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Navigating the complexities of the remittance basis tax doesn’t have to be daunting. At HHM Chartered Accountants, we specialise in helping non-domiciled individuals understand and optimise their tax position while staying compliant with UK laws.
Whether you’re managing foreign income, planning remittances, or weighing your options, we’re here to provide expert guidance tailored to your unique circumstances.
As a UK resident with foreign income or gains, understanding your tax options is crucial. While most residents are taxed on their worldwide income under the arising basis, the remittance basis offers an alternative for those who are not domiciled or not ordinarily resident in the UK.
This tailored approach allows you to limit UK tax to income and gains brought into the UK. If your tax affairs are straightforward, this guide will help you navigate the basics of the remittance basis. For more complex situations, seeking professional advice is recommended.
With extensive experience in Accountancy, UK Tax services and Business Advisory, our team is well-versed in all aspects of compliance and tax-saving opportunities. We keep up with the latest tax regulations, ensuring you always receive accurate, strategic advice tailored to your specific circumstances.
At HHM, we value integrity and transparency, and our clients trust us to act in their best interests. We’re more than just Chartered Accountants—we’re an extension of your team, here to support you at every step.
Success isn’t just about the present; it’s about planning for the future. Our proactive approach to accounting and tax planning means we identify opportunities and anticipate challenges before they arise, helping you make the most of your investments over the long term.
We know every client’s needs are different. By getting to know you and your financial goals, we provide advice that’s as unique as you are. From tailored tax planning to ongoing support, we’re dedicated to helping you make confident, informed decisions.
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File with confidence and avoid costly errors. Our tax experts handle self assessment and taxes on income from all sources including foreign income, capital gains, inheritance, and self-employment, making tax season stress-free.
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Yes, if you choose to use the remittance basis, you lose your UK personal allowance for Income Tax and the Capital Gains Tax annual exempt amount. However, this does not apply if your unremitted foreign income and gains are less than £2,000 in a tax year.
No, if you are using the remittance basis, you only pay UK tax on foreign income and gains that you remit to the UK. Income and gains left outside the UK are not taxed in the UK.
The RBC is an annual charge for long-term UK residents who wish to use the remittance basis. It applies if you’ve been a UK resident for at least 7 out of the last 9 tax years (£30,000 charge) or 12 out of the last 14 years (£60,000 charge).
A remittance occurs when foreign income or gains are brought into the UK, such as transferring money to a UK bank account, using foreign funds to pay UK expenses, or investing in UK assets.
Yes, in most cases, you need to claim the remittance basis on your Self Assessment tax return. This includes reporting foreign income or gains brought into the UK and, if applicable, paying the Remittance Basis Charge (RBC).
