We find that one of the key issues for expats is that of keeping up to date with international and uk tax rule changes. Expats will often find that they struggle to find the information that they need, when they need it, when they move abroad.
While many people will have no problem in finding tax advice in their home country, once they have moved abroad the problems can then start to occur. When living abroad the tax picture will also become more complex for most people.
Many factors will combine to make the task of finding out relevant, up to date and accurate tax planning information difficult. Different countries have different tax rules, tax years and tax rates. There is also simply a shortage of expertise in this regard.
Tax rules also change at a rapid rate.
Finding Genuine International Expertise is Rare
For British expats, tax tribunals, the annual budget, new financial regulations and changing laws mean it’s easy to lose touch with tax issues such as inheritance tax, pensions and capital gains tax.
Pensions are just one example.
UK pension law has changed at a frantic pace over the past three or four years with changes in state retirement age, annual allowances, lifetime allowances, flexible access drawdown and QROPS rules for offshore pensions.
Tax experts in the UK are not always qualified or experienced to deal with how these changes interact with tax rules in expat destinations. This means that not all UK-based advisers are able to offer advice to expats. Far from it.
Likewise, experts in these expat countries have problems keeping up with local tax changes, let alone any changes being made to UK tax rules.
This makes choosing an adviser difficult and, maybe, costly. Many expats need experts at both ends – the country where they now live and the UK.
When dealing with a traditional IFA, an expat may have to look for advice from a third party expert on tax issues as their adviser will almost certainly not have the ability or authrity to give advice in this regard.
The unique offering that we have at Forth Capital enables us to give genuine end-to-end international and UK tax advice thanks to the existence of our London-based UK and International Tax Advice team. Our tax team support our investment advisers in addressing all aspects of our client’s tax concerns alongside any advice given.
Contact Us With Your International or UK Tax Concerns
Click here to contact us or on the icon to the right of the screen. Then fill in the online form and one of our team will get in contact with you as soon as possible. We will then take it from there.