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Tax Planning • March 01, 2024

End of the UK tax year for expats

Hoxton Blog • End of the UK tax year for expats

  • Tax Planning

Expat Considerations as we approach the end of the UK Tax Year

As a British expatriate living abroad, keeping track of your tax obligations to the UK government is essential. With the end of the tax year approaching, it’s time to review your finances and ensure you’ve taken advantage of all the tax planning opportunities available. Here is a checklist of things to consider:

  • Check your residency status
  • Review your pension contributions
  • Consider your offshore investments
  • Check your inheritance tax position
  • Review your tax credits
  • Claim any tax refunds
  • File your tax return

If you live overseas, are self-employed or have some other complex tax situation, the team at Hoxton Tax can help you with your tax return. Hoxton Tax provides best-of-breed expert advice, help you identify tax-saving opportunities, and ensure that your tax return is accurate and complete. Get in touch today.

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Check your residency status

Your tax residency status determines which taxes you’re liable for in the UK. If you are living abroad, you may be able to claim non-resident status and avoid paying UK tax on your worldwide income. However, this can be a complex area, so seeking professional advice is important to ensure you’re not inadvertently breaking any rules.

  • Review your pension contributions

    If you have a UK pension, you may be able to take advantage of tax relief on contributions made up to the annual allowance limit. Ensure you’ve maximised your contributions for the tax year to take advantage of any available tax relief.

  • Consider your offshore investments

    You may be subject to UK tax on any income or gains if you have offshore investments. Consider reviewing your investments to ensure you’re not missing out on tax-efficient opportunities.

  • Check your inheritance tax position

    You are likely still liable for UK inheritance tax even if you’re an expatriate. It’s important to review your inheritance tax position to ensure that your estate is structured in the most tax-efficient way. Seek professional advice to ensure you take advantage of all available exemptions and reliefs.

  • Review your tax credits

    If you receive tax credits, you’ll need to notify HMRC of any changes to your circumstances, such as a change in income or family status. Make sure you’ve updated your details and that you’re receiving the correct amount of tax credits.

  • Claim any tax refunds

    You may be entitled to a refund if you’ve overpaid tax during the tax year. Ensure you’ve checked your tax calculations and claimed any refunds you’re entitled to.

  • File your tax return

    If you must file a tax return, ensure you’ve completed and submitted it before the deadline. Failure to file on time can result in penalties and interest charges.

  • Overall

    By following this checklist, you can ensure you’re taking advantage of all available tax planning opportunities and fulfilling your tax obligations as a British expatriate. Remember, tax laws can be complex, so it’s important to seek professional advice if unsure about any aspect of your tax affairs. At Hoxton Tax, we can help you put a tax plan in place for wherever you are now located.

About Author

Mark Routen

March 01, 2024

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