If I own a business in the UK but live in the US what do I do about UK tax?
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nickyp456
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Generally speaking any income earned in the UK must still be taxed in the UK but there are sometimes double taxation treaties in place. In this instance you would be best served to contact HMRC to establish your UK liability and then the US IRS as you might still have a further tax burden as the US system tends to look on a global basis.
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Expert Financial Adviser Answer
Dr David Carter FPFS
answered 1 year ago
International taxation is a truly complex issue, and the only safe way to know you have it right is to obtain tax advice from a specialist in uk/us tax - such people do exist and, whilst they do not give away their services, they do not necessarily charge through the nose, either. They will at any rate provide you with a costing before you instruct them.
If you are making plans, then it is also useful to talk to such a specialist before you put those plans in place, because they will be equipped with the knowledge to help avoid some pitfalls, making your tax arrangements efficient and legal. They will also be able to advise on potential inheritance tax and capital gains tax across the two countries, and what you should do about wills.
It would also be a good idea to do a Google search: Try the phrase UK/US tax (I have put it in, and it does work!) or, for example, expatriate tax.
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If you are making plans, then it is also useful to talk to such a specialist before you put those plans in place, because they will be equipped with the knowledge to help avoid some pitfalls, making your tax arrangements efficient and legal. They will also be able to advise on potential inheritance tax and capital gains tax across the two countries, and what you should do about wills.
It would also be a good idea to do a Google search: Try the phrase UK/US tax (I have put it in, and it does work!) or, for example, expatriate tax.
