UK Non-Domiciled Urged to Seek Tax Advice

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Are You an Overseas National Living in UK? Tax Advice for UK Non-Doms
A major accountancy firm has just recently urged non-domiciled people in the UK to seek tax advice on the country's taxation system. The main reason is that tax planning programs and other related opportunities may remain accessible for them.

A professional company of chartered accountants, Midgley Snelling, stated that Britain's "non-doms" should starting getting tax advice from the experts. This is only for their own good because with the right tax advice, non-doms can be able to make the most of tax benefits they are entitled to.

More importantly, what and how much tax benefits non-doms will receive depends on a variety of factors, such as how long they've stayed in the country. There are several other factors, and calculating them all is a complicated process, which is exactly why accountants and other industry professionals are here.

Want Tax Benefits as an Overseas National? Listen to Tax Advice
According to Robin Sewell, a managing partner, there are different, not to mention complicated, tax policies that apply to non-domiciled individuals, but along with these tax policies are benefits that offer tantalizing opportunities. If you're a non-dom, this means that even if you've been a resident of the UK for many years, it is well worth it to check tax planning opportunities available.

On that note, tax advice should ideally be sought by overseas nationals even before coming to the UK.

One tax advice Sewell has pointed out is making sure to implement any planning. For example, keeping the right records of overseas gains, income, and assets is absolutely imperative.

Worrying Decline
The UK experienced a considerable decline in the number of people registering for the status of non-domiciled. This drop in numbers happened partly as a result of the annual changes and levy to inheriting tax laws.

It was announced in May of this year that a 16,000-registrant decline has been observed since 2008 - the year the GBP30,000 levy on UK non-doms was introduced, specifically non-domiciled individuals living in the UK for over seven years.

Who are the Non-Doms?
The UK's non-domiciled people are usually claimed by individuals born in another country, but have been living in the UK for a considerable number of years. These individuals, while are subject to income tax on their Anwalt Hattingen in the UK, have foreign earnings that aren't under UK tax laws as long as they stay offshore.

At the most recent Budget, the government reported that non-domiciled levy will rise to GBP50,000 for offshore nationals who have been residing in the country for 12 years. The government expects this measure to collect GBP200m in extra revenues over the next couple of years.

What Other Moves Have Been Done?
The UK government has sworn to not make any more changes to the non-domiciled taxation system throughout the time frame of the present parliament, which is due to be dissolved in 2015.