If you live in the UAE or plan to do so in the near future, Blacktower’s professional and knowledgeable local guidance can prove invaluable in helping you understand your tax obligations, both in the UK and in your expat place of residence.
Making sense of tax requirements can be difficult at the best of times, so, when you add cross-jurisdictional and foreign language complications, it’s not hard to see why some expats worry about taxation issues, particularly when they have assets located in more than one country.
If you want to meet all your taxation responsibilities, be certain you are paying tax in the right place, and take steps to protect your wealth and income, we can help, with our tax planning service. In fact, living abroad is rich in opportunities to develop tax-efficient structures that will work to your benefit.
And it’s worth noting that being poorly prepared or oblivious of your obligations is not considered a legitimate reason for not paying tax or declaring assets. If you fail in your responsibilities, it can result in severe financial penalty or even prosecution.
Let us help you protect and grow your wealth
We’re committed to delivering the highest attention to detail and professionalism, and with our expat tax advice, we can assist you with all of the following issues:
- UK taxation obligations
- Tax requirements in your expat country of residence
- Tax residency and domicile determination
- Establishing tax efficiency
- Making timely and accurate taxation declarations
- Keeping abreast of changing reporting, regulatory and legal obligations
Capital gains tax
Many countries will impose capital gains on profit from real estate, whereas others don’t impose any form of it. Wherever you move to, it’s important that you understand how it affects you – and our tax planning services will explain it to you every step of the way.
While double tax treaties between the UK and other European countries generally mean you should not be taxed twice on the same gain; if you have any questions or issues relating to capital gains tax and the best way to manage your obligations, contact Blacktower today.
Income tax
In some countries, income tax rates can exceed 50% and are imposed on a progressive scale, with higher rates applying to higher earnings. The tax typically applies to worldwide income, including that which is derived from pensions, earnings, investments and rental property.
However, it may be possible to reduce liability through a combination of prudent planning.
Double tax treaties should ensure that you do not have to pay the maximum level of tax twice on the same income – in such cases, tax credits usually apply.
Income tax obligations are complex and are constantly changing, if you would like to know how the rules in your country of residence affect you and your worldwide assets, then get in touch with us.
Inheritance and succession tax planning
Cross-jurisdictional inheritance tax planning can be complex and arduous, particularly if you have assets and beneficiaries in more than one country.
Planning in this area is essential if you are to ensure that your assets are distributed in accordance with your wishes, and without an avoidably punishing tax bill. This includes taxes on gifts made during your lifetime and taxes payable on death.
Take control of your tax planning today
Trying to manage your tax obligations in both your home country and the country you reside in can be difficult and time-consuming; but our expat tax advice service can help to take the stress away. To speak to one of our specialists, or for more information, simply get in touch with us today.