Tax on Foreign Income

Tax on Overseas Income

Take the hassle out of managing your overseas earnings and ensure compliance with UK tax laws with our Tax on Foreign Income service. Our experts tax advisors will provide personalised advice to help you optimise your tax position across all types of foreign income while also reducing your global tax liabilities.

Navigating tax obligations related to foreign income in the UK can be a complicated task. However, at Peer Accountants, we specialise in providing comprehensive tax services to individuals with overseas income. Our expert team is always available to guide you through every step of the process, ensuring compliance and optimising your tax position.

Our services include:

  • Determining your tax residence and domicile status, which is a crucial first step in managing your tax obligations on foreign income according to UK tax law.

  • Identifying the types of overseas income you have accurately, from employment earnings to investment income, and applying the correct tax treatments.

  • Offering comprehensive guidance on reporting obligations to ensure you meet all requirements for your overseas income, keeping you compliant with HMRC regulations and offering peace of mind.

  • Assisting in claiming Foreign Tax Credit Relief where applicable to avoid double taxation pitfalls.

  • Providing tailored advice for non-domiciled UK residents on the potential benefits and implications of being taxed on a remittance basis.

  • Ensuring accurate and efficient reporting of your overseas income in light of automatic exchange of information agreements between the UK and many other countries.

  • Proactively ensure you meet all relevant deadlines, avoiding penalties and interest charges for late reporting and payment.

  • Leveraging HMRC’s tools and our expertise to report your foreign income accurately, minimising your tax liability.

  • Offering personalised tax advisory services considering your unique circumstances, ensuring the best possible tax outcome.

  • Advising you on the best practices for maintaining records of your overseas income and tax paid, crucial for accurate tax return completion and supporting any claims for tax relief.

At Peer Accountants, we understand the intricacies of UK tax law and its application to foreign income. Our team of tax advisors is committed to providing you with the highest level of service, ensuring that your tax affairs are in order and optimised for your specific situation.

Please contact us to discuss how we can assist you with your tax on foreign income needs and take the first step towards stress-free, compliant reporting of your overseas income.

Frequently Asked Question

What is a Start Up Loan?
A Start Up Loan is a personal loan backed by the government and made available to individuals in the United Kingdom looking to start or grow a small business. This type of loan offers up to £25,000, with a fixed interest rate of 6% and the ability to repay it over five years. The maximum loan amount is limited to £100,000.00 per single business.
Yes, you need to provide a personal guarantee for a Start Up Loan in the UK. This means that if your business fails to repay the loan, you, as an individual, are personally responsible for repaying the debt. It's important to understand that this is a personal loan for business purposes, and your personal credit history may be considered during the application process.

Applying for a Start Up Loan in the UK does not incur any application fees. The free process is an accessible option for individuals looking to start or grow their small business. However, it’s important to note that once a loan is granted, it will accrue interest at a fixed rate over the loan term. But there are no costs associated just with applying for the loan itself.

The timeline for receiving your loan can vary based on your business situation and readiness. If you have all your documentation and preparations in order, you might get the loan in as little as a month. However, the process may extend significantly longer if your application requires more time to finalise.

To be eligible for a Start Up Loan, you need to meet several critical criteria:

  • You must be 18 years of age or older.
  • You need to be a resident of the UK. The loan is designed for those who are either starting a new business or have an existing business that is less than three years old, and this business must be based, or planning to be based, in the UK.
  • You must have the legal right to work in the UK to qualify for this loan.
If your Start Up Loan application isn't successful, there's a mandatory waiting period of six months before you can reapply. This interval is intended to provide ample opportunity to refine and enhance aspects of your application that may have led to the initial rejection.