Tax advisor - Leaving the UK
Discussion
Wonder if anyone can help. I am looking for an experienced UK based tax advisor to assist with my ex-patriation from the UK. I am in the process of moving to HK on a more permanent basis. E&Y in HK have been great locally and plenty of help but recommended I find someone in the UK who is very up on UK tax law.
No recommendations means I go to E&Y UK and pay them an outrageous amount of cash
No recommendations means I go to E&Y UK and pay them an outrageous amount of cash
I don't do overseas client work as it is a specialist field.
Once you are out of the UK for the entirety of a UK tax year (6 April to following 5 April), you will become a non UK tax resident for that and any other similar years. Therefore, you will not be liable to UK tax on any earnings you receive whilst abroad.
You are not barred from returning to the UK in the tax year but, in order to retain non-resident status, you are limited in the return period to visits not exceeding 90 days in total (there are some variations allowed on this and this is where it can get very messy).
If you have any assets in the UK which generate income (such as deposit accounts, rental properties etc), you will be still subject to UK tax on interest or rental income generated. You should get a tax credit for UK tax paid against any Hong Kong tax you might be liable to on income that has already been taxed in the UK. Your HK tax advisor should sort that side of things out for you.
In these circumstances, you might need to complete a UK Self Assessment tax return as there is a special set of pages required for overseas residents with UK income.
Another point is that UK rental income owned by UK persons living abroad often needs to have tax deducted at source by a rental agent and paid quarterly to HMRC.
Once you are out of the UK for the entirety of a UK tax year (6 April to following 5 April), you will become a non UK tax resident for that and any other similar years. Therefore, you will not be liable to UK tax on any earnings you receive whilst abroad.
You are not barred from returning to the UK in the tax year but, in order to retain non-resident status, you are limited in the return period to visits not exceeding 90 days in total (there are some variations allowed on this and this is where it can get very messy).
If you have any assets in the UK which generate income (such as deposit accounts, rental properties etc), you will be still subject to UK tax on interest or rental income generated. You should get a tax credit for UK tax paid against any Hong Kong tax you might be liable to on income that has already been taxed in the UK. Your HK tax advisor should sort that side of things out for you.
In these circumstances, you might need to complete a UK Self Assessment tax return as there is a special set of pages required for overseas residents with UK income.
Another point is that UK rental income owned by UK persons living abroad often needs to have tax deducted at source by a rental agent and paid quarterly to HMRC.
Thanks for your reply Eric.
I am going to contact these guys http://www.thefrygroup.co.uk/
They are a british org with an office just down the road from me in HK.
I am going to contact these guys http://www.thefrygroup.co.uk/
They are a british org with an office just down the road from me in HK.
)fieldl said:
Thanks for your reply Eric.
I am going to contact these guys http://www.thefrygroup.co.uk/
They are a british org with an office just down the road from me in HK.
Let me know how it goes with these guys - I'll be in the same situation in a few weeks, so would appreciate knowing if they're any good!I am going to contact these guys http://www.thefrygroup.co.uk/
They are a british org with an office just down the road from me in HK.
Can recommend our Accountant, used for wealth management and expat matters:
http://www.jamescowper.co.uk/assets/html/about_us/...
http://www.jamescowper.co.uk/assets/html/about_us/...
As said above you need specialist advice. The above are good suggestions, I use http://www.meridiantax.co.uk/ , who are good but have lower overheads than some of the larger groups and so can be more cost effective.
Edited by Biggles111 on Friday 9th July 10:38
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