Leaving HK, moving to the UK. What are the potential tax pitfalls?

After nearly 20 years in Hong Kong, my family and I will be moving back to the UK. We're, of course, keen to avoid unnecessary costs while doing this - especially on the UK tax front. Does anyone have a good UK tax accountant that can advise on how/when to go into the UK. We're hearing all sorts of contradictory info about capital gains tax and residency tests. We're happy to pay for profesional advice, but don't want to be sold unnecessary financial products.


Thanks

most standard information is available here.


http://www.hmrc.gov.uk/international/personal.htm


Unless you have a high income i.e. much more than >£150k pa; or substantial business interests to dispose of then I'd be surprised if a tax accountant will be worthwhile. My company has paid for them (a Big-4 accountant) for me in the past, and I found they often they just overcomplicate quite simple things, but I then I do have a finance background.


Surprisingly, HMRC can be quite helpful too - just call the International section, but read the documents first.


You will very likely be taxed in the UK on your worldwide income from the day you move back to the UK. If annual allowances are important to you then you are probably better off moving mid-tax year but it is not a major factor. You might want to consider pensions and ISAs etc. to reduce the high tax.


CGs are a bit more complicated - you just need to read the rules if you are going to make some big asset disposals. Small stuff can just be ignored.

I have read the kindly posted above link but have a three or four very simple questions I can't see an answer to (or at least I don’t understand them if they are there!). Any recommendation for an accountant that could advise me, probably no more than ten minutes to reply to my questions – not looking for anything complicated in the way of a response and certainly not talking big numbers.

You should take advice from consultants of U.K as well as of H.K . This will be much better because both will have different opinions and you must choose which will suits you the best. As far as the taxes are concerned, those are totally depend upon annual income. I personally recommend heinbroconsulting .You must check once. They can give you better advice.