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Expat Money Newsletter - July 2017

Expat Money: Tax For Expats

Welcome to the Expat Money Newsletter for July. We are once again focusing on the personal finance issues that matter to you as an expat, or would-be expat.

In this month’s edition we consider how expats are taxed, based on their residence status.

We also look at how British expats in the EU may keep healthcare and pensions rights after Brexit.

I hope you enjoy this newsletter. I welcome your thoughts on other topics you would like us to cover. Or do you have your own tale to tell or question to ask about expat money? Let me know.

Feel free to forward this newsletter to anyone who you think may benefit from reading it. Just click on Forward to a friend or colleague below.

Iain Yule

Editorial & Publishing Director
Expat Network

Low Tax Locations

Tax For Expats 1: Check The Residence Rules

Expat Tax 1: British Expats Should Keep Records

You can still be liable for UK income tax even if you think you are safely non-resident. The UK’s statutory residence test is a welcome development after the old system. However, for more complicated cases it can still be rather complex and it is important to understand the detail of the test. It is possible for the taxman to determine that you are UK resident, even though you believe you are resident elsewhere.

Sponsored: Do You Have A Bank Account Outside Of The UK?

From September HMRC will have access to full information about bank accounts and balances held by British expats living outside the UK.

HMRC may launch an investigation into your affairs if it suspects you have unpaid tax liabilities. If this is the case, you may face financial penalties.

The time to act is now in order to clarify your tax affairs. We offer a free, no obligation, initial consultation, and if required, we can guide you through the process of making a voluntary disclosure of any unpaid tax to HMRC.

Low Tax Locations

Tax For Expats 2: Are You Liable For Inheritance Tax?

Expat Tax 2: Beware UK Stamp Duty Hike

You may not be aware as a British expat who pays no UK income or capital gains taxes that you can still be liable to inheritance tax (IHT). Your liability for UK IHT depends on if you are deemed domiciled in the UK. If you or your father were born or raised in Britain, you are likely to be deemed domiciled in Britain. If your worldwide estate is worth more than the £325,000 nil rate IHT band, it may be at risk of IHT.

Sponsored: Claim All Your UK Tax Allowances

Expat Tax 2: Beware UK Stamp Duty Hike

SimpleTax is the simple way of calculating and submitting a self-assessment return. Developed with individuals in mind and not accountants – SimpleTax is perfect for expats and is HMRC recognised, accessible anywhere via mobile phone, laptop, PC or tablet, it’s jargon-free and easy to use. Simply enter your basic personal information and SimpleTax guides your self-assessment, allowing you to complete your return accurately. Based on the information you enter, SimpleTax will even suggest where further savings could be made, ensuring you claim all applicable allowances.

Expat Network have negotiated a discount on SimpleTax – receive 15% off the usual price of £30, making it only £25.50 – use discount code EPNAV17A on payment screen!

British Expats In EU Offered New Rights

Living & Working In China

The UK government has proposed keeping current healthcare and pensions rights for British citizens living in European Economic Area (EEA) countries after Brexit. In a June 2017-published.policy document the British government said it will maintain reciprocal healthcare rights and the 'triple lock' on pensions for the 1.2 million UK citizens currently living in the EU.

Low Tax Locations

Sponsored: Protect Your Financial Future

Protect your financial future. The U.S. imposes taxes on the income of its citizens, regardless of where they live. Australia is home to the sixth largest American population in the world, and U.S. expats in Australia experience the financial consequences of U.S. tax compliance more acutely than those in other countries, leading many to renounce their U.S. citizenship.

Considering giving up your U.S. citizenship? Join Moodys Gartner Tax Law for a free informative seminar in Sydney, Brisbane, Melbourne, or Perth next month. Learn the pros and cons from experienced US tax lawyers, so you can decide if it’s right for you.

Need for Medical Insurance

Expert Answers To Expat Questions

Expat Tax 3: The US Foreign Bank Account Rules

Our readers regularly ask us questions about their expat finances. Our panel of experts is happy to help. One expert recently helped a contractor determine whether he should bill for his services through a company or direct. They may be able to assist you too.

Need for Medical Insurance
Capital Consulting

Expats Relocate For Better Careers

Expat Tax 3: The US Foreign Bank Account Rules

Research has shown that 30 per cent of expats said that they relocated for better career opportunities and a quarter listed increased pay and benefits. A further 15 per cent relocated for an improved work/life balance. The research also found that 14 per cent moved for a better environment to raise a family. Just 9 per cent said that they moved to a new country because they simply wanted to live there.

Need for Medical Insurance

Sponsored: Premiums Cut On Expat Contractor Health Plan

Expat Tax 3: The US Foreign Bank Account Rules

As expat insurance specialists, Bellwood Prestbury have negotiated reductions of up to 25% on the Contractors International Health Plan. The new rates deliver savings of 25% for contractors aged up to 49 years and 20% for anyone over the age of 50. The plan offers a range of medical insurance options designed for expats working in the oil & gas, energy, aviation, engineering, security, NGO, humanitarian, telecommunications and technology industries. Get a quote now.

Need for Medical Insurance

Best Savings Rates In Expat Banking

Expat Tax 3: The US Foreign Bank Account Rules

The best current offering for sterling offshore savers is Standard Bank’s 1.2%, if you have £10,000 and can give 196 days’ notice of withdrawals. You can beat this rate if you can leave your savings untouched for three years. Skipton International offer 1.5% annually over this period for a £10,000 minimum.

For dollars, Standard Bank pays 1.05% for $10,000 or more, with 196 days’ notice. Only one offshore bank is offering any interest on euro savings. Kleinwort Benson offers 0.01% for deposits of €100,000-plus.

Need for Medical Insurance

Understanding Expat Medical Insurance

Expat Tax 3: The US Foreign Bank Account Rules

A new website, expathealthcare.com, provides fully-independent answers to the many questions you may raise as an expat about making sure you are healthy – and have proper insurance cover – while overseas.

Expathealthcare.com is a resource you can use to find out all about healthcare and insurance cover for expats, what you need to know and where to find assistance.

Need for Medical Insurance

New Travel Plan Includes Terrorism Disruption Cover

Expat Tax 3: The US Foreign Bank Account Rules

Voyager Insurance Services has launched Voyager Plus Travel Insurance, which rebrands and replaces its former WEBroker Travel Insurance product with new features. Voyager’s research has shown that over 51% of travellers now rate the risk of their holiday or travel plans being disrupted by an act of terrorism as the biggest single thing they are most concerned about.

Need for Medical Insurance

Learn About Expat Life In Nigeria, Portugal; UK Property & Insurance

Expat Tax 3: The US Foreign Bank Account Rules

The Summer edition of Expat Living magazine is now available to read completely free of charge. You can learn about working life in Nigeria, retirement in Portugal, the current pros and cons of UK property purchase, and whether you have the right expat property insurance.

Need for Medical Insurance

Remember To Register!

Sign up for free at the Expat Network to enjoy the following benefits: access the latest overseas jobs; get help with writing winning CVs and social media profiles; and upload your CV so that our unique network of recruiters and employers can find you.

You will also find expert answers to the most frequently asked expat questions and receive regular news bulletins on contract awards and other expat news. Registration is free of charge – and you can unsubscribe at any time.

Christopher Nye Guides
Capital Consulting

Expat Network’s online Service Directories includes companies to assist with your life overseas. This month we profile Tax Services.

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