Hi all
I know I should probably consult a UK based accountant and I will for sure when I next visit the UK but I thought it's worth getting an insight from here first just so I know where I stand with my taxes.
I currently spend most of the year in Croatia and only have a house here. I currently have a LTD company in Croatia too. I am a dual Croatian and British citizen and tax registered in both countries.
I will need to report my foreign earnings on my self assessment unless I completely leave the UK which at this time I won't as I will likely visit friends and family up to around 1-3 months every year.
I currently take out dividends monthly from my LTD company in Croatia which are charged at a 10% 'withholding' tax + 1% city tax.
Does the withholding tax of 10% essentially mean that tax on the dividends has already been paid and I can include it on my self assessment as tax paid on dividends on the foreign income section?
If the above is correct that would mean that I have already paid the higher of the two as UK dividends are charged at 7.5% and no extra tax will be due in the UK unless I go over the threshold. Am I correct with this theory?
The only thing that confuses me is that in Croatia they call it withholding tax on dividends which is slightly different to personal tax on dividends in the UK. I think with withholding tax the company pays the tax and personal tax the individual pays the tax.
Many thanks in advance for any help
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