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.
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.
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:
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.
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.
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:
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.
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.
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.
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.
The price of hiring an international accountant can vary from person to person, and it depends on what services and advice you require.
For more information, book a call with our experts today!
If you choose not to hire an international accountant, you must have a thorough understanding of international tax law. Hiring an international accountant can be very beneficial and save you time and plenty of headaches.
If you would like more information, please book a call with our experts!
Quite frankly, a big advantage of having an international accountant is peace of mind. Living in a different country and not worrying about filing tax documentation incorrectly is a big plus.
In addition, international accountants can also help provide you with financial advice for various situations. Such as if you have an overseas business, or are a foreign national living in the UK, etc.
Pearl Lemon Accountants can provide you with vast expertise in international tax law. We will work tirelessly to assist you with residence issues, ex-pat issues, and so much more. We have teams worldwide, so someone will always be available to help.
For more information, book a call with our experts today!
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!