How HMRC taxes foreign income

Do you or your limited company earn foreign income? This video explains what kind of foreign income HMRC taxes and how you need to report it to avoid landing yourself in hot water.

Useful Links
GOV.UK – Income Tax rates and Personal Allowances
https://www.gov.uk/income-tax-rates

GOV.UK – Tax on foreign income
https://www.gov.uk/tax-foreign-income/taxed-twice

GOV.UK – Income Tax: general enquiries
https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees

Blogs
1st Formations – Sole trader and limited company – what’s the difference?
https://www.1stformations.co.uk/blog/sole-trader-or-limited-company/

1ST Formations – The most tax-efficient way to take money from a limited company
https://www.1stformations.co.uk/blog/most-tax-efficient-way-to-pay-myself-from-my-limited-
company/

1ST Formations – 12 Self Assessment expenses you didn’t know you could claim
https://www.1stformations.co.uk/blog/12-self-assessment-expenses-you-did-not-know-you-could-claim/

1ST Formations – An introduction to Corporation Tax
https://www.1stformations.co.uk/blog/corporation-tax-an-introduction/

1st Formations – An introduction to Capital Gains Tax for small businesses
https://www.1stformations.co.uk/blog/capital-gains-tax-for-small-businesses/

Chapters
0:00 Intro
1:50 How does HMRC tax individuals on their foreign earnings?
2:34 Who is liable to pay tax on overseas income?
4:58 Remittance basis and foreign workers’ exemption
6:34 If you work in the UK and overseas
7:28 How to report your foreign income to HMRC
8:30 What happens if you get taxed twice?
9:10 How HMRC tax limited companies on their foreign income
10:41 Further reading and professional advice

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