General Information About UK Tax

We would like to provide you with an overview of the UK tax system and some information about UK tax rates which might be useful for you.

 

 

Where is your company resident?

A company is resident where it is incorporated. However if the company has its central management and control operated from another country, i.e. the UK it can be considered resident there and become liable to tax there.

Tax Rates, Allowances and Reliefs for:

• 2024/2025
• 2023/2024
• 2022/2023

National Insurance Contributions

National Insurance in the United Kingdom is a system of contributions paid by workers and employers towards the cost of certain state benefits.

Residence Rules For Individuals

The Statutory Residence Test (SRT) is split into three parts, namely:

• Automatic overseas tests
• Automatic UK residence test
• Sufficient ties tests

Record keeping under the statutory residence test

Record keeping has always been an essential part of documenting a person’s residence position, and the statutory residence test (SRT) while giving more certainty about your residence position does put in place a more rigid structure which only increases the need to keep proof and more detailed records.

Domicile

Even if you were to become UK resident you may still retain the domicile of your country of origin, your domicile is effectively where you belong and is very difficult to alter.

Exchange of information and voluntary disclosure

We are now at the start of an era where unprecedented levels of information will be supplied to HMRC in respect of UK residents who have overseas interests. This will have a major impact on UK tax resident non domiciled individuals.

Clean Capital planning

As a UK resident but non-UK domiciled individual you can live off your “clean capital” while in the UK without incurring a tax liability.

Capital Gains Tax for Non-UK Residents

From 6 April 2020 you need to report and pay your non-resident Capital Gains Tax (CGT) and submit a non-resident Capital Gains Tax return

Tax on Cryptocurrency

Tax treatment of Cryptoassets for individuals and for businesses

Taxation of Domestic Workers

Key information about status and taxation of domestic workers.

The UK Russia and The UK China Double Taxation Treaty

Most countries enter into double taxation treaties.

Moving from the UK to Dubai

Before you pack your bags, it’s crucial to understand how your move will impact your tax obligations.

Moving from Dubai to the UK

There is now a double tax treaty between the UAE and the UK

Pensions in the United Kingdom 

Pensions in the United Kingdom can be categorised into three major categories - state, employer’s workplace pension scheme and personal pensions.

Do I need a UK will?

The short answer is YES, the long answer explained below is also YES.

What are the rules of intestacy

When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules.

FAQ

Please note that the questions and answers have been prepared from the emails, telephone calls and actual cases that we have dealt and have therefore not provided any names and addresses in order to keep client confidentiality. 

 

UK tax services we offer

We are pleased to be able to offer the following tax related services:

• A General tax consultation and/or specific tax advice
• Tax planning for your general situation or for a specific transaction
• Registration for National Insurance and Unique Tax Reference numbers
• Preparation and submission of annual self-assessment tax returns
• Preparation and submission of tax return for overseas landlords
• Formation of UK and offshore companies in respect to an acquisition of the commercial property and administrative and accounting services for corporate entities.

All tax related services are arranged on a fixed fee basis, agreed and charged in advance of any work being undertaken.

For all questions regarding your business in the UK and tax planning, please contact our Business Consultancy team at Law Firm Limited on +44 (0)20 7907 1460 or via email