The more you know about UK tax changes the better. Whether you are a UK resident tax payer or a non-UK resident tax payer, keeping abreast of UK tax changes will leave you with more change in your pocket and a better piece of mind. Many UK taxes and thresholds are frozen, at the moment, due to the Covid 19 epidemic. This means that in the near future some, or many, of these benefits will change. You may be enjoying a continuous level of tax payments at the moment, but planning ahead is essential. A good non-UK resident tax advisor, like The Taxman UK, can help you with this, and save you time, money and stress.
So far, so good. If you earn income in the UK from property rental, investment income, capital gains, inheritance, or another source then you must make a tax return in the UK and pay tax on this income, even if you are a non-UK resident. This means that future tax changes in the UK after the Covid 19 epidemic has been resolved will still affect you, and your loved ones. You are likely to find that your tax liabilities may increase, even if your income stays the same. The worst-case scenario is future increased tax rises to compensate for fiscal deficits in the UK, and a decrease in your UK income, leaving you and your loved ones with more tax to pay on less income. The best way to plan ahead for the best and the worst-case scenarios is to get good tax advice from a non-UK tax advisor.
The Taxman UK has a team of experienced tax advisors who can help you and your loved ones to calculate your current non-UK tax liabilities, file your non-UK resident tax return for you and keep you informed of current and future UK tax changes.
In the UK’s annual budget on the 3rd of March, 2021, The UK’s Chancellor of the Exchequer announced that there are ‘huge challenges’ ahead to address record levels of borrowing. So what does this warning signal mean for you and your loved ones as non-UK residents?
Even if this all seems far ahead in the future, you and your loved ones should plan for these and other future tax changes. You may face other unexpected happy outcomes such as an inheritance or capital gains on the sale or your UK property, then there is job loss and less desirable future outcomes to plan for as well. In order to minimise your tax payments and any worries you may have about your current or future non-UK resident tax status ask a good non-UK tax advisor who knows what the future changes for non-UK residents tax is likely to hold.
Please don’t hesitate to contact one of our experienced non-UK resident tax advisors by sending us an enquiry at firstname.lastname@example.org for an initial consultation. Good tax advice will save you time, money and stress, whether you want to make the most of current or future non-UK resident tax changes.
The Taxman UK “Making Life Less Taxing for non-UK residents”