Financial planning / Tax

What are your tax obligations when returning to the UK?

The UK tax system is notoriously complex and can be overwhelming when thrown into the mix of an international move. For most expats there comes a point when it’s time to decide – do we stay overseas or head back to the UK? And when’s the right time to make that move?

Carefully managing the timing of any return to the UK and planning ahead can usually help put you in the most tax-efficient position, helping make your transition back as smooth as possible. Keeping your precious non-resident status for as long as you can may help you to protect you from UK tax, reducing what you could otherwise pay.

In our recent webinar, Peter Webb, Head of Tax Advisory at The Fry Group, explained the important tax and financial considerations that returning expats should be aware of. He also took the time to explain why good planning is necessary and how to limit your exposure to UK tax and safeguard your wealth.

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Peter also explored some of the key considerations which you might need to think through before moving back to the UK and the trigger points that make you UK resident for tax purposes. He considered the scope of the Statutory Residence Test too – looking at the bundle of legislation which determines your status for UK tax, and how specific ties for work and property can cause UK tax to kick in. Incredibly you could be resident for UK tax with as little as 15 days in the UK in a year, or as high 182 days.

There was also time to look at some of the common mistakes that can expose you to tax even before you arrive home, such as starting to have a home again in the UK, and some tax-efficient investment strategies which can be adopted once in the UK.

If you are intending to return to the UK, please contact your nearest office, to discuss your plans.