Remittance Based Tax

Understanding 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.

Speak To Our Experienced Team

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.

ICAEW Chartered Accountant

Your growth is important to us

How To Contact Us

Call our Accountants & Tax Advisors

Get in Touch

Call us on +44 121 340 4545
Book online consultation with a Local Accountant or Tax Advisor

Meet Online

Book an Online Meeting
Visit our local Accountants and Tax Advisors near you

Visit Us

Call us on +44 121 340 4545
We are your local Chartered Accountants and UK Tax Experts

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.

About Us

Bookkeeping

For businesses, freelancers, and professionals ensuring precise and timely financial record-keeping.

Accounting

Tailored solutions for sole traders, Ltd Companies, and freelancers, ensuring financial clarity and compliance.

Self Assessment Tax Returns

For individuals, sole traders, and partnerships: simplifying your income reporting to HMRC with expertise and precision.

Corporation Tax

Expert tax solutions for limited companies, ensuring compliance and optimised tax strategies.

Payroll

Managing employee wages and benefits for businesses of all sizes, from startups to established firms.

VAT Returns

Guiding businesses in accurate VAT return submissions, ensuring compliance and maximizing claims.

Tax Planning

Crafting strategic roadmaps for startups, entrepreneurs, and established businesses to drive financial growth.

Foreign Income Tax

For individuals and enterprises with global earnings, navigating UK tax obligations.

Capital Gains Tax

Expert guidance for individuals and businesses on capital gains tax compliance and optimization.

Choose the best. Choose HHM Chartered Accountants and Tax Advisers

Think of us as your financial buddies. We’re here to guide you, making sure you save money while always obeying by the rules. With our UK tax return accountant help, not only can you reduce your current tax bill, but we also plan for your future, ensuring lasting savings.

Book a Meeting

Need Help?

FAQs

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.

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.

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

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.

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

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

For all further inquiries and questions, please contact us. We are here to discuss your unique requirements and offer advice tailored to your situation.
Book an appointment with our Experts
and let us streamline your financial matters.
Book an Appointment
Previous slide
Next slide

Client Testimonials

"At HHM Chartered Accountants, professionalism meets unparalleled expertise. Their team's adept understanding of tax laws and meticulous attention to detail have been instrumental in ensuring our financial compliance and maximising our savings. With HHM, we've found not just accountants, but trusted partners dedicated to our success."
Ishita Malhotra
Ishita MalhotraProperty Investor/Director
"HHM Accountants specialist tax strategy saved my property transfer and properties portfolio thousands in tax. Thank you Karam for your amazing work. Would definitely recommend."
Kian
KianProperty Investor
"Extremely pleased with the service from HHM Accounting for helping manage the accounts for my motor trade business. The staff at HHM has been friendly, approachable and resolved queries promptly. I would highly recommend HHM Accounting and look forward to work with this company in the future."
Ismail Osmani
Ismail OsmaniCompany Director
"I engaged with Daniel & Karam for tax advice, I received good and direct advice that didn't beat around the bush. I was pleased with their honesty and their flexible approach. I would recommend them for anyone looking for creative ways to structure their taxes and/or company"
Gurdeep K
Gurdeep KLandlord
"Daniel at HHM Chartered Accountants Fortunately, I stumbled upon Daniel quite accidentally, and I am very happy about it. I thank him immensely. He explained everything to me in a very organised and professional manner, and even pointed out things that I hadn't considered. I realised that he really loves his job. For him, this profession is not just a source of income; it is a part of his personality and life. This means that I am the winner for finding him. Thank you, Dear Daniel, and I recommend to all that if you need a genuine accountant, be sure to meet with him at least once. I am confident that you will not be disappointed. "
Bita Nouri
Bita NouriARGUN Test Centre
"Very affordable, trust worthy, always available to help with all our accounting needs and a true professional. I recommend the accounting firm to anyone in need of reliable accountant."
Anthony
AnthonyManaging Director
"Just wanted to say a big thank you to Karam and his team for providing amazing accountancy services for us time after time."
Arry
ArryBusiness Owner & Landlord
"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."
Emily S.
Emily S.Investor
"Thanks to Karam and his team, Their guidance with our tax affairs and VAT has been invaluable. These guys make taxing a breeze!"
Vahid Rajaie
Vahid RajaieIT Consultant & Property Investor
"Great help from the accountants over at HHM! Will be using the services in the future"
Rema Begum
Rema Begum
"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."
Katie .P
Katie .PDirector
Previous
Next

LOCATIONS:
HHM Accountants
Nationwide Accounting Services

Head Office

Useful links

Privacy Policy

Legal Disclaimer

Copyright © 2024 HHM Accountants All Rights Reserved