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The Costly Mistake of Ignoring Tax Residency Laws: A £186m Lesson

Imagine packing your bags, bidding goodbye to the dreary weather, then suddenly finding yourself slapped with an unforeseen £186m tax bill. This isn’t a fictional horror story – it’s the shocking reality British magnate Alan Sugar faced when he tried to dodge the UK tax net by relocating Down Under.

Understanding UAE Succession Law: A Step-by-Step Guide for Expats

Are you an expat living in the UAE and wondering how succession laws may affect you, your family, and your assets? Look no further! This comprehensive guide will provide you with a step-by-step understanding of UAE succession law. Navigating the intricacies of inheritance can be daunting, especially in a foreign country with its unique legal framework. However, with our expert insights, you’ll gain the knowledge and confidence needed to ensure your assets are protected and distributed according to your wishes.

Lifetime gifts and Inheritance Tax: How to notify HMRC

There has been much chatter in the press recently regarding the abolition of Inheritance Tax (IHT). However, for the time being, and for the foreseeable future I expect, it remains a thing and should be planned for accordingly. One effective way to do this is via gifting. If you make a gift during your lifetime, it becomes exempt from IHT after seven years. However, many people are unsure how to report these lifetime gifts to the taxman (HMRC).

Navigating the UK Temporary Non-Residence Rules: A Guide for Expats

If you are going to be living or working outside of the UK for a period of less than 5 years, you need to be sure that you don’t fall foul of HMRC’s Temporary Non-Residence Rules.

How is UK residency determined?

UK residency is determined based on a combination of factors and the application of the Statutory Residence Test (SRT). Here is an explanation of how it works.

Unlocking the Benefits of Dubai’s Retirement Visa For Expats – A Comprehensive Guide

Dubai has long been a popular destination for expat professionals. However, back in 2018, the authorities in Dubai decided that they wanted to encourage retirees to live there too. So they launched a Retirement Visa. From tax exemptions to healthcare benefits, the retirement visa is a comprehensive package that guarantees a comfortable retired life in Dubai. But with so much information available online, it can be overwhelming to navigate the ins and outs of the retirement visa.

How spending changes through the “Active,” “Less Active” and “Not Very Active” years of retirement

Depending on when you retire and how long you live, your retirement could potentially last for 3 decades or more. However, most retirements can be broken into three stages, each of which is typically 5-10 years in length. Furthermore, each stage has its own spending characteristics. Understanding these stages can help you feel more comfortable in knowing what your spending in retirement may look like.

Five Big Tax Mistakes Made By British Expats And How To Avoid Them

For British expats moving or living abroad, there are many traps and pitfalls in the UK’s complex tax regime to be aware of. Based on my experience, these are the top five tax mistakes, assumptions and statements that are made, and how to avoid making them.

Inheritance Tax Planning For Expats: Using The PASTOR Framework to Effectively Manage Your Estate

Inheritance tax (IHT) is a concern for many expats who retain a connection to the United Kingdom (e.g. domicile), as it can significantly impact the wealth passed down to future generations. However, with proper planning and the right strategies, it is possible to mitigate the burden of inheritance tax.

4 Things To Do When Receiving an Inheritance

If there is a possibility that you might receive an inheritance in the future, it is important to be aware of the following four things. Keep them in mind for future reference.

8 expat investing lessons from Morgan Housel

Morgan Housel’s book, “The Psychology of Money,” is one of my favourite books about money and investing. It is a must-read for any expat looking to gain a better understanding of their personal finances. Here are some of the key lessons to take away from it:

I am a 50 something year old expat, how much should I be saving for retirement?

Retirement might seem like a distant dream or it may seem like an oncoming freight train. Whichever the case, it is never too early or too late to start planning for it. If you are age 50 or older, it is time to buckle up and get serious about saving for the future. But don’t worry, I’m here to guide you through this journey with a sprinkle of good humour and a dollop of practical advice.

Five ways to invest a bonus

When anticipating an annual bonus, it is natural to envision all the things you want to purchase or start planning a lavish vacation. However, it is worth taking the time to step back and contemplate how you intend to use such a windfall before it lands in your bank account. Consider how your bonus can best serve you and your objectives in both the short and long term, regardless of the amount you earned.

Expat financial advice: Why should I have a 6 month emergency fund?

Whenever I speak to clients about investing, I always talk about having an emergency fund equivalent to 6 months of expenses first. Sometimes life can present you with a situation where you need quick access to money and without a financial safety net it can threaten your financial well-being and cause a great deal of stress.

Retiring to Canada from the UK – 5 things you need to know

Are you looking to retire to Canada from the UK? I recently started working with a client who did so. Here are 5 things he told me that he wished he knew before doing so.

How to use Inheritance Tax Loss Relief to reclaim IHT after a stock market fall

In recent years, as asset prices have marched higher, Inheritance Tax Loss Relief has generally been overlooked. However, at times of volatility in global stock and bond markets, such as we have seen this year, it is definitely a subject that is worth revisiting.

8 cyber security tips to safeguard your retirement plans from scammers

This month (October) is cyber security awareness month. What has cyber security got to do with your retirement you may ask? Everything, is the answer. Online scams are everywhere. I read about them all the time. You don’t want your well-thought-out retirement plan being torpedoed due to a lack of online hygiene. With that in mind, here are 8 tips for ensuring that you stay safe from scammers.

Expat Finance 101: 10 Reasons You Should Have a Will

You have probably been told on numerous occasions that you should have a Will. Indeed, doing so may have been on your mental to-do list for months or years. However, you haven’t yet gotten around to it. This may just be due to the hustle and bustle of day-to-day expat life. It may be that you aren’t really sure how to get started. Nonetheless, making a Will is one of the most important things we can do.

Expat Financial Advice: How do I manage currency risk?

When we live back in our home country, managing currencies is all pretty straightforward. We are paid in our home currency, we pay your bills in our home currency, and most of our investments are likely in our home currency. In this case, we generally have very little currency risk. The problem we have as expats, however, is that we have too many choices.

Expat Financial Advice: What is a Property Trust Will?

A property trust will (also known as a property protection trust, an asset protection trust, a family protection trust or a property preservation trust) keeps your home safe for your loved ones after you die. It does this by placing your share of the property in a trust, so that the people you want to benefit from it can – but without owning it. With a property trust will, your spouse can still live in the home you share after…