expat network
UK Self Assessment payment on account

Payment on Account For UK Self Assessment

Payments on account can be one of the most common stumbling blocks when it comes to your self-assessment tax return. Although it was introduced as an initiative to help taxpayers spread their tax payments, it can often result in annual frustration and can actually harm your cash flow if you are caught unaware. ...

Tax Preparation In The U.S.

Tips And Tricks On Tax Preparation In The U.S.

One of the best things about being a United States citizen is that you get to enjoy many constitutional rights and benefits. Well, this is as long as you abide by the law and, of course, pay your taxes as you should when they are due. As a matter of fact, tax evasion is...

401(K) Or IRA At Risk

Is Your 401(K) Or IRA At Risk If You Don’t Live In The USA Anymore?

As working from anywhere becomes more and more acceptable globally, it is understandable that many US citizens are opting for working or living abroad. In 2015 alone, there were an estimated 181,000 US citizens living just in the UK. Fast forward six years, with a pandemic expediting the working nomad lifestyle globally and foreign...

Marriage Allowance

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...

estate planning

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....

Citizen-Based Taxation

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...

UK Self Assessment

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...

UK self assessment

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...

UK Self Assessment

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...

record-keeping

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...

Tax free

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...

Foreign Property

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...