If your tax home is one country, but you have income which is deemed to be generated in a different country, several factors will impact where, and indeed whether, this income is taxable. These will include which country you live in, which country the income arises in, the nature of the income and the availability of any tax treaties.
Understanding where you may owe income tax is an essential part of any tax planning. A clear understanding of where you may have a liability can avoid unnecessary interest and penalties, so this is the first stage our tax advisors will go through in establishing a formal tax plan. This will include taking advantage of foreign tax credits, deductions, any reliefs that are available and the benefits afforded under any relevant double taxation agreements.
Our tax advisors can then discuss with you the structure of your affairs to take advantage of further efficiencies. These may include:
Contributing to a pension scheme is an established method of saving for your future in a tax efficient manner. The United Kingdom has seen considerable changes in the pension landscape, with the most recent changes being introduced in April 2015. For those with an international element to their affairs, we can discuss the advantages of overseas pension schemes, which are recognised by the UK Tax Authorities, such as QROPS and QNUPS.
Real estate investment
Investing in real estate is increasingly popular and we are well placed to help you realise rental income in the most tax efficient manner, claiming all the reliefs that are available to you, avoiding the non-resident withholding tax system which exists in the United Kingdom and ensure you remain compliant with you tax filings.
Tax efficient investments
Our tax advisors can help you choose the most tax efficient investment that is best suited to your personal circumstances. When individuals have an international element to their affairs, the tax efficient investment which was suitable in their home country may not be appropriate, or as efficient, in their host location.
Tax efficient remuneration
Whether you are employed or self-employed, we can advise you on the tax benefits associated with short term international business assignments; the taxation of grants of shares/stocks and options for internationally mobile employees; and the tax treatment of receiving income as dividends or capital.