Are You Paying More Tax than You Should

Oct. 2, 2012 - PRLog -- Moving to a new country is a move that is full of excitement however there are many issues that need to be considered. One of the most important issues is your tax arrangements.

The tax laws in the UK are very complicated and you do need to make the appropriate arrangements with the HMRC; if not then you could be faced with double taxation; this is when you are taxed twice on your income by two different governments. So it is very important you get in contact with HMRC as soon as possible to begin the process so that you make the necessary arrangements before you move.

However, the UK and the USA have set up double taxation agreements to try and prevent people from being taxed by both countries. Informing HMRC that you will no longer be a UK resident after a certain date is essential as it will stop you from being taxed by both the UK and the USA. There are many strict and confusing rules which determine where you pay tax. One of these rules regards determining whether or not you are a UK resident. Once you leave the country your visits to the UK must be less than 183 days in total in any tax year; if your visits exceed this amount then you may have to pay tax to the UK government. On the other end of the scale there is also growing public concern over rich corporations and businessmen getting away with paying less tax than they should and bending the tax rules to suit them.  In response, the UK Government is tightening its tax rules and making them stricter to stop companies getting away with paying small amounts of tax.

Our senior partner at Douglas Wemyss Solicitors, Sameer Karim is here to take you through the process of making the appropriate tax arrangements to ensure the process runs smoothly so that you can concentrate on looking forward to your move. Sameer is experienced in the tax rules regarding the USA and the UK and is happy to talk to you on a no obligation, free consultation basis.

Please call Douglas Wemyss Solicitors on: (0116) 2999199 or email: info@d-w-s.co.uk