Retirement and Tax for UK Non-Residents

Many of us dream of retirement. Due to the Covid 19 epidemic retirement has been forced on many people earlier than they expected. If you have suddenly lost your job, and are struggling for what to do next, take a little time to consider your tax situation. Working for The Government all your life, by paying taxes wherever you are, is a fact of life. If you are a UK Non-Resident and you earn income in the UK then you must still pay tax on your UK income wherever you live in the world, even in retirement. With time on your hands, you can look into ways to minimize your UK Non-Resident tax bill with good tax advice from a professional tax advisor at The Taxman UK.

Protect your savings

Living on your savings is an unfortunate fact of life for many people during the Covid 19 epidemic. If you are living in the UK there are many ways to better protect your savings from tax like putting them in tax free ISA ‘wrappers’ or other financial vehicles.

If you are a UK Non-Resident then these kinds of tax saving options are not available to you. Our UK Non-Resident tax advisors will be able to advise you on where to put your hard earned money to best protect it against tax liabilities, maximise your returns, and fill in your annual UK Non-Resident tax return and file it for you.

Protect your savings
Your UK pension

Your UK pension

If you chose to retire then you may already have spoken to a good, professional tax advisor about tax planning for your retirement. If you suddenly find yourself out of work, and temporarily retired or thinking about retiring permanently, then now is as good a time as any to get good, professional tax advice for UK Non-Residents from one of our tax advisors at The Taxman UK.

It may be as simple as changing your National Insurance contributions to a different class to save you money every month. Our UK Non-Resident tax advisors will be able to advise you on the variety of options currently available to you, including the latest tax changes from the HMRC, and help you to maximise your pension and minimise your tax payments too.

What to do if your bank account is closed?

Surprise! Surprise! You thought that you had all your bases covered then suddenly a letter arrives from your bank, or banks, asking you to prove your current tax status or your bank account will be closed. Don’t panic! A good, professional UK Non-Resident tax advisor can help you with the documentation that you need to prove your current tax status, even if you are already retired and living overseas. Our UK Non-Resident tax advisors will be able to assist you to fill in the forms that you need and to advise you on the options available and the tax implications depending on your current and future circumstances.

Please don’t hesitate to contact one of our experienced UK Non-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 are retired or not.

The Taxman UK  Making Life Less Taxing for UK Non-Residents”