Specialist UK tax advice

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Who needs UK tax advice?

If you are a non-UK resident (living outside of the UK) who is spending time in the UK, moving to the UK, owns UK property or a UK business, has other sources of income there including UK real estate investments, or has children who go to school in the UK, you should seek professional UK tax advice. UK tax advice is also advisable for UK citizens or expatriates who have moved outside of the UK. 

Specialist UK tax advice from experts like us here at Buzzacott will ensure you pay the right amount of tax at the right time, and take any potential steps available to reduce your UK tax exposure.

UK tax advice on the primary personal taxes

UK Income Tax

If your UK property generates rental income, you are required to report the net income to HMRC. However, with the right advice you may be able to deduct certain expenses and tax-free allowances, to help you retain more of your earnings. Our specialist UK tax advice can help you with the correct way to file your return in order to avoid penalties, while also identifying opportunities to reduce your UK tax burden by claiming the allowances and deductions you are entitled to.

UK Capital Gains Tax (CGT)

Capital Gains Tax is a tax on the profit when you sell or dispose of a UK asset which has increased in value, such as when selling UK property. The UK’s Statutory Residence Test is used to determine the sales or disposals this tax applies to. If you have lived outside of the UK for more than five years, some additional UK tax benefits may apply.

If you sell your UK property while you are non-UK resident, a special one-time Non-Resident Capital Gains Tax (NRCGT) return will need to be filed with HMRC within 60 days of completion. This form must be filed online in addition to your regular tax return. Our experts provide UK tax advice to ensure this form is filed correctly and on time.

UK Inheritance Tax (IHT)

Inheritance Tax is a UK tax on the estate, including the property, money and possessions, of someone who has died. You may also pay IHT on certain gifts or trust settlements made in your lifetime, depending on certain criteria. Whether or not you need to pay UK IHT depends on your UK domicile status.

UK domiciled

You are UK domiciled under general law if the UK is your parents’ (usually father’s) home at the date of your birth, known as your domicile of origin, or you have acquired a domicile of dependency if your parents have changed to UK domicile whilst you are a minor, or if you are an adult, the UK is now your permanent home because you moved there and renounced domicile in your native country.

If you have UK domicile status and your estate is valued at over £325,000, your estate is subject to UK Inheritance Tax of 40% or 36% (under certain circumstances) on the amount over the threshold. This threshold is £650,000 for married couples and civil partners, if the executor of your estate transfers your unused IHT threshold to your partner when you die.

Non-domiciled

If you've got a non-domicile status in the UK, only your UK based assets, such as UK property, will be liable to UK Inheritance Tax.

Our specialist UK tax advice can help you to understand if you need to pay UK IHT, and if so, consider tax planning opportunities, such as moving UK assets into tax-efficient financial structures or gifting assets to your loved ones, to minimise your UK tax exposure wherever possible.

UK tax reliefs and deductions

There are different UK tax reliefs and deductions available, depending on whether you are UK resident or non-UK resident. As an example, if you live in your UK property when it is sold, you may be able to claim Private Residence Relief, which means you won’t need to pay Capital Gains Tax (CGT) on any gain you make on the disposal. Whereas if you live in the UK or are non-UK resident and own a UK business, you may be able to claim capital expenditure. This is the money your UK business uses to buy, maintain or improve your fixed assets, such as the buildings, vehicles or equipment. There are also some other deductions available for UK business owners.

Our specialist UK tax advice can support you with identifying any UK tax reliefs and deductions available to you, to help reduce your UK tax exposure. 

The ever-changing UK tax laws

It’s important to know that there are frequent changes to UK tax laws, and your tax position should be reviewed regularly to ensure compliance with any changes, and to help you to maximise any new UK tax planning opportunities that may arise. As your trusted advisers, Buzzacott is dedicated to providing you with the specialist UK tax advice needed to navigate the complexities of the UK tax system. 

Frequently Asked Questions (FAQs)

For professional UK tax advice tailored to your unique circumstances, please fill out the form below and one of our experts will be in touch to discuss your requirements and how we can help. Please note that our advisory services are charged at our hourly rates and a formal engagement will need to be in place before any advice is provided.