|
Post by ds841 on Aug 31, 2013 18:02:35 GMT
Hi,
Can anyone tell me what if any taxes are due when your salary is paid to a regular UK onshore bank a/c?
I arrive at the end of September and am keen to find out if my salary gets paid to my UK bank a/c will I have to pay any tax as I am effectively taking money back in to the country.
Any information would be much appreciated.
Thank you
|
|
|
Post by GroveWanderer on Sept 1, 2013 7:39:46 GMT
It depends on whether you become non-resident and/or non-domiciled under UK law. The rules for this have just changed recently (April 2013) and are not as clear-cut as they used to be. Basically, every case must be assessed individually and no blanket generalizations can be made, as to whether you will qualify as non-resident or not. If you look it up on the Internet, you will find a large number of sites that discuss and try to explain the guidelines for establishing non-resident status. Here's a link to a site that (I think) gives a good explanation of the issues: taxaid.org.uk/situations/1021-2/ ... ave-the-uk And here is a link to HMRC's page on this issue (less clear, IMHO): www.hmrc.gov.uk/international/res-dom.htm
|
|
|
Post by GroveWanderer on Sept 1, 2013 7:44:33 GMT
Oh - I just noticed you said onshore account. One problem with onshore accounts is that they tend to deduct tax at source on interest you earned, even if you have established non-resident status. Of course, that assumes that you earn enough interest for it to be subject to tax in the first place.
Still, to be sure of avoiding automatic tax deductions you might prefer to open an offshore bank account. Most major UK banks have branches in the Isle of Man and the Channel Islands which will not be subject to automatic tax deductions.
|
|