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Less Than 30 Days To File Your UK Self Assessment Tax Return!

  Ideally, you would have completed and filed your 2021/22 UK Self Assessment tax return long before now. You’re probably wishing you had.  But January is here and for whatever reason, you didn’t get around to it. Life’s very busy for sole traders, but don’t worry – you’re not the only one. Each year, about four million people leave filing the ...

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How Landlords Can Save Tax With The Marriage Allowance

  In the UK, landlords are able to save tax by sharing the Personal Allowance of their lower-earning spouse. This way, they can maximise the total household’s take-home pay without falling foul of the taxman.  However, there are strict rules. And it’s for this reason that we’ve asked Mike Parkes from GoSimpleTax to explain the Marriage Allowance below, along with how landlords can qualify. ...

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Estate Planning For U.S. Citizens Living Abroad

  Let’s face it, estate planning can get quite complicated, especially if you are a U.S. citizen living in a foreign country. There are tons of different legal procedures you have to follow and documents you have to prepare, and let’s not forget the two different sets of taxes and regulations you must comply with. It’s no wonder most people tend to avoid planning their estat ...

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US Expats Want Repeal Of Citizen-Based Taxation

  Every year, Greenback surveys US expats on key aspects of life abroad. In 2021, over 3,100 US citizens living overseas shared their opinions on US expat taxes, foreign financial reporting, the Coronavirus pandemic, remote work, and more. Here Greenback report the results.     Why do expats live abroad? The majority of expats choose to live abroad for their career, significant othe ...

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UK Self Assessment – 2020 In Review And What We Can Expect In 2021

  As the pandemic continues to impact our way of life, it’s never been so important to manage finances and plan ahead. Understanding the latest tax changes and how they will affect you can be hard to get your head around, especially with everything going on.       One change that self-employed taxpayers had to keep on top of was the Self-Employment Income Support Scheme (SEISS) ...

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Can You Afford To Leave Your UK Self-Assessment Until 28th February?

  Have you welcomed the news of no penalties for filing late, are you one of the millions yet to file your UK self-assessment due to being adversely affected by coronavirus? Having your self-assessment up to date has aided the self-employed with claiming government schemes and for filing your 19/20 tax return GoSimpleTax look at the changes that have been made and what help is there for you. ...

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Do I Need To Complete The UK Self Assessment?

If you are classed as self-employed or have a source of untaxed income, you will be required to complete a Self Assessment. However, this criteria is vague and many are left confused as to whether they actually need to file the tax return or not.  Written exclusively for Expat Network by Mike Parks of  GoSimpleTax   What determines whether you need to complete a self assessment return.  With the d ...

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A Guide To Record-Keeping And Expenses For The Self-Employed

If you’re new to self-employment, record-keeping might sound like hard work – even for those who have been filing for years it can be daunting. While that may be true, it does come with its own reward – namely, that sole traders can claim back allowable expenses and pay less tax on their earnings. Written exclusively for Expat Network Mike Parkes from GoSimpleTax HMRC has a number of rules about r ...

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7 Countries Where You Can Live Tax Free

Why establish tax residency? With most Western countries around the world having marginal tax rates upwards of 30-40%, it is not surprising that second residencies and passports are on the rise as people begin looking for low tax alternatives.   Written exclusively for Expat Network by Mark John of Offshore Protection   Thanks in large part to the clampdown of offshore tax havens and the ...

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Own Foreign Property? Beware of Phantom Gains

Foreign property ownership can be a rewarding and lucrative experience for many Americans living overseas. But when it comes time to sell your foreign property, you may be in for a scary surprise. In addition to paying local taxes on property sales, you may be on the hook for US taxes on phantom gains—a hidden source of taxable income that can gobble up profits from your foreign property investmen ...

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