Declaring foreign income using the remittance basis

In this video we focus on declaring foreign income using the remittance basis. Understand the essence of the remittance basis, a tax treatment available to UK residents not domiciled in the UK, allowing them to be taxed only on foreign income or gains they bring into the UK. Discover who qualifies for this treatment, the importance of domicile status, and the potential charges associated with long-term UK residency.

Learn about mixed funds, which highlights the tax implications of combining different types of funds in one account, and the HMRC’s specific ordering rules that prioritize the remittance of untaxed foreign income over capital.

Navigate through the detailed process of declaring the remittance basis on a tax return using GoSimpleTax software. From stating your UK residence and domicile status to choosing to claim the remittance basis and detailing any applicable charges, this guide offers a step-by-step walkthrough.

Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.