Tax & Accounting
CST Tax Advisors
With a team of highly experienced tax specialists and Chartered Accountants, CST Tax Advisors provides premier tax advice and accounting services to expats and business clients while in Birmingham.
With firms located in key international cities, CST Tax advisors will manage your cross border tax matters and effectively maintain your global tax position.
CST Tax Advisors assists expats in:
- Full accountancy services
- Tax advisory
- Cross border taxation advice
Tax & Accounting for Expats in Birmingham
You’ll automatically become a tax resident in Birmingham if you spend at least 183 days in the current tax year or your main home is in the UK. Once you become a UK resident you’ll be taxed on your worldwide income. Employees and businesses are required to lodge a tax return while in Birmingham. The tax year runs from 6 April to 5 April.
Key tax & accounting tips you should know as an expat in Birmingham
- The UK tax system is based on individual self-assessment – it is therefore your responsibility to register for tax and declare your taxable income and gains to HM Revenue & Customs (HMRC) on an annual basis.
- It is important that you retain your financial records for at least 22 months after the end of the tax year if you are an employee or 70 months if you are self-employed.
- As a UK resident, you will potentially be taxed on your worldwide income, capital gains and worldwide estate for inheritance tax. Be sure to seek tax advice from a local tax advisor so you understand your obligations.
- The rules around remittances are very complex and careful planning before you arrive and while you are a UK resident is required.
- If you travel for work purposes you may be eligible for “overseas work day” relief. This will allow you to exclude overseas workdays form your tax payable in the first three years of arriving in Birmingham.
- Treaties placed in the UK to prevent double taxation of income and gains in their home country and the UK.
- Inheritance Tax can apply not only on death but also on lifetime transfers of value.
Tax & Accounting for expats establishing a business in Birmingham
- How you choose to legally structure your business will determine what taxes you pay and how much control you have over your business and profits. It is advisable that you seek advice in deciding the best structure for your business.
- Companies are required to pay the corporation tax, which is a flat tax rate paid on net income. Payment of tax payable is generally required to be paid within 9 months of the end of the accounting period.
- Your business will need to register for VAT and file VAT returns periodically.
Download the Tax & Accounting Birmingham Chapter
The Tax & Accounting Birmingham Chapter written by Richard Feakins, CST Tax Advisors, provides further detailed information about issues you need to be aware of in regards to Tax & Accounting in Birmingham.DOWNLOAD NOW
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