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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
My husband and I have been living and working abroad for almost 2 years? |
Will we get a nasty tax bill if we want to go back to the UK? Possibly. There are a lot of factors to consider. For example, did you actually go through the process of changing your country of residence? If you did, did you pay full taxes in your new adopted nation of residence? Did you own / let a UK property whilst away? Do you still own it? Are you both UK citizens? To sort this out for sure, you need to speak to a UK based accountant and really carefully figure out your situation. I work as a financial adviser to expats in Belgium. I have seen situations like you wouldn't believe. The only way to be sure is to find a good accountant in the UK, spend time and money with him or her and really look closely at your financial affairs. The best thing you can do is to fully assess it before you return. Most people just go back and 'sort it out when I get there'. There are usually all sorts of loopholes that can be used to avoid taxes upon return, if you act in advance and prepare your affairs correctly. However, once you have returned, it is often too late to make the necessary adjustments. Good luck! Source(s): http://www.freefinancialguide.net... http://www.stockexchangesecrets.com... write and ask you may not but it would mean if you have paid no tax overseas there will be some payment due less expenses over a certain amount, but also no tax paid no contribution to tax years. been there but inland revenue are really helpful. sharky No, of course not. If you lived & worked in another country, you would have paid your taxes in that country as well. You don麓t have an income in Britan, hence you don麓t have to pay income tax etc. I can tell you that our two governments are similar and I am in the opposite situation as you. If I make over a certain amount, I believe it is $75,000 in any other country, I am liable for tax to The US govt on the portion OVER $75,000. So If I make $90,000, I pay tax on $15,000 to the US even though I paid it locally as well. I get my info on the US dept of state website and I recommend checking the British equivalent of that. Tell them you have already paid taxes in the country you were living in. |
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