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Do You Have Overseas Income Or Assets?


From April 2017 changes in legislation will be introduced which places obligation on taxpayers to put their past tax affairs in order!

Please note that penalties as high as 300% of the tax owed will be charged on those who fail to bring their tax affairs up to date.

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Do You Have Overseas Income Or Assets?


 

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Do You Have Overseas Income Or Assets?


From April 2017 changes in legislation will be introduced which places obligation on taxpayers to put their past tax affairs in order!

Please note that penalties as high as 300% of the tax owed will be charged on those who fail to bring their tax affairs up to date.

What is foreign/ overseas income?


Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.

You may need to pay UK Income Tax on your foreign income, e.g.:


  • Wages if you work abroad
  • Foreign investments and savings interest
  • Rental income on overseas property
  • Income from pensions held overseas

UK Residence and Tax:


  • Your UK residence status affects whether you need to pay tax in the UK on your foreign income
  • Non-residents only pay tax on their UK income – they don’t pay UK tax on their foreign income
  • Residents normally pay UK tax on all their income, whether it’s from the UK or abroad. But there are special rules for UK residents whose permanent home (domicile) is abroad.

If you have any foreign income/assets e.g. overseas property or bank account which you have not informed us of or you are non-UK domiciled please contact the office as a matter of urgency!

Call the office on 01457 837744 or email hello@yourtaxshop.co.uk if you think any of the above may apply to you or if you have any questions.

From April 2017 changes in legislation will be introduced which places obligation on taxpayers to put their past tax affairs in order!

Please note that penalties as high as 300% of the tax owed will be charged on those who fail to bring their tax affairs up to date.

What is foreign/ overseas income?


Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.

You may need to pay UK Income Tax on your foreign income, e.g.:


  • Wages if you work abroad
  • Foreign investments and savings interest
  • Rental income on overseas property
  • Income from pensions held overseas

UK Residence and Tax:


  • Your UK residence status affects whether you need to pay tax in the UK on your foreign income
  • Non-residents only pay tax on their UK income – they don’t pay UK tax on their foreign income
  • Residents normally pay UK tax on all their income, whether it’s from the UK or abroad. But there are special rules for UK residents whose permanent home (domicile) is abroad.

If you have any foreign income/assets e.g. overseas property or bank account which you have not informed us of or you are non-UK domiciled please contact the office as a matter of urgency!

Call the office on 01457 837744 or email hello@yourtaxshop.co.uk if you think any of the above may apply to you or if you have any questions.

From April 2017 changes in legislation will be introduced which places obligation on taxpayers to put their past tax affairs in order!

Please note that penalties as high as 300% of the tax owed will be charged on those who fail to bring their tax affairs up to date.

What is foreign/ overseas income?


Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.

You may need to pay UK Income Tax on your foreign income, e.g.:


  • Wages if you work abroad
  • Foreign investments and savings interest
  • Rental income on overseas property
  • Income from pensions held overseas

UK Residence and Tax:


  • Your UK residence status affects whether you need to pay tax in the UK on your foreign income
  • Non-residents only pay tax on their UK income – they don’t pay UK tax on their foreign income
  • Residents normally pay UK tax on all their income, whether it’s from the UK or abroad. But there are special rules for UK residents whose permanent home (domicile) is abroad.

If you have any foreign income/assets e.g. overseas property or bank account which you have not informed us of or you are non-UK domiciled please contact the office as a matter of urgency!

Call the office on 01457 837744 or email hello@yourtaxshop.co.uk if you think any of the above may apply to you or if you have any questions.