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International Accountant

Taxes – in any country – are complicated enough. When you begin to add income from other countries into the mix, or when you live in one jurisdiction but do business in another, your finances instantly become even more complex. And whether you are an individual or represent a business, the services of an international accountant in these complex situations is a must if you want to get everything right, especially at tax time.

At Pearl Lemon Accountants, our international accounting team has the experience and expertise to help in a wide range of international accounting scenarios, including, but not limited to, all the following.

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International Accountant for Non-Resident UK Business Directors

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If you live outside the UK yet manage a UK-based firm, you need to pay special care to how you accept remuneration and earnings from your business. Non-resident directors may face difficulties as a result of the UK penalty regime. Fortunately, there is some simple planning that can be done to mitigate this risk.

There are methods you can undertake as a business owner to reduce your exposure to costly international social contributions. Tax preparation strategies and international Double Tax Treaties may also be available to you.

Is it time to file a tax return in the United Kingdom? According to HMRC, this happens on occasion, and you may indeed need to do so. For example, non-resident directors are included in the criteria for self-assessment because they are directors of a UK firm. Contact Pearl Lemon Accountants, and we’ll help you figure it all out.

International Accountant for Expat Issues

Are you relocating or retiring to another country, or are you moving to the United Kingdom to live or work? The topic of expat tax is particularly complicated, but the international accountant specialists at Pearl Lemon Accountants can help you through it all and ensure you pay the right amount of tax, in the right place, while ensuring you get all the tax reliefs you are entitled to as well.

Are you one of the following:

  • A UK national living or working overseas
  • A foreign national living in the UK
  • Living outside the UK while owning a UK business
  • Coming to the UK for employment on a work assignment
  • A company with internationally mobile employees
  • Moving from the UK to retire or live abroad
  • A UK national living or working overseas
  • A foreign national living in the UK, or a UK national  living outside the UK while owning a UK business

Persons in any of these situations – and more – often find that their finances – and particularly their taxes, quickly become too complicated to handle alone. Getting things wrong can lead to financial penalties (or worse) in more than one country, and so making the investment in the services of an international accountant is a very wise move.

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Working accountant

Residence and Domicile Status Issues

Your residency status determines where and how you will be taxed. Our expat tax specialists can advise you on the tax consequences of living in various countries, as well as the impact of Double Tax Treaties. We can help you figure out your tax obligations, especially if your situation is more complicated, such as having assets in one jurisdiction but living in another.

Depending on your domiciled status, we can also advise you on solutions that will make your money, wherever you earn it, work as hard for you as possible. Identifying your legal status ensures that we make the right decisions for you, that you are taxed in the appropriate jurisdiction, and that treaty exemptions are claimed correctly in each country.

Expat tax is a complicated and ever-changing field. If you’re not sure how the tax laws will affect you, our specialists can help you with every aspect of your finances on an ongoing basis, no just at tax time.

International Accountant for Property Owners and Landlords

Pearl Lemon Accountants specializes in providing advice to UK and expat landlords with properties in the UK and abroad. If you own a rental property, you must report any income or profit generated by it. If you are a landlord, own a property abroad, a second home in the UK, or rent out rooms in your home, speak to us about the tax consequences. If you choose to sell your investment property, even if you aren’t a landlord, the profit you make is liable to capital gains tax.

We are able to:

  • Whether you have one rented property or a portfolio of hundreds, prepare rental accounts for all landlords.
  • Maintain basic accounts for property management
  • Prepare annual self-assessment tax returns for individuals or business tax returns
  • Offer advice on tax deductions for rental properties
  • Offer advice on claims for maintenance and repairs
  • Help you decide if you should form a limited company to manage your rental properties
  • Prepare capital gains tax returns, as well as rollover and holdover elections.

Changes to the way individual investors can claim mortgage interest will have an impact on your tax situation (not a company’s). It’s crucial to assess your situation because the modifications will affect your tax situation. Pearl Lemon Accountants helps landlords reduce their tax liability while meeting their compliance requirements.

Financial briefing
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If You Reside Overseas

Landlords who live outside the UK for more than 6 months (even if they are still considered tax residents in the UK) may be subject to a basic rate tax withholding. To avoid tax withholding, you must register with HMRC under the Non-Resident Landlords’ Scheme; we can help you with this process.

The Capital Gains Tax System

Since April 2015, non-residents of the United Kingdom who own residential property in the United Kingdom have been subject to a new capital gains tax regime. There are several exceptions to the regulation, and any gain must be declared within 30 days of completion. With this regime, we can help you complete the statement and provide tax advice on all elements of your property rental business, including capital gains tax obligations.

Corrective Action Requirement

For those with offshore income, HMRC has introduced new requirements known as Requirement to Correct (including property rents). It is intended for those who have not yet declared their income.

The new rules compel all income, including foreign rental income, to be disclosed by UK taxpayers. The HRMC is increasingly encouraging disclosure. Failure to declare can result in fines of up to 100% of the tax owed, as well as asset seizure.

Pearl Lemon Accountants will help you with your declarations, ensuring that you are fully compliant and negotiating penalties on your behalf while safeguarding your assets.

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Ready to discuss what an international accountant can do for you?

Contact Pearl Lemon Accountants today to discuss how we can help you safeguard your income and assets while staying on the right side of tax authorities everywhere!