Living abroad comes with a lot of adventures, and the amount of peace, enjoyment, and love you develop for the country all depends on your planning. Every country has its rules and regulations which operate in their country.
For instance, tax rules in the UK are not the same as those in the United States. The UK has an entire government office dedicated to “tax simplification” but the U.S.A is more complicated.
That’s why expat advisors are needed, to help you plan properly and also prevent some regrets which could include jail sentences.
To help you avoid this, we’ve listed the top 5 UK expat advisors.
But before we list these advisors, let’s see some of the mistakes to avoid as a UK expatriate.
5. Crucial Financial Mistakes to Avoid As A London Expat
Neglecting to file a tax return
This is one of the frequent mistakes UK expats make abroad. Filing for tax doesn’t need to be hard for UK citizens, but it needs to be done accurately.
In the UK, their tax system is on “the more you earn, the higher you pay,” and this also applies to non-UK residents earning a UK income and UK residents.
Failing to file for a tax return has some penalties, which could result in paying a huge fine.
If you’re a UK citizen and want to learn how to get your income tax right before and after you have left the UK, visit the HMRC website
Living Above Your Means
I’m not telling you not to enjoy your new country, please, visit their best beaches, visit their hotels… They are really nice.
I know the first few months of UK expats’ lives, especially those currently living in developed countries like the U.S.A should be full of adventure.
However, you shouldn’t be in a hurry to enjoy those beautiful restaurants. Plan well, let a financial expat advisor guide you.
No need to start a lifestyle you will soon regret, it’s not worth your tears.
Not researching the laws of the country you intend to move to
Moving to another country can be a worthy adventure but you shouldn’t forget the fact that some countries have totally different laws from the UK.
For instance, if you are traveling in a country that practices Sharia law, like Saudi Arabia, where women are completely denied the share of the inheritance. Women are regarded as part of the property of the deceased but not owner or one of the owners of the properties.
Therefore, you should try to learn the laws of a country before moving there, especially if you plan to stay long.
Ignoring Offshore Bank Account
Offshore banking is when you bank with another country. And, some of the countries known for Offshore banking include Switzerland, Hong Kong, Germany.
Offshore banking is not only for rich people, normal individuals can also open bank accounts in another country.
An offshore bank account is worth considering because it can save you from some tax claims.
Try to have at least a life and health insurance policy abroad.
Make sure you get insurance policies that meet your needs while working abroad. They should cover several days you intend to stay in the country (if you planned to go back to the UK).
Also, note that some countries insist on getting an insurance policy or facing deportation penalties.
Now we’ve seen some crucial mistakes UK expats make, let’s dig down to the top expat advisors in the UK.
1. Experts for Expats
Experts for Expats has been featured in lots of companies like; The Times, The Guardian, The Telegraph, BBC, and MailOnline for their financial competence to expat clients.
They have professionals for Expats in different countries and not just the UK.
You can choose to specially speak to their UK tax expert. Where you will first request a free introduction and they will connect you to their Experts for Expats accredited advisor.
Moreover, from their website, you will fill out a short form, where they will get a better knowledge of your circumstances and the kind of help they can offer you.
Further, you’ll receive a free 15-minute initial discussion either by email or phone. This discussion will enable them to know your current circumstances and give you the best guidance.
If there is a need for more assistance, the expert will give more details on their services with no-obligation quotes.
They also have UK mortgage expat advisors. Where you are given free form, and free introductory consultation, provides you with the most suitable mortgage options, and also offers support during the mortgage application.
Also, there is the UK wills expert, who will help you provide tailored guidance to your will. The procedure is similar to UK mortgage expat advisors.
Their specialists are not salsy, they are not trying to obligate you to buy their product. They allow you to take your time and choose wisely if you really need the services they offer.
2. Harrison Brook
Harrison Brook helps expats with their UK pension transfer (QROPs and SIPP), managing your existing investments, lump-sum investments/portfolio management, regular savings, insurances, and international mortgages.
