There are times when taxes become too much for people to deal with on their own. If you get to this point, your next step should be to contact us. We are the leading establishment working in tax returns London has. We will do all we can to ensure that you are doing everything properly and efficiently.
With tax, one area we feel that needs discussing more is foreign income. This income obtained whilst you are a non-resident does not exist in the purview of UK tax. You don’t have to report this on a UK tax return. As a result, possessing foreign income is not going to activate a filing requirement if you are not a resident. However, there could be other circumstances that require you to file a tax return in this country.
UK residents with foreign gains and income
You could be a UK resident that has some foreign gains and income. However, you might be able to take advantage of the regulations that eliminate them from UK tax. This is if you meet certain conditions.
In this instance, you might not have to do a tax return. To give an example, you may not have to pay tax on your foreign income due to the remittance basis applying. None of this income would be remitted to the UK. You won’t need to complete a tax return merely to declare this point. However, you will have to if you must make a claim to re remittance basis.
In any other scenario, you will usually need to fill out a UK Self Assessment tax return. Additionally, you must inform HMRC of your foreign gains and income. Even if they have already been taxed in your country, you have to comply with this. Double taxation relief could apply though.
Get the best help with tax returns in London
At Brian G Lonis & Co, we can provide you with all the advice on taxes that you will ever need. We know that all the confusion and form filling can get stressful. However, we will work hard to remove this feeling from the equation.
If you need the help of the top company for tax returns London has, please speak to us. We offer cost effective, no frills services. As a result you only pay for the help you need.