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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am on Tier-1 Entrepreneur immigrant visa, and started business

Resolved Question:

I am on Tier-1 Entrepreneur immigrant visa, and started business in the UK, I didn't have any income in the UK so far.
I have transferred money from abroad into UK, the source was my previous employment and it was taxed abroad.
Do I have to pay tax in the UK again for the money I have transferred? should that be declared in the SATR?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. If the money was earned before your arrival in the UK, then it won't be taxable in the UK nor do you need to report it to HMRC in your tax return. As you appear to have started a business in the UK, you will qualify for relief from UK tax on monies brought in to the UK to invest in UK businesses. Take a look here for more information. There is more information on remitting income and gains to the UK here. I hope this helps but let me know if you have any further questions
Customer: replied 1 year ago.
Many thanks, ***** *****!
Expert:  TonyTax replied 1 year ago.
Thanks.
Customer: replied 1 year ago.
Just to be clear, I have transferred money to my personal account and also to my business account here in UK, and my question is regarding the self assessment tax return which has deadline in 2 days. any change to the answer?
Expert:  TonyTax replied 1 year ago.
No. You won't pay UK tax on any money you had abroad before your arrival in the UK.
Customer: replied 1 year ago.
Thank you! have a good night :)
Expert:  TonyTax replied 1 year ago.
Thanks, ***** ***** My tax reporting season is done two days early so I'm a happy bunny.
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