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Sending Money Abroad

At a loss over losing money when you need to send cash back home? It’s a common problem for expats who are getting stung by excessive fees and hidden charges from banks. With CurrencyFair, an online marketplace, secure transactions are made faster and far cheaper. Sending Money Abroad – this article was written exclusively for Expat Net ...

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Top Savings Rates For Expats – April

Here are the latest expat savings rates. Many expats can benefit from using offshore bank savings accounts. They are useful for working in different currencies and for gathering interest without deduction of taxes. See the article ‘British Expats – Do You Need An Offshore Bank Account?’ The best current offering for sterling offshore savers is Skipton International’s 1.25%, if you have £10,000 and ...

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US Offshore Voluntary Disclosure Program To Close

The US IRS has announced that the Offshore Voluntary Disclosure Program (OVDP) will close in September 2018.  The OVDP was set up to allow US expats with potentially serious offshore compliance issues to avoid criminal prosecution and cap any exposure to penalties.  The IRS indicated that the reason was the ‘significant decline in the number of taxpayers participating’. There has been a decline fr ...

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4 Ways US Expat Taxes Have Changed, And How To Prepare

US Expat Taxes have been affected by significant changes to the American tax system between 2017 and 2018. Some of the changes are made annually, like alterations to tax brackets, deductions, and personal exemptions, though others were distinctive, like the sweeping tax reform that was passed at the end of the year. This article has been written exclusively for Expat Network by Greenback Expat Tax ...

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Can I Use Split Year To Reduce My Tax Liability On Return To The UK?

We are returning to the UK after 20 years in Dubai.  My husband has taken redundancy and we were hoping that his salary plus end of service benefit was going to be received and transferred to the UK before our return, unfortunately due to the slow cancellation of Visas etc this is looking less likely.  He has secured new employment in UK starting 12/3, not sure how all this will affect our tax imp ...

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5 Tips For US Expats: How To Maximize Foreign Earned Income Exclusion

A US citizen living and working abroad can use the Foreign Earned Income Exclusion as a shield against US taxes. Here is how to maximize the value of the Foreign Earned Income Exclusion (FEIE) in 2018. This article has been written exclusively for Expat Network by American Expatriate Tax Consultants Qualifying for FEIE An individual able to establish that his or her “tax home” is outside of the U. ...

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Does My Employer Have To Deduct Tax In The UK?

I may be going to work offshore in Brunei on a 4 on 4 off rota. The money is tax free from Brunei but I have concerns as I will be going back to the UK in my time off.  Is my employer obliged to pay the British tax? Jason Porter of Blevins Franks advises that the tax treaty does discuss less than, or more than, 6 months in the UK, and which country has the taxing rights.  But, there is also a UK r ...

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Where Am I Resident For Tax Purposes?

What is my tax status? I have been an expat since 1982 in the Falklands then the Philippines, apart from one year back in the UK in 1989. I believe I am not resident of the Philippines but a ‘tourist’. The Falklands is paying me a pension and the RAF is about to.  Jason Porter, director of expat financial advisers Blevins Franks, addressed this question, though he pointed out he is not able fully ...

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As An Expat, Why Do I Pay Tax On My UK Pension?

Are you tax resident in the UK? I have lived in Thailand for 12 years and am now 74. I have only been back to the UK once in that time so I consider myself non-resident in the UK. I have been paying UK tax on a private pension since the age of 66 though I have not set foot in the UK in that time. Surely that makes me a non-resident, so why am I paying tax? You are non-UK tax resident, and Thailand ...

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