UK: Tax Year & Split Tax Year

2024-12-06

In this episode, Tytle’s tax expert discusses the UK’s distinctive tax year, which runs from April 6 to April 5, contrasting it with the calendar-year systems used by most other countries. Key topics include the challenges that arise when moving to a country with a calendar-year system, such timing mismatches, double reporting of income and residency issues. The episode explains how split-year treatment can help, allowing the tax year to be divided into resident and non-resident periods to prev...

In this episode, Tytle’s tax expert discusses the UK’s distinctive tax year, which runs from April 6 to April 5, contrasting it with the calendar-year systems used by most other countries.

Key topics include the challenges that arise when moving to a country with a calendar-year system, such timing mismatches, double reporting of income and residency issues. The episode explains how split-year treatment can help, allowing the tax year to be divided into resident and non-resident periods to prevent unnecessary taxation on worldwide income after you leave the UK.

Practical advice is provided for those leaving the UK, including notifying HMRC, managing National Insurance contributions, and deregistering from the NHS. Tips for settling into a new country’s tax system, like registering for tax residency and understanding local filing deadlines, are also covered.

Finally, the episode highlights how the timing of your move can simplify cross-border tax obligations, aligning with either the UK’s tax year or the calendar year used in most countries

Want to know more? Go to https://www.tytle.io/

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