International tax rules are complicated and the constantly changing regulations makes managing that process difficult. PetersonSims offer support and guidance to navigate these complex and unfamiliar rules.
It is imperative to take professional advice when planning for overseas assignments. We can help ensure that your UK residency status is determined correctly, and advise :
- in which country should I be paying tax?
- how do home and host country rules interact?
- is there a risk of double taxation?
- how are benefits and travel expenses treated?
- do I still need to complete a UK tax return?
Retiring abroad can bring challenges particularly with establishing your residency. If you retain UK property or bank accounts, this can impact on your residence status and you may be required to complete a UK tax return. We can also advise on how to arrange your affairs to be compliant in both countries and not face penalties.
PetersonSims are specialists in expatriate tax and the impact of Double Tax agreements and we can ensure that they are applied correctly to minimise your tax liabilities. Capital gains tax planning is also a complex area and we can advise on how specific transactions are taxed depending on your residence status.
Without specialist knowledge and expertise, it’s easy to overlook your reporting or tax obligations, and doing so will likely incur financial penalties. It’s also easy to miss an opportunity to reduce your tax burden.