REDUCING YOUR INCOME TAX BILL
Have savings and investments that you are paying tax on each year
Want to make sure that you take advantage of any tax breaks in your new country of residence
Want to review your whole financial structure and consider any alternatives to reduce your income tax liability
Love your ISA in the UK but realise it’s no longer tax efficient now that you live abroad and are looking for a tax efficient alternative
Want to see your savings grow tax free
Want to make sure that when you take an income or a withdrawal from your investments that you do not pay too much tax unnecessarily
Have a personal pension fund/SIPP/Group personal pension/Stakeholder pension (income from these types of pensions is usually taxed at source under PAYE in the UK irrespective of your tax residency which can leave you with the hassle of declaring the income in two countries and then trying to reclaim the tax overpaid in the UK).
If ANY of the above statements apply to you, read on …
We come across many clients who have ISAs and other investments in the UK or elsewhere who find when they do their tax return in their new country of residence that they are not tax efficient and tax is payable on the growth each year even if there are no withdrawals. As tax efficient as ISAs and other investments can be in the UK, for instance, Investment Bonds, these types of investments are not tax efficient when living abroad. UK pension income is another source of income where we are able to save clients a substantial amount of tax if pensions are set up in the best way for your new country of residence.
What are your options for tax efficiency?
At Speed Financial Solutions we offer a bespoke service, first considering your requirements and then researching the market to find the best solution to match your needs. If you want to ensure that you are set up in the most tax efficient way when you live abroad, we have the perfect solution, including Spanish Compliant Investments, QROPS and QNUPS where appropriate.
Having a qualified taxation and trust specialist as part of the team allows us to offer guidance to clients who have more complex financial situations such as holding assets in different tax jurisdictions.
Most expats would agree that navigating a foreign tax system can be stressful, even if you have a good command of the language! What is tax efficient in one country is not necessarily tax efficient in another.
Our in-house qualified Taxation and Trust specialist will oversee the advice provided to ensure that the solution we recommend is in your best interest.
Contact us today to find the right solution for you.