Overseas Workday Relief
Overseas Workday Relief
Overseas Workday Relief: what is it?
Overseas Workday Relief (OWR) is a valuable exemption for ‘non-domiciled’ UK residents (more on that below). The relief takes into account the status of the individual, and treats part of their earnings from a UK employment as if it was foreign income – meaning that this portion is not subject to taxation by the UK government.
Who can claim?
If you consider your ‘home’ country to be elsewhere, but have recently begun to work and live in the UK, you would probably be deemed a non-domiciled UK resident, and as such would be eligible to claim OWR (provided that you file your tax return on the remittance basis).
The rules are fairly complicated and we would highly recommend seeking professional expatriate tax advice. IBISS & CO’s expert chartered accountants are very familiar with Overseas Workday Relief regulations and will ensure that you meet the criteria, saving you time and expense and providing you with valuable peace of mind.
Below is a brief summary of the conditions that must be met, but for more detailed information on the regulations governing the OWR, please consult our blog: ‘Expat Tax: How to Claim Overseas Workday Relief’.
To claim OWR, the individual must:
- Be employed in the UK but conduct some – or all – of their duties abroad.
- Be a tax resident in the UK.
- Have their foreign income paid into an offshore bank account.
- In addition, the individual must keep precise records and claim the remittance basis of taxation.
Get In Touch!
How can we help?
The reliefs available are extremely appealing and, provided your affairs are structured correctly, could lead to a substantial tax saving. However – as mentioned above – the rules are complex. For example, in order to claim, you would need to ensure that:
- You plan proactively. Overseas Workday Relief is only available for the first three years after the individual becomes a UK resident, and is often missed by those coming to the UK on short-term placements.
- You have a qualifying bank account – in which to receive the foreign income – set up.
- You undertake proper remittance planning in order to take advantage of the Special Mixed Fund rules.
Feeling confused about Overseas Workday Relief or concerned that you might miss out? IBISS & Co are here to help. Our team of tax specialists and chartered accountants have years of experience when it comes to advising clients on international and domestic affairs, and will work closely with you to ensure that your finances are handled in a manner that saves you time and money. In addition to helping you open an overseas bank account, IBISS & Co will develop a tax strategy to make certain that you take full advantage of all the reliefs available, and that all necessary documentation is in place to support your claim.
It is more likely that HMRC will investigate tax returns that include a claim for Overseas Workday Relief. With IBISS & Co’s expert tax specialists on hand to advise, managing a tax audit will be a hassle-free and successful process. Please contact us to learn more about how we can help you.\
Next Step:
Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.
We Help Our Clients
- HMRC Self employed registration
- Self Assessment submission
- Unlimited accountancy support
- Dedicated client management
*from £30 +VAT (Per Month)
- All your accountancy questions answered
- Statutory Year End accounts
- Corporation Tax filing
- Phone and email support
*from £70 +VAT (Per Month)
- Self Assessment
- MTD VAT Submissions
- Annual Accountancy Health check
- Our speediest support & service
*from £150 +VAT (Per Month)
- Income Tax Planning
- Overseas Workday relief
- Effective Tax planning for property landlords
- Capital Gain Tax Mitigation
*from £150 +VAT (Per Hour)
Reviews
Google
As a healthcare professional, I called for some tax advice and my call was answered immediately. Muhammad was very friendly, professional, and knowledgeable. Would definitely recommend.
Baljit Arora
I have worked with Muhammed at Ibbiss and Co for over two years. I have found his services to be excellent, and he also provides that personal touch. Would highly recommend to other businesses.
Haroon Abas
I have been IBiSS client for good three years . They are very professional and look after their clients in a very professional way . I am really happy with the services they provide . Highly recommended
saady4u
I took advice about company and personal tax, they guided me professionally and gave valuable advice. That really helped me. Always recommend IBISS & Co Ltd as best tax advisor.
Facebook
Miroslaw Kaczuk
Great service. Highly recommended!
Qamar Rehman
Thank you Sufyan for all the support and excellent accountancy services you provided to us. Amazing team,
David La
Professional firm. Provided very clear suggestions and recommendations. Thank you Muhammad
Pradeep Saxena
Wonderful partners to work with.Always ready to assist
Vouchedfor
M Khan
Mohammed was clear about all the services he was offering. He answered all the questions I had. At last I can stop thinking about accounts and tax returns in confidence that it is all going to be done properly.
Peter Rose
He was very helpful and to the point helped me in saving tax money which I was paying a lot. He helped me getting my overpaid taxes for previous years.
Stuart
Muhammad has found time to meet us at convinient time and provided us with clear professional advice.I would definetly recommend his services
Mark
I provide Wealth Management Advice to clients. It was very important to me that I found a trustworthy accountant and tax specialist that I could refer my clients to.
Trustpilot
M Khokhar
These accountants are extremely professional and hard working. I would like to thank Mr Asim and all staff for their efforts. I would highly recommend them to deal with all account related matters.
Sami
Ibiss accountancy are very professional, and had lots of time to answer all my questions thoroughly. I’ve found previous accountants don’t listen just want to rush and take the money , the owner him self is a tue gentleman and kind .
Steve
Excellent service very professional and… Excellent service very professional and very friendly
Ayad Alhadithy
I am a CIS builder and these accountants have helped me claim refunds every year without any delay. Highly recomended.
Previous
Next
