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Offshore

Offshore is an accounting way of saying “abroad” or “overseas”.

If you’re a UK tax resident, you need to declare your offshore gains and income to HMRC, file a Self Assessment tax return and pay tax on them.

The only exception is if you declare yourself to be a “non-domiciled” person – but then you also lose your UK tax-free allowances and have to pay a special charge (it starts at £30,000 per year).

Another special situation is when you’re a UK tax resident and run a limited company that’s based abroad, and you’re its only director and shareholder. The HMRC will likely consider your company a UK tax resident and ask you to pay UK corporation tax for its profits (instead of the local corporation tax wherever your offshore company is registered).

More guides & useful information

Let us sort your Self Assessment online. £119, all in.

That’s right. No matter how complicated it gets or why you need to do a return in the first place, it’ll cost £119 to get it done. That includes VAT, last-minute changes and all the support you may need.

How it works

1. Answer a few simple questions

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3. We file your Self Assessment for you

Once you’ve signed off your return, your TaxScouts accountant will file your return online with HMRC. That’s it! We told you it was simple.