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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:

Unpacking Millionaire Expat by Andrew Hallam: Your Passport to Financial Independence

Welcome to my comprehensive review of “Millionaire Expat: How to Build Wealth Living Overseas” by Andrew Hallam. He is a staunch advocate for financial independence and international living. In this ground-breaking book, he takes us on a captivating journey that challenges conventional wisdom and explores the possibilities of achieving financial independence while living abroad. Let’s get stuck in!

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.

How to find a lost pension

It has been estimated that there could be about 2.8 million lost or forgotten pension pots in the UK, worth an average of £9,500 each. I.e. over £26.6 billion in total. This is hardly surprising. The days of working for one employer for 40 years and then retiring with a gold carriage clock are over. Research suggests that average workers will now have 11 different jobs during their life. As people move from job to job more and more frequently,…

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…

Have you lost your job before you are ready to retire? Here is what to do

One of the biggest threats to a well thought out expat retirement plan is losing your job before you are ready to retire. You have it all planned out. You are hitting your peak earning years. The costs associated with raising children have started to decline. Now is the time to start socking away some serious funds to boost your retirement… and bosh!!!! Out of the blue, you are staring at a P45. Your employer may have imagined that they…

The importance of properly nominating beneficiaries

A beneficiary nomination is a crucial step in ensuring your wishes are respected when it comes to the distribution of your pension or life insurance benefits. By nominating beneficiaries, you can ensure your assets are passed on to the right individuals. Completing a beneficiary nomination form provides clarity and helps prevent any misunderstandings or delays after your passing.

Can I transfer my UK pension to Poland?

👉 Managing your UK pension from Poland isn’t straightforward, but with the right planning it doesn’t need to be overwhelming. This guide explains your options – from leaving a defined benefit scheme in place to using an International SIPP – and covers tax treatment, QROPS, the UK State Pension, and post-Brexit changes that affect expats. Find out how to protect your retirement income and avoid costly mistakes.

Getting remarried? Add these 6 financial tasks to your to-do list

The number of remarriages in England and Wales increased by 418% in the half-century between 1969 and 2019. The data also shows that second marriages are usually more likely to be successful than first marriages. Maybe remarriages aren’t simply the triumph of hope over experience after all. However, there is still plenty of potential for conflict over financial matters, especially where multiple sets of children are involved.

What is a spousal bypass trust and who should use one?

Legislation introduced by the Taxation of Pensions Act 2014 meant that, in the majority of cases, pension benefits are able to pass down through the generations free of inheritance tax, as long as they remain within the pension wrapper. Therefore, if you have a straightforward family situation and are leaving funds to beneficiaries that you perceive as responsible, then passing these funds on within your pension is likely to be the best option.

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