Expat Network: 25 Years of Excellence Serving the Expatriate Community.

 

UK Inheritance Tax And Domicile – What You Need To Know Today

  UK inheritance tax follows you around the world since it’s based on domicile, not residence. You could live abroad long term and still be liable for this legacy tax. Here, Blevins Franks look at key facts about UK inheritance tax and domicile and how it could affect your intended heirs.        Written by Jason Porter of Blevins Fra ...

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How Much UK Rental Income Is Tax-Free If You Are Living Overseas?

  It’s a dream that many people in Britain have. Move to another country, somewhere sunnier, to work or retire. For those who choose to live their dream, living overseas is often made possible to a greater or lesser extent by UK rental income they earn from UK property, one or more, which may include the former family home.         Written for Expat Network by GoSimp ...

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Guide To Taxes For Expats: What To Know When Moving Abroad

  Each year, thousands of professionals make the decision to relocate and work abroad. This could be for a variety of reasons, from career progression to the desire to broaden one’s cultural horizons. But while becoming an expat has the potential to better both your personal and professional life, it isn’t a decision to be made lightly.  Here is a guide to taxes for expats.       Emigrat ...

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Making Tax Digital For Income Tax – Should You Start To Prepare Now?

  All VAT-registered businesses in the UK must now meet new reporting requirements introduced as a consequence of Making Tax Digital. If you don’t run a VAT-registered business, Making Tax Digital won’t have affected you so far. You may not have even heard of Making Tax Digital.       Written for Expats Network by GoSimpleTax   However, if you report income and pay tax via ...

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How Expats Can Master UK Tax

  Managing UK tax affairs can be tricky when you are an expat. With non-domiciliary status high on the news agenda recently, it’s prudent for expats to ensure they have an accurate understanding of their obligations under UK tax law and that they are fully prepared to report and pay their tax bills.       Written exclusively for Expat Network by Mike Parkes, Expat Tax at GoSimp ...

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Ditch The Jargon – UK Self-Assessment Explained

  Understanding Self Assessment can be challenging for many self-employed people. The technical information can be difficult if not impossible to understand, while – let’s face it – it’s hardly the most interesting subject.   And the use of tax terminology rather than plain English can literally leave many people scratching their head when they’re reading information that should guide them. ...

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What April 2022 UK Tax Changes Should Expat Landlords Know About?

  Important UK tax changes introduced by HMRC from the start of the 2022/23 tax year in April can affect landlords just as much as other taxpayers and in some cases they can have a significant impact on your tax bills. With prices rising sharply seemingly across the board, you should be aware of how much more tax you’ll have to pay as a landlord, so that you can better budget for the year ahe ...

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Don’t Miss UK Self Assessment Filing Deadline & Other Tips For Landlords

  Time is running out for landlords and other Income Tax payers, with the Self Assessment online filing deadline of midnight on the 31 January fast approaching. Miss it and straight away you’ll have to pay a Self Assessment late-filing penalty of £100.       Written for Expat Network by GoSimpleTax   The penalties do not end there: After three months, if you still haven’t ...

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How To Report Rental Income If You’re A Company Director

  Company director income is often made up of a relatively small amount of wages paid through the company payroll, topped up with company share dividend payments, with both taxed accordingly. But what if you’re a company director with income from other sources, more specifically, rental income from renting out property?     Article by GoSimpleTax   If you’re a company director who’s rece ...

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Do You Have Your UTR Number Ready To File Your Self Assessment?

  A Unique Taxpayer Reference (UTR) number is a ten-digit code required by all sole traders, partnerships, and limited companies in the UK.  It’s unique to that individual or organisation and remains unchanged forever.       You will also need a UTR if you have other forms of income or expenses that require you to file a Self Assessment tax return. If you don’t have a UTR, you ...

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