Mark Davies & Associates are a firm of professional tax advisers, specialising in the UK taxation of foreign domiciliaries. With vast experience and extensive qualifications the team are regarded as leaders in tax issues surrounding residency, domicile, immigration and the remittance basis.
We work in partnership with a number of high quality immigration advisors to assist both individuals and organisations. These partnerships enable us to bring a comprehensive understanding of immigration requirements and visa processes to our clients, combining practical tax planning with the requirements to secure and retain UK visas.
As a boutique, our knowledge, experience and like-minded approach to first class service means we are best placed to advise you on the complications of the UK immigration process and the associated tax implications.
Popular visa choices
Tier 1 Investor Visa
The Tier 1 Investor visa is for high net worth individuals who have a minimum of £2 million to invest in the UK. The funds must be invested in UK government bonds, shares or loan capital in active and trading UK registered companies.
Immediate family members may accompany the investor to live in the UK. After 5 years, the investor and family members may apply for indefinite leave to remain in the UK. This process is accelerated with an increased initial investment (£5M – 3 years, £10M – 2 years).
Tier 1 Entrepreneur Visa
The Tier 1 Entrepreneur visa is for individuals who wish to set up or run a business in the UK. There is a minimum investment requirement of £200,000 and the funds may come from a third party.
Prospective entrepreneurs must provide a business plan detailing their proposed business activities and how they expect to make the business a success.
Immediate family members may accompany the entrepreneur to live in the UK. After 5 years the entrepreneur and family members may apply for indefinite leave to remain in the UK.
The UK’s tax system offers significant tax benefits for foreigners coming to live in the UK. Those who are UK resident but non-UK domiciled have the option of paying tax on the remittance basis. Using this alternative basis of taxation, the individual is only subject to UK tax on the foreign income and gains that are remitted to the UK.
We advise clients on how to reduce their taxable remittances and recommend steps that clients can take before they arrive in the UK to take full advantage of the remittance basis. Ring-fencing clean capital and rebasing appropriate assets, for example, are steps that should be considered before an individual becomes resident in the UK.
Once resident in the UK we assist with the preparation of annual tax returns, including claims for the remittance basis. We also advise on ongoing steps to reduce taxable remittances, for instance, ensuring UK expenditure is funded by clean capital and foreign expenditure by foreign income and gains.