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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I would like to ask you a question. Can you please tell me

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Hello, I would like to ask you a question.
JA: Have you talked to a tax professional about this?
Customer: Can you please tell me what should i do if i leave from the UK to Europe and i have income as a shareholder in a company?
JA: Anything else you want the Accountant to know before I connect you?
Customer: I will work full time in Europe and move there but i will still have income in the UK and do my self-assesment
bigduckontax

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

When you leave the UK, be sure to send a Form P85 to your tax office. Is your income from the company dividends or salary?

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Customer: replied 9 days ago.
My income is from salary and from dividends. I will still get a salary because i will still do some work remotely. Also, i will continue to own shares in this company. I have a permanent residence in the UK and a UK passport. I am Greek national also and i will move abroad to Greece. I will work full time in Greece and have salary there.

On receipt of the Form P85 HMRC will classify you as non-resident for the tax year following your date of departure and, furthermore, split the leaving year into two portions, one resident the other non-resident. You will thus not be subject to UK taxation on your Greek activities. Your UK income will continue to be taxed there and will be taxed in Greece also. You will have to rely on the Double Taxation Convention between the two countries, which precludes the same income stream being taxed in both, for protection. The tax paid in the UK will be allowed as a tax credit against any Greek liability. The first 2K of dividend income in the UK is tax-free.

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