In addition to the latest headlines on tax changes and developments, the Money International tax writers are also providing the tips, deadlines and scams you need to know to make the most of your finances. News includes information on the latest FACTA developments from the USA, HMRC from England, and other updates from leading financial centers. We’ll also keep you informed on sanctions and developments taking place within smaller countries – so you can understand the nuances which shape the tax landscape. In essence, we provide you with the breaking tax news you need to understand how to protect and grow your wealth – wherever you are in the world. Updates and analysis on the latest tax news, including economic advancements, FATCA and HMRC developments and general international tax information. Including the best methods of tax efficient saving and earning, and any important changes to legislation.
The British government is stepping up a tax grab than could cost expats who own homes in the UK up to 40% of the value of their investment. Even a modest property investment of £250,000 – the price of an average home in the UK – could trigger an unforeseen tax bill of £100,000 when … Read more
Thousands of Accidental Americans living in Europe are not having their right to a bank account compromised by the US Foreign Account Tax Compliance Act. Under the Payment Accounts Directive, every European Union citizen has the right to open a bank account, but some banks have frozen or refused to open accounts for Americans because … Read more
You don’t have to be a full time expat to fall under the tax rules of non resident landlord scheme. Although most people would take non-resident as a landlord living permanently outside the UK, the scheme follows a different logic. Strict rules decide how any income tax on property rental profits is paid, so getting … Read more
IRS stands for Internal Revenue Service and is often known as the agency that collects taxes. But what else do they do? How did they start and what is their role in the taxes you pay. Check out this in-depth guide on the Internal Revenue Service and how they work. History The IRS dates back to … Read more
The Foreign Account Tax Compliance Act or FATCA is essential reading for US expats. The rules are aimed at stamping out tax evasion by American taxpayers who hide money or other assets in unreported offshore accounts. The US Internal Revenue Service (IRS) lists offshore avoidance as one of the ‘dirty dozen’ ways taxpayers try to … Read more
The tax man is about to crack down on pension savers who have failed to report that they have breached the annual allowance. HM Revenue & Customs has fired a warning shot to retirement savers to bring their records up to date when filing their self-assessment tax returns by January 31, 2020. “We know that … Read more
Everyone wants their savings to work harder, and for British expats offshore bonds are a good way to squeeze every penny out of an investment. Offshore bonds are effectively a portfolio of up to 100 insurance policies that hold savings in a tax-efficient wrapper. The main advantage of saving into an offshore bond is ‘gross … Read more
A hush-hush tax probe is underway to stop wealthy investors avoiding inheritance tax with family investment companies. HM revenue & Customs set up a special unit to investigate family offices a year ago. The FICs are believed to manage more than £1 trillion in assets which are escaping IHT by exploiting legal loopholes. The main … Read more
Expats will soon collect their coding notices from the tax man, but what does the strange jumble of numbers and letters mean? Recently, tax codes have changed depending on which country in the UK where someone lives. For expats, the tax coding will appear on a Form P60 from HM Revenue & Customs which lets … Read more
Millions of Australian superannuation savers are set to pick up a surprise cash payment from the taxman. Around 2.6 million saving for retirement in a superannuation scheme qualify for the tax windfall. Savers with account balances of less than AUS$200 will see the refund in their bank accounts. But savers with between $200 and $6,000 … Read more