Accountants Guide for Expats
If you work or live abroad or intend to do so, you need to know that changing your residence from the UK to abroad will impact your tax status.Find out more
Working and Living Overseas
The tax status of expatriates is one very complex issue. If you are not meticulous with your tax planning,
you may find yourself subjected to punitive tax obligations. In addition to having changed your UK tax
status, you will also need to take into account the tax laws of the country where you now live.
Statutory Residence Test
First, you will have to take into account the new expatriate benchmarks as set out in the New Statutory
Residence Test, as set out by the tax authorities.
A good understanding of how it works will be helpful to help you determine:
1) How any income from your investments in the UK will be treated
2) The Capital Gains and Inheritance Tax rules
3) The consequences of selling any of your assets in the UK (such as stocks)
As such, you need to have an expert review your contracts to determine what aspects of your income are
impacted by the change in tax status.
Expatriate Tax Advice if you are leaving the UK
Once your tax status is established, the professionals will assist you with planning your financial affairs so
that you can minimize your tax obligations. Areas that would need to be taken into consideration include:
1) Advise on how tax would be treated in your new overseas resident country and in the UK.
2) Inheritance Tax planning
3) Taking into account efficient asset disposal
4) How to deal with investments
Tax Returns as a Non Resident
In addition to tax planning, you also need to know your filing obligations for both your new residence
country and the UK. We can help you stay compliant and avoid any liability by making sure that:
1) All tax returns and obligations are documented and,
2) Filled out accurately and
3) Filed in a timely manner so that you do not have to pay any late filing fees
Tax Planning when you come back to the UK
This will be the complement to tax planning when you are leaving the UK. You need to take care of similar
issues to make sure you avoid any pitfalls and lessen the amount of tax you have to pay.
Expat Tax Extenuation Professionals
We have specialist tax professionals who provide advice to expatriates on how to perform efficient tax
planning and on tax mitigation.
GM Professional Accountants have offices located in London, Essex and Manchester.