Menu
+44 121 340 4545
Menu
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. HHM Chartered Accountants are here to guide and advise you through all questions and queries.
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.
For businesses, freelancers, and professionals ensuring precise and timely financial record-keeping.
Tailored solutions for sole traders, Ltd Companies, and freelancers, ensuring financial clarity and compliance.
For individuals, sole traders, and partnerships: simplifying your income reporting to HMRC with expertise and precision.
Expert tax solutions for limited companies, ensuring compliance and optimised tax strategies.
Managing employee wages and benefits for businesses of all sizes, from startups to established firms.
Guiding businesses in accurate VAT return submissions, ensuring compliance and maximizing claims.
Crafting strategic roadmaps for startups, entrepreneurs, and established businesses to drive financial growth.
For individuals and enterprises with global earnings, navigating UK tax obligations.
Expert guidance for individuals and businesses on capital gains tax compliance and optimization.
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.
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 utilise these.
HHM offers tailored tax planning strategies to minimise 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 personalised strategies to legally minimise your tax liability while ensuring compliance with remittance-based tax regulations.
