Making non-UK resident tax digital

The world of business is undergoing digital transformation, this includes tax. Making tax digital is an important part of HMRC’s plans to make it easier for you, and your loved ones, to get your non-UK resident tax right and make it easier to make your tax return and pay your non-UK resident tax. Making tax digital involves making fundamental changes to the way the tax system works so it’s important for you to be aware of the digital transformation as a non-UK resident tax payer.

Digital Tax Evaluation

HMRC has published a comprehensive evaluation of the introduction of the Making Tax Digital programme. There are also a number of research reports on a wide range of related tax issues including; business reporting errors, late submission penalty models and monitoring business’ awareness of Making Tax Digital. 

If you don’t have the time, or interest, to read through this new literature to find the relevant points for your own non-UK resident tax return then ask a good, professional non-UK resident tax advisor, like The Taxman UK, to share the relevant, main points with you.

Digital tax evaluation
Making Income Tax Digital

Making Income Tax Digital

If you or your loved ones are landlords, or business owners, or receive any income in the UK but live overseas then you must make a non-UK resident tax declaration and pay tax that is due in the UK. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income Tax, from their next accounting period starting on or after 6 April 2023. 

There are also rules for making VAT digital. Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital service for Income Tax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return. 

If you aren’t good with computers or figures then make your non-UK resident income tax return easy by asking a good, professional non-UK resident tax advisor, like The Taxman UK, to tell you how to follow the rules for Making Tax Digital for your income tax return.

Get your tax right first time

The majority of non-UK resident tax payers want to get their tax right but with often difficult to understand, or changing, tax rules and human error then mistakes happen. The improved accuracy that digital records provide, along with help built into software products and information sent directly to HMRC from the digital records, aims to reduce the number and size of mistakes, and time spent identifying and correcting them.

Please don’t hesitate to contact one of our experienced non-UK resident tax advisors by sending us an enquiry at help@thetaxmanuk.com for an initial consultation. Good tax advice will save you time, money and stress, whether you make your non-UK resident tax return digital or not.   

The Taxman UK  Making Life Less Taxing for non-UK residents”

Get your tax right first time