Offshore Tax Planning2024-03-15T17:11:27+00:00

OFFSHORE TAX PLANNING

Get in touch to discuss your tax 07813 434195 stephanie.churchill@churchilltaxation.co.uk

There have been huge changes in the field of offshore tax, which is why it’s more important than ever for you to ensure your tax affairs are in order.

At Churchill Taxation, we have many years’ experience dealing with offshore structures, non-domiciled individuals, and non-resident people and companies.

Our team of professional tax advisers understand the old rules, all the changes that have been made and those proposed for the future. We can support you whether you’ve left the UK, arrived here or own property in the UK. We’ll help you save valuable time and avoid costly mistakes.

Helping you navigate complex legislation

Offshore tax planning can seem daunting, especially because HMRC approaches most non-UK structures with a high level of scepticism.

This is nothing new.

What is new is the armoury of new powers HMRC has been given in recent years, including the ability to charge penalties of up to 200% of the tax owed in offshore scenarios, on top of any interest charged. It can, therefore, be financially crippling if you get your offshore tax wrong.

If you’re considering setting up any type of offshore structure or investment, you should seek UK tax advice if any of the people or entities involved are based in the UK.

And that’s where we come in.

Our highly-qualified tax professionals have a wealth of experience in dealing with these issues. Plus, we’re insured to give you this critical advice, an important consideration when you’re choosing an adviser to assist you in this complicated area.

Tax advice for ‘non-doms’

If you’re a non-UK domiciled individual, we can help you make sense of the complicated and constantly evolving tax rules for UK residents whose permanent home is outside the UK.

Our straightforward advice before you arrive or depart could make a big difference to your finances.

Offshore tax experts

Churchill Taxation’s managing director and co-owner, Stephanie Churchill, leads the team in offshore tax matters and is a well-known adviser in this area.

We provide a high level of service that is rarely available outside the large accountancy firms, combined with a friendly, personal approach. Plus, our fees are reasonable and fixed upfront, so you’ll be clear on the cost from the start.

We always provide sound, expert advice to ensure you’re compliant with the latest changes.

Tax planning

It’s in your best interests to put a financial plan in place before you arrive in the UK to live or before you leave the UK to move abroad. Doing so will give you peace of mind and leave you free to focus on organising your move.

We have specialist knowledge of ‘non-dom’ issues including double tax treaties, so we can help you put your tax affairs in order, in advance of your move.

The 15/20 rule

If you’re a long-term, resident non-dom, a major change has come into force that makes you subject to tax on your worldwide income and gains.

From 6 April 2017, any non-dom individual who has been resident in the UK in at least 15 of the past 20 tax years is regarded as UK-domiciled. If you meet the new ‘deemed domicile’ rules, you’re no longer able to claim the remittance basis of taxation.

With the remittance basis, you pay UK tax on UK gains and income for the tax year in which they occur, but you only pay UK tax on foreign gains and income if and when they’re brought to Britain.

The remittance basis helps to prevent double taxation. However, the new rules mean you pay UK tax on all your taxable income.

Our team can assess whether you should make a claim for the remittance basis. And if so, we can assist you in completing a self-assessment tax return.

Offshore trusts

We can advise on whether your existing offshore trust is viable and, if not, how best to unwind it. We can also provide guidance on setting up new structures, while taking into account the complexities of UK tax regulations.

Property and assets

If your non-resident trust has UK property or UK assets, you will have to deal with UK tax authorities. Following the rule changes in April 2017, historic trusts with UK assets, which might not have had to deal with UK authorities in the past, may now be within the UK tax net.

UK tax returns

We can assist you with completion of paperwork to ensure you comply with the rules, and avoid hefty penalties and interest charges. Plus, we can help you bring your financial affairs up to date.

OFFSHORE STRUCTURES & INVESTMENTS

If you have existing offshore structures and investments, we’ll make you aware of the ongoing UK tax implications arising from these. In some situations, the most sensible course of action is to close a structure or bring it onshore. If that’s the case, we can advise on the tax implications and ensure the chosen action is carried out tax-efficiently and without risk of HMRC reprisals later.

PROPERTY

If you own residential or commercial property or land in the UK – whether personally or through a trust or company – our team of specialists will help you understand the tax implications.

Even if you’re a non-UK domiciled and non-UK resident, you’ll be subject to charges that arise on the renting out of or sale of a UK property. And if the property is residential, there may be a UK inheritance tax charge on the death of the owner, shareholder or settlor.

Why Choose Us

WHY CHOOSE US?

Our skills include:

  • Many years’ experience dealing with offshore trustees and directors
  • Up to date knowledge of changes in tax legislation
  • Proactive advice in relation to capital gains tax, income tax and inheritance tax
  • Full tax returns and accounts service

As experts in this area, we’ll translate complicated legislation to help you manage your trust or estate tax.

We’ll take away your tax return headache by tackling this complex document on your behalf, saving you valuable time.

Our independent, professional tax advisers will help you plan for a financially-healthy future, giving you peace of mind.

We have specialist knowledge of offshore tax and can help you with a range of ‘non-dom’ issues, to ensure you comply with the latest changes.

We’ll take away unnecessary stress by dealing with HMRC tax enquiries and investigations on your behalf.

Our property tax specialists will help you save money by ensuring your property business is tax efficient and compliant with the law.

We’re trained in dealing with the complex legal, financial and tax matters that are all part of the probate process.

Our team can guide you through the Spring Budget 2024 tax changes and help you prepare for the new measures.

Our tax expert witness service provides solicitors and forensic accountants with specialist tax knowledge for court cases and tribunals across the UK.

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