HOW TO AVOID UK TAX WHEN MOVING ABROAD (Legally) 🇬🇧 Tax residency and HMRC tests explained

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UK nationals leaving the country may be subject to tax by HMRC if they don't take certain important steps needed to lose their tax residency. In this video I explain the automatic tests and sufficient ties used to determine if someone is a tax resident in the UK, and some possible steps you can take to lose your tax residency status in the UK.
** Not tax advice - always seek the help a professional when in doubt **
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Mentioned in this video:
HMRC Tax residence and tests info: www.gov.uk/hmrc-internal-manu...
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Chapters:
0:00 - Intro
0:44 - Moving abroad in a UK tax year
2:13 - HMRC Automatic tests
3:45 - Sufficient Ties
6:13 - How to lose your UK tax residency
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About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
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#uk
#tax
#expat
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DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.

Опубликовано:

5 авг 2024

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Комментарии : 26

@MillennialsWithMoney 5 месяцев назад

Do you have any other tips from past experience with HMRC? Leave a comment and let me know!

@OnetogoMarketingandSoftw-qh5kc 5 месяцев назад

Nice very useful info and great video, I will have this in mind. 😊

@MillennialsWithMoney 5 месяцев назад

Thanks for watching!! Glad it was helpful 😁

@amandawilliams4630 4 месяца назад

Good info, thank you

@MillennialsWithMoney 4 месяца назад

Thanks for watching Amanda!!

@Chinedu311 5 месяцев назад

The only reason why I love my home country, Tax is not complicated at all

@MillennialsWithMoney 5 месяцев назад

That’s great for you Chinedu!

@nofartcheck3952 2 месяца назад

I am a citizen but i have been working in other countries for many years. I am not sure if filling in the S109 form is enough.

@jonibz1456 5 месяцев назад

Would be great if you could do a video explaining Spanish capital gain tax that will derive from investing in ETF's on various platforms you have done past videos on. mainly for long term accumulation ETF's. and which platforms avoid form 720 reporting if any. Thanks!

@MillennialsWithMoney 5 месяцев назад

Got a Spain tax video on the list to do so keep an eye out! It should be between 19-27% depending on the total amount considered in the savings/investment taxable base (but double check with a tax advisor). The platforms I mentioned in that video are all non Spanish (T212 is U.K., DeGiro Germany, IB Ireland) so if someone has total assets outside of Spain of 50k EUR or greater they would be declarable in the 720 model. Hope this helps!!

@jonibz1456 5 месяцев назад

@@MillennialsWithMoney Super helpful, Thanks! i will keep a eye out for your Spain tax video as well

@cfdProptrader 4 месяца назад

Hi Mate, how do you rate living in Spain ? do you love the weather ? Thanks for your contends

@MillennialsWithMoney 4 месяца назад

Thanks for watching! Quality of life is good overall, maybe not the best place for starting or running a business but it depends what you want from living here

@WilliamHunt-jf4bm 20 дней назад

Dont spend over 180 days in any country Dont tell hrmc anything Get tax residance offshore Register a company offshore Return too the uk via the republic of Ireland. Good friday agreement no checks or trace in uk

@david69869 4 месяца назад

Hi, good video! Can you help me with the making hmrc aware you've left the UK. I'm self employed as I recieve dividends from shares I own. Would changing my address to abroad on my onling account suffice or do I still need to submit a form. Thanks

@MillennialsWithMoney 4 месяца назад

Thanks David! If it were me I'd send the form just to be sure, it might also be worth speaking to a UK tax expert to get proper tax planning for your situation. Hope this helps and thanks for watching!

@martinaston1715 Месяц назад

Dual Tax Treaty you dont mention this , I live in a Country in Europe with a dual tax treaty so I have to spend min 183 days in said country to be free of HMRC. I am tax resident of my host Country with a retirement Visa

@islamicreminders3090 2 месяца назад

Just a quick question. So if you're working abroad and paying taxes in the country, you're resigning in. If you want to send money into your UK bank account ,would you be compelled to pay taxes again in the uk ?

@MillennialsWithMoney 2 месяца назад

Great question! One for a tax professional 😉Where someone sends money and where they pay tax though are two separate things generally speaking, so sending money to a country where someone is none resident doesn't mean they will pay tax where they send the money to necessarily. Justification of where the funds come from might be requested though depending on the jurisdiction.

@islamicreminders3090 2 месяца назад

@@MillennialsWithMoney appreciate your response 🙏🏼

@craftyrouze 5 месяцев назад

Doesnt double tax treaty with another country mean that you dont get taxed twice on your income? So if I understand correctly, having ties to the UK shouldnt mean you now have to pay double taxes whilst living and working in another country that the treaty was signed with

@MillennialsWithMoney 5 месяцев назад

In theory yes but it really depends on which country a person lives in, if a double-tax treaty is in place and how the agreement is set up. In some cases U.K. taxation may be unavoidable, but the point I’m trying to make in the video is that if someone moves to a country with different taxation and that’s what they expect to pay, then they shouldn’t overlook getting rid of the previous tax residence. Hope this helps and thanks for watching!

@jaysterling26 12 дней назад

I haven't watched this as I know a bit -don't even leave a paper clip on your name in uk, divorce friends & family ,see Simon Napier Bell example - i.e. once left; don't return.

@iandykes5411 5 месяцев назад

what about pensions? state and private pensions?

@MillennialsWithMoney 5 месяцев назад

Good question, I think they may be taxable if they’re from the U.K. but will also depend on double tax treaties with whatever other country the person is living in. One to discuss with a tax adviser for sure.