in Australia and reporting obligations both in Australia and the UK.
Inheritance Tax (IHT) planning is an issue of increasing importance for many, as an exposure to IHT is a function of an individual’s domicile status, rather than tax residency, although being a tax resident of the UK can trigger or revive a UK domicile.
If you are a non domicile of the UK you may also consider the remittance basis of accounting should you be in receipt of any foreign sourced income, such as an investment property.
If you have arrived or have left the UK partway through the tax year you need to consider your eligibility for split year treatment which will enable you to split the tax year into two parts.
We at GM Tax provide fixed fee quotes for advisory work and tax returns.
If you are moving to the UK or have recently arrived and would like a fixed fee proposal from a firm of UK & Australian tax advisors that understands the issues affecting individuals arriving in the UK please complete our online enquiry via our contact us button or by calling a GM Tax office closest to you.
GM Tax also offers the following services:
- Tax planning advice and guidance with regards to your residency status in the UK, eligibility for split year treatment and also domicile status in the context of Inheritance Tax (IHT) planning.
- Preparation of UK tax returns, with all returns submitted to HM Revenue electronically where possible.
- Advice on the tax position where a property in Australia is being let while a taxpayer is living overseas.
- Preparation of Australian tax returns, with all returns submitted to the ATO electronically where possible.
- Assistance to ensure Australian sourced income of those who are non-residents of the Australia is properly taxed and is not taxed twice, or double taxed.
- This last point is particularly relevant to those who have Australian sourced income or capital gains which may also be subject to tax in the country in which the taxpayer is now resident.