Moving to the UK
We strongly recommend that any company contemplating starting up a business in the UK should meet with a professional adviser, such as Woolford & Co., prior to setting up a UK company or branch of an overseas company. Tax minimisation structures can often be put in place prior to setting up in the UK.
For individuals moving to the UK it is also very important that assets are organised to generate maximum tax savings. These opportunities are often lost if not dealt with prior to the move to the UK.
Individuals who are not born in the UK, but move to the UK to work for a period of years are known as non-domiciles. Although a tax-technical phrase, this is very important, as it means that those individuals will only be taxed in the UK on monies they earn in the UK or earnings from other parts of the world which they remit to the UK.
In order to reduce the amount of earnings remitted from outside of the UK to the UK, it is important that prior to coming to the UK you set up bank accounts and investments which will separate capital and interest. This will help to ensure that only capital is remitted in the future. If this is properly carried out then there will be no UK tax on the earnings outside of the UK.
Further Information: An Introduction to the Tax System
Contact: Joe Dunne
