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FAQ Resources and Guides
Welcome to the Coreadviz Accountants FAQ Resources page. Here we have answered the most common questions we receive from individuals, self‑employed professionals, small business owners, company directors, landlords, and investors. If your question is not covered below, feel free to contact our team for personalised advice or book a 15 minutes free consultation.
Frequently asked questions.
Personal Tax FAQs
You usually need to file a Self Assessment tax return if you are self-employed, a company director, earn rental income, have foreign income, or have capital gains to report. HMRC may also ask you to file one even if tax is deducted at source.
The UK tax year runs from 6 April to 5 April. Tax returns are normally due by 31 January following the end of the tax year (for online filings).
HMRC charges an automatic £100 penalty for late filing, with further daily penalties and interest if delays continue. Early action can help minimise penalties.
Yes. UK tax residency is determined by the Statutory Residence Test (SRT), which is based on the number of days spent in the UK and your connections (ties) to the UK—not your immigration or visa status. It is possible to be UK tax resident even if you are in the UK on a visitor, short-term, or temporary visa.
In most cases, yes. UK tax residents are generally required to report their worldwide income and capital gains to HMRC. However, in certain situations—such as claiming the remittance basis (where eligible) or specific reliefs under Double Taxation Agreements—the UK tax payable may be reduced. Professional advice is recommended in cross-border cases.
Yes. If you are UK tax resident and hold bank accounts, investments, or certain assets in another country, HMRC can receive information about you under international information‑sharing agreements (such as the Common Reporting Standard). This data can include account balances, interest, dividends, and proceeds from the sale of investments.
Even if tax has already been paid abroad, overseas income and gains may still need to be disclosed on your UK Self Assessment tax return. Relief may be available through Foreign Tax Credit Relief or Double Taxation Agreements, but disclosure is still required.
Yes. We regularly advise UK residents and NRIs on overseas income, Foreign Tax Credit Relief (FTCR), and Double Taxation Avoidance Agreements (DTAA).
Yes. We regularly advise UK residents and NRIs on overseas income, Foreign Tax Credit Relief (FTCR), and Double Taxation Avoidance Agreements (DTAA).
Self‑Employed & Freelancer FAQs
You are generally self‑employed if you work for yourself, invoice clients, and are responsible for your own tax and National Insurance.
What expenses can a self‑employed person claim?
Yes. You must register with HMRC by 5 October following the end of the tax year in which you started trading.
If your tax bill exceeds £1,000, HMRC may ask you to make advance payments towards the next year’s tax in two instalments.
Small Business & Limited Company FAQs
A limited company may be suitable if profits are growing, you want tax efficiency, limited liability, or plan to scale. We help you decide the right structure.
Directors must ensure company accounts, corporation tax returns, payroll, VAT (if applicable), and personal Self Assessment returns are filed correctly and on time.
This is usually done through a mix of salary and dividends, tailored to your personal circumstances and current tax rules.
Yes. Coreadviz Accountants provides bookkeeping, payroll, VAT, and back‑office outsourcing for growing businesses.
VAT FAQs
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Capital Gains Tax (CGT) FAQs
Explores frequently asked questions related to CGT.
CGT is tax on the profit you make when you sell or dispose of assets such as property, shares, or business interests.
In most cases, your main residence is exempt under Private Residence Relief, subject to conditions.
UK residential property gains usually must be reported and paid within 60 days of completion.
Yes. Capital losses can often be offset against capital gains to reduce your tax liability.
Landlord and Propery Tax
We're here to assist you.
We are specialised in providing accounting and tax services for landlord and SPV companies managing letting portfolio. Visit out dedicated page for more information.
The right structure depends on rental income, future plans, mortgage interest, and tax rates. We provide tailored advice for landlords.
Allowable expenses include repairs, letting agent fees, insurance, and certain finance costs, subject to current tax rules.
FAQ
Virtual Director Service
We have associated with a strategic finance and compliance partners, supporting governance, secretarial compliances, reporting, and HMRC obligations.
1
What is the Virtual Director service offered by Coreadviz Accountants?
Our Virtual Director service is designed for startups, overseas entrepreneurs, and founders who need experienced UK-based financial and compliance oversight without appointing a full-time director. We have associated with our strategic finance and compliance partner, supporting governance, reporting, and HMRC obligations.
2
Who is the Virtual Director service suitable for?
This service is ideal for overseas business owners, NRIs, first-time UK company founders, and growing startups who want professional oversight, UK compliance support, and strategic financial guidance.
3
Does a Virtual Director replace a statutory company director?
No. A Virtual Director does not replace a legally appointed director. Instead, we work alongside directors to provide strategic input, compliance support, and financial decision-making guidance.
4
Can you support overseas founders setting up and running a UK limited company?
Yes. We assist with UK company formation, HMRC registrations, banking coordination, ongoing compliance, and tax-efficient structuring for overseas founders.
5
How does the Virtual Director service help with tax efficiency?
We provide ongoing advice on profit extraction, salary and dividend planning, corporation tax optimisation, VAT strategy, and cross-border tax considerations.
6
Would you also be helping outsourcing business operations?
Yes, we have offshore finance centers, assisting in book-keeping, payroll, office adminstration and secretarial work. We are happy to provide you bespoke services based on your business support requirements.
NRI & UK–India Tax FAQs
We provide spcialised tax consultation around topics including UK residency vs Indian NRI status, Reporting Indian income in the UK, Double taxation relief, Indian property, bank accounts, Provident Fund (PF) & LIC redemption fund disclosure, Pre- and post-arrival planning.
For UK tax, residency is determined by the UK Statutory Residence Test. An individual may be treated as an NRI for Indian tax purposes while still becoming UK tax resident depending on days spent and UK ties.
If you are UK tax resident, you are generally required to disclose worldwide income, including Indian salary, rental income, interest, dividends, capital gains, and certain retirement income.
Usually not. The UK–India Double Taxation Avoidance Agreement allows relief through Foreign Tax Credit Relief, subject to conditions and proper reporting.
Indian rental income and capital gains may be taxable in the UK if you are UK tax resident. Taxes paid in India may be creditable against UK tax, subject to treaty rules.
Yes. UK tax residents must disclose overseas income and gains arising from foreign bank accounts, investments, and certain retirement funds, even if funds are not remitted to the UK.
Yes. We provide pre-arrival and post-arrival tax planning, including residency analysis, remittance basis advice (where applicable), account structuring, and compliance support.
General & Advisory FAQs
We’re here to help with any accounting and questions. For general inquiries, you can book free 15 minutes consultation if unable to get your questions answered on this page. Also, you may reach out to us using your whatsapp contact form link.
Yes. We offer fixed‑fee consultations starting from £125+VAT (30 minutes) and £175+VAT (one hour) for personal tax, business tax, and cross‑border matters.
Yes. We regularly support overseas entrepreneurs, NRIs, and non‑UK residents with UK tax and company matters.
You can contact us via our website or book a consultation. We will assess your needs and propose a clear scope and fee.
Need more support?
Our dedicated support team is here to help you with any questions or concerns. Get in touch with us for personalised assistance.