Remittance Based Tax

Remittance-Based Tax in the UK is a tax regime applicable to non-domiciled individuals who are tax residents in the UK. Under this system, individuals are only taxed on income and gains that are brought into or "remitted" to the UK. Any foreign income or gains that are not remitted to the UK remain untaxed. This tax system can be complex, with rules and exemptions that vary depending on individual circumstances.

With trusted expertise, we help you achieve tax efficiency and ensure full compliance

We are more than advisors; we’re an extension of your team, dedicated to your success.

We help you confidently navigate complex tax requirements with forward-thinking, personalised planning.

Remittance Based Tax

Expert Advice in Remittance Tax

Remittance-Based Tax, often referred to as the “remittance basis,” is a unique tax system in the UK that affects non-domiciled individuals who are tax residents in the country.

Non-domiciled individuals have the option to be taxed either on their worldwide income or on a remittance basis. Under the remittance basis, individuals are only taxed on income and gains that they bring into or “remit” to the UK.

This tax system is particularly beneficial for individuals with substantial foreign income and gains that they do not wish to bring into the UK. However, it comes with its own set of rules and complexities. Non-domiciled individuals must carefully plan their finances to ensure they are compliant with remittance-based tax regulations while taking full advantage of available exemptions and reliefs.

HHM specialises in providing expert guidance and assistance to non-domiciled individuals navigating the intricacies of remittance-based tax. Our team can help you understand the rules, minimise your tax liability, and ensure compliance with HMRC regulations.

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FAQs

What is the remittance basis, and who can benefit from it?

The remittance basis allows non-domiciled individuals in the UK to be taxed only on income and gains brought into the country. It is available to those with a foreign domicile.

Are there exemptions or reliefs for remittance-based tax?

Yes, there are exemptions and reliefs available, such as the £30,000 Remittance Basis Charge and the Business Investment Relief. HHM can help you identify and utilize these.

How can HHM assist non-domiciled individuals with remittance-based tax planning?

HHM offers tailored tax planning strategies to minimize tax liabilities while ensuring compliance with remittance-based tax rules.

What types of income and gains are subject to remittance-based tax?

Any income or gains brought into or remitted to the UK are subject to this tax. We can help you distinguish taxable and non-taxable amounts.

Is it possible to switch between the remittance basis and the arising basis of taxation?

Yes, it is possible to switch between these tax bases. HHM can guide you through the process and implications of such a decision.

How can HHM optimize tax efficiency for non-domiciled individuals with foreign income and assets?

HHM’s experts provide personalized strategies to legally minimize your tax liability while ensuring compliance with remittance-based tax regulations.

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"Just wanted to say a big thank you to Karam and his team for providing amazing accountancy services for us time after time."

"The Tax Advisors at HHM Accountants have been my partners in investment tax planning for years. Their meticulous approach and ability to tailor strategies to my specific goals have been remarkable. I've seen a significant increase in the efficiency of my investments, thanks to their recommendations. Their team is not only knowledgeable but also genuinely cares about their clients' financial well-being."

"Thanks to Karam and his team, Their guidance with our tax affairs and VAT has been invaluable. These guys make taxing a breeze!"

"Great help from the accountants over at HHM! Will be using the services in the future"

"Fantastic service and great company. The whole process was easy, understandable and professional. Daniel explained everything and fixed all the tax issues I have had. If you are looking for someone to help you with your taxes, then this is the best company to get help from. Definitely recommend it to anyone."

Remittance Based Tax

With trusted expertise, we help you achieve tax efficiency and ensure full compliance

We are more than advisors; we’re an extension of your team, dedicated to your success.

We help you confidently navigate complex tax requirements with forward-thinking, personalised planning.

Remittance Based Tax

Expert Advice in Remittance Tax

Your growth in important to us

How to Contact Us

Get in Touch

Meet Online

Visit Us

Why choose HHM Chartered Accountants?

We Are Professional Chartered Accountants and UK Tax Specialists

Here at HHM Accountants our skilled Accountants, Tax Consultants and Business Advisors are here to help small and medium-sized businesses. Our team comprises of extensively qualified Chartered Accountants and renowned industry business consultants.

Bookkeeping

Accounting

Self Assessment Tax Returns

Corporation Tax

Payroll

VAT Returns

Tax Planning

Foreign Income Tax

Capital Gains Tax

Choose the best. Choose HHM Chartered Accountants and Tax Advisers

Need Help?

FAQs

What is the remittance basis, and who can benefit from it?

Are there exemptions or reliefs for remittance-based tax?

How can HHM assist non-domiciled individuals with remittance-based tax planning?

What types of income and gains are subject to remittance-based tax?

Is it possible to switch between the remittance basis and the arising basis of taxation?

How can HHM optimize tax efficiency for non-domiciled individuals with foreign income and assets?

Client Testimonials

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