You can get a free non-resident UK Self Invested Personal Pension (SIPP) offer if you have pension values of £40,000 or more. A SIPP is a UK pension plan, just like the USA has a self-administered IRA.
Just like Experts for Expats, they start by asking you some questions which will enable them to know more about you and your financial status. And, once they get a better picture of who you are, they will now research an advisor suitable for your needs.
Further, you will be sent a recommendation report, which has the recommended expat advisors, and why they are recommending the advisor(s) to you.
A meeting will be held after that to discuss any questions you may have. And you can now choose to apply for their services.
Most importantly, they will keep you updated over and over again when you purchase their financial products.
Harrison Brook is a licensed company under MiFID (Investment), BIAAL (insurance), Gibraltar Financial Services Commission (FSC), and Beacon Global Advisor Network, LLC (BGA).
3. Cameron James Expat Financial Planning
Cameron James guides their clients with EU MiFID regulated advice from a Retail Distribution Review (RDR UK) qualified advisor, who is experienced in advising expats globally.
They are transparent with their cost, so you will know the amount you’ll pay for their advice, no added charges, not even at the last minute.
Cameron James, now has existing clients in 23 countries, across 6 continents.
CJ made an awesome move on 1st December 2018, it made Starling Bank its exclusive banking partner. This step secured lower costs and also significantly increased the efficiency of all banking operations across the company.
Also, their partnership with Novia Global provides solutions to low international SIPP. You pay nothing for set-up but an annual SIPP Trustee Fee of £180 pa (VAT).
IAM (International Asset Management) helps British expatriates with the transfer or management of their UK pensions. IAM will assist you to have an investment account that can accommodate multiple currencies, global investments, reasonable prices and are transparent.
IAM will transfer your British pension to either a SIPP or a Qualifying Recognised Overseas Pension Scheme (QROPS).
Further, IAM is a registered investment advisor with Fiduciary responsibility to their clients. This means they are obligated to please their clients by all means.
Also, IAM provides you with UK/US cross-border financial planning. They do this by using the latest technology in financial modeling to give you a better picture of how you can attain your future goals.
Furthermore, they address estate planning, taxation, education planning, and retirement considerations.
IAM focuses on British citizens living in the USA only.
5. Nexia Australia
Nexia Australia focuses on UK-Australia cross-border financial and taxation advice.
Nexia has a specialized team in charge of UK and Australia tax and accounting services.
Their tax services include
- The UK and Australian Financial Statements.
- The UK and Australian Business Tax Return, including Companies, Partnerships, Sole traders, and Trusts.
- UK VAT returns and Australian Business Activity Statements (BASs).
- UK and Australian bookkeeping.
- UK and Australian payrolls.
And many more.
Nexia Australia also advises on UK pensions. Due to some law changes on 1st July 2017, which led to smaller options for UK citizens that want to move their UK pensions to Australia.
It is paramount to meet the best UK and Australia expat advisors to guide you on the current best options. They are ready to show you some loopholes you can leverage on.
If you’re a UK expatriate in Australia, don’t be in a hurry to transfer your UK pension to another country (outside the UK or Australia). You will likely suffer an upfront tax charge of 25%.
Their expat advisors will help you answer questions like;
- How should you access your UK Pension fund?
- What are the UK tax implications for your UK pension?
- Are you 55 years old or more and eligible to roll over your UK Pension to an Australian self-managed superannuation fund (SMSF) which is a recognized overseas pension scheme under UK tax law?
- Is there an Australian tax on the rollover of your UK Pension to an SMSF?
And so many other questions.
Furthermore, they advise on;
- Advice on UK investments e.g. Life insurance policies.
- Preparation and online lodgment of your UK and Australian tax returns.
- Emigration to Australia or the UK.
- Tax advice on the sale of UK properties.
- Cross-border estate planning including the interaction of UK Inheritance Tax (IHT) with Australian Capital Gains Tax (CGT) on estates.
- UK trusts with Australian tax resident beneficiaries.
You’ve seen the best 5 UK expat advisors, it’s now up to you to choose which one should serve your specific need.
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