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Foreign income taxation in the UK involves reporting and paying tax on income earned abroad by UK residents. This income can include salary, business profits, rental income, investments, and more. Understanding the complex rules, exemptions, and tax treaties that apply to foreign income is crucial in avoiding double taxation and ensuring compliance with HMRC regulations.
Foreign income taxation in the UK is crucial for individuals and businesses with financial interests outside the UK. To ensure full compliance with HMRC regulations, you must navigate the complexities of international tax laws, avoid double taxation, and take advantage of available tax reliefs. UK residents are generally taxed on your worldwide income, including earnings from abroad. Non-residents only pay tax on their income earned in the UK.
At HHM Chartered Accountants & Tax Advisors, we simplify international tax matters, so you can focus on what matters most. Whether your foreign income comes from property, investments, employment, or other sources, we’ll help you stay fully compliant while optimising your tax position.
Foreign income may include employment income, rental income, dividends, interest, and capital gains from overseas assets. Our team offers expert guidance to help you manage your foreign tax obligations effectively. We’ll handle the details—such as claiming double tax reliefs, avoiding costly errors, and ensuring accurate reporting—giving you peace of mind.
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.
Save time and reduce stress with our precise bookkeeping, payroll, online accounting, end of year reporting, and management accounting solutions tailored to your needs.
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.
Protect your business and maximise your profitability with comprehensive tax services, including corporation tax, CIS and VAT. We support you to stay compliant and maximise savings.
Gain peace of mind with professional support during HMRC compliance checks. We manage the process for you, minimising risk and stress.
Stay compliant and future-ready with VAT and Making Tax Digital support that’s easy, accurate, and ensures no deadlines are missed.
Keep more of what you earn with proactive tax planning strategies that optimise your finances and reduce your tax burden.
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.
To avoid double taxation on foreign income, you can claim tax credit relief in the UK for any foreign taxes paid on the same income. This is possible through a Double Taxation Agreement (DTA) between the UK and the foreign country, or under UK domestic tax rules if no DTA exists. By claiming this relief, the foreign tax paid is deducted from your UK tax liability, ensuring you are not taxed twice on the same income. Get professional help from UK Tax experts if you’re not sure.
Yes, even if your foreign income is below the Personal Allowance and you don’t owe any UK tax, you still need to submit a Self Assessment tax return to declare it. There’s no minimum threshold for declaring foreign income or gains. This includes income from foreign interest, property, or capital gains.
If you have unreported foreign income or assets, it’s crucial to address the situation promptly to avoid penalties. HHM can help you navigate the disclosure process and achieve compliance with HMRC regulations.
Yes, certain exemptions and reliefs may apply, depending on your circumstances and the specific tax treaty in place. HHM can assess your eligibility and assist with claiming these benefits.
