What is the limit for bringing overseas income into the UK without paying tax on it?
Answer:
It all depends on whether you are UK domiciled or UK nondomiciled.
If you are UK domiciled, your world-wide income is taxed on an arising basis. It doesn't matter whether you keep it in or outside of the country, you're still taxed on it when you earn it. Thus, remittance is not an issue.
If you are UK nondomiciled, you are taxed upon remittance, no matter how small. You should seek a UK accountant who specializes in remittance-based taxation to compute the taxable portion of the remittance and to help you plan future remittances to be UK-tax-free. By careful tax planning, you can have £100,000+ remittances entirely UK tax-free; without it, you could pay 40% tax on remittances as small as £100.
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check the double taxation laws between the UK and the overseas country. if you have paid the tax of that money in country X , you don't pay anything in the UK as per the double taxation act. so that means you can bring billions...but first check the double taxation law between the countries
depends on the country. your local tax office should be able to supply you with all the information.
You can bring as much as you want back but:
UK operates a levelling system.
If you earn equivalent of £100,000 abroad, they look at how much tax you paid in the country you were working (I'm guessing none) and then look at how much you would have paid here. They then ask you for the difference or pay you back the difference if you padi more overseas.
You are allowed allowances to cover living costs while away though so it is quite complicated.
I would (and did) do the following:
Keep the money off shore and using a visa card, spend that money to live off through purchases etc then save all my new income when I returned to the UK if you see what I mean?
That way none of the money goes through your UK bank and all your savings are tax paid and you can prove it.
I operate an umbrell company and can help with off shore earnings. www.serviscom.uk.com
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