UK tax return preparation and tax planning
At Ingleton Partners we prepare UK tax returns for both UK residents and non residents, those that are UK domiciled and those that are not. We see the process of filing a tax return as more than a means to meet your filing obligations but a chance to review your assets and investments and assess their tax efficiency.
For those who consider themselves domiciled outside of the UK a swathe of new rules were introduced in the Finance Act 2008 that generally require you to file a tax return if you wish to make a claim for the remittance basis and shield your overseas income and gains from tax. There are further new rules coming in to place from April 2017 that make this a particularly complex and changing area of tax.
We can assist individuals in considering their domicile, deciding whether they can claim the remittance basis or automatically qualify and for those long term residents establish whether it is beneficial to pay the remittance basis charge.
Where it is more beneficial to file on the arising basis, our experience of UK domiciled taxation allows us to understand the complications of reporting foreign income and gains. In particular, the impact of offshore investment accounts, foreign funds, partnerships and companies, foreign exchange gains on non sterling currency accounts (to be repealed from 6 April 2012) and for US taxpayers the interaction with US taxes.
We pride ourselves on being proactive for our clients and providing a range of tax planning, from simple year end planning in both the UK and the US, helping entrepreneurs in establishing the best entity through which to trade to complex estate and remittance planning.
We can provide specialist non UK domicile tax planning to assist non domiciles in effectively shielding their offshore income as well as helping them bring money from offshore to the UK in the most tax efficient manner. The rules around monies held offshore are now very complex and the definition of a remittance has been expanded however there are still planning opportunities available.