July 16, 2024
Useful Expat Tax Advice: Maximise Savings & Avoid Penalties
Table of contents
Key Features to Look for in an
Investment App for Beginners in the UK
Investment App for Beginners in the UK
Introduction
Make the most of overseas tax regimes today
Expat Tax Advice
If there's one part of being an expat that just isn't at all attractive, it's the tax implications. Now, often time this is actually advantageous from a tax perspective - aside from the stereotype of non-domiciled people avoiding tax, it is natural that many of the sort of countries people more to have more relaxed tax regimes.
After all, the move is often motivated by a desire for lifestyle change, so it's natural that people find themselves in countries that are more laid back, and this extends to their macroeconomic regimes as well as their social strengths.
UK Perspective
Although we are based in the UK and will write this blog from a UK expat perspective, we will try to keep it as generalised as possible in order to ensure that it's valuable for everyone.
Strabo is meant to be a universal platform for internationals, and we want to aim functionality at people from all countries. We have included every currency in the world in our currency switcher from the very beginning, and highly value our expat community.
Understanding Expat Tax Obligations
The first thing to think about is - what are your circumstances? Have you already moved? Or are you thinking about moving, and worried about what sort of tax you'll be liable for. Ok one step back even before that - why are you moving? It's likely one of the following 3 options.
1. Working Abroad Some of the Time
This depends on your residency. If you are a non-resident, you will be mostly exempt from UK tax. For this to happen, you must have been working outside the UK for more than one full tax year. By extension, you are then not allowed to spend more than 91 consecutive days in the UK, or more than 182 total in one tax year. You will need to be very careful about how much time you spend in the UK. Finally, to be a non-resident, you must also not work in the UK for more than 30 days per year.
2. Working Abroad Permanently
If you qualify for the above conditions, you'l be classed as a non-resident. That being said, if you still receive some income in the UK, such as income from an investment property that is based here, you may still be taxed on it in the UK.
3. Retiring Abroad
If you are retiring abroad but still have UK based pensions, you will have to decide how best to take income from those pensions. Some people choose to transfer their pension into an overseas qualifying pension scheme, in order to have it paid in the country where they now reside. This can be simpler and incur a lower tax bill than taking the income in the UK, paying UK tax on it and then having it transferred over to your new country of residence.
Top Tax Benefits for Expats
HMRC in particular has massively tightened up its approach towards taxing expats and their obligations to contribute towards the British tax system in recent years. This is only likely to head in one direction, particularly due to the shift in political focus.
Keeping in touch with the UK regulatory changes can be tricky enough, let alone the new laws in the jurisdiction of your new home. With that in mind, again we urge you to either conduct very detailed personal research before moving, or to seek specialist advice, particularly if your circumstances are slightly outside the norm.
Common Tax Mistakes Expats Make and How to Avoid Them
There are a number of mistakes that expats make when leaving the UK - many due to either naivety or a desire to get out of paying what is usually the highest marginal tax rate.
- Mistake No1 - completion of UK tax returns online using HMRC's platform. You are unable to declare non-resident status using HMRC's online tax system. It has to be declared with the filing of a hard copy of the supplementary return. This supplement is what declares your residence position to HMRC
- Mistake No2 - thinking you're not a resident because you only spend 90 days in the UK. This is a requirement but is not all you have to do - you are also obligated to complete a Statutory Residence Test
- Mistake No3 - thinking you can leave the UK for a year and avoid paying UK capital gains tax when you sell some investments or take a dividend. Essentially, if you return within 5 complete tax years, you will likely still have to pay it on your return.
- Mistake No4 - thinking if you pay tax on your pension in the UK, you don't need to declare the income in your new country of residence. For example if you are tax resident in Germany, you will still have to declare your income there and apply to have your pensions paid without the deduction of tax.
- Mistake No5 - thinking leaving the UK will make you exempt from inheritance tax. All British Expats will remain within the UK's inheritance tax net, unless they have taken steps to completely sever ties with the UK and acquired a domicile elsewhere. Without a domicile, you are often referred to as a 'non-dom'. There are also separate rules if a British expat is married to a non-dom, but you should consider individual circumstances with an adviser and act accordingly.
Double Taxation: What is it and How to Prevent It
Now, what you absolutely want to avoid is paying double tax - you're structuring your assets so that you can pay once, and hopefully less than you would have before. So this is important!
Can you be taxed on the same income twice?
Technically, yes you can be asked to pay tax both in the UK and in your new country of residence. However, some countries have a double taxation agreement with the UK, so it can be possible to claim back some or all of the 'extra' tax (depending on the individual circumstances). Please seek advice on this if it is a concern.
What About Financial Advice?
A common problem faced by internationals is finding a trustworthy financial adviser to dispense tax, especially if you are living in a new jurisdiction that is unregulated. Please be incredibly careful about taking financial advice, particularly advice that pertains to tax or investments, from people that you don't have experience working with.
You should do plenty of research before paying anyone any fees whatsoever, and if in doubt should try and take flat fee advice on a time-basis rather than a percentage on assets or transactions. This keeps incentives slightly better aligned.
Some advisers based in the UK offer specialist international advice, or might be able to connect you with their overseas counterparts, so this could also be something that you might want to explore.
Conclusion
If you thought preparing your taxes was a minefield in the UK or your country of birth, as soon as you leave to a new country it becomes even more challenging. Every country in the world has a different tax regime, so it's impossible to prescribe something that will be applicable to all of them.
That being said, there are a number of best practices you can adhere to that will make the financial assimilation to a new country that much easier, many of which we have tried to list above.
One of the smartest things you can do is keep a close eye on exactly what assets you have! Particularly as this changes over time, and if you're spread among different countries it is subject not just to market risk but also currency risk, meaning that the values of your holdings can be much more volatile than before, and the geographical allocation needs to be managed appropriately.
Fortunately, we can help with that! At Strabo, we've built a fully seamless multi currency dashboard that allows you to manage your assets all over the world. You can switch between currencies based on live rates, create custom dashboards to manage your assets across different countries and show the breakdown by asset, country, holding type and more. Check it out!
Why Use Investing Apps in the UK
The UK has seen a boom in investing apps in recent years, which offer beginner investors an easy to use and accessible option to get into the market.
Investing is now simpler than ever thanks to these applications, which get rid of the need for pricy brokers or complicated procedures. Investing apps like Trading 212, Freetrade, and Revolut make it possible for young and beginner investors to take control of their investments with their user friendly interfaces, built in educational tools and minimal or no costs.
As the need for low cost investing options and financial independence continues to grow, the UK is expected to utilise mobile investing tools even more in 2025. More people in the UK are using apps to manage their money as a result of its adaptability, simplicity of use, and the growing trend towards digital financial solutions and increased awareness of personal financial planning, which makes investing apps an effective tool for beginner investors.
Investing is now simpler than ever thanks to these applications, which get rid of the need for pricy brokers or complicated procedures. Investing apps like Trading 212, Freetrade, and Revolut make it possible for young and beginner investors to take control of their investments with their user friendly interfaces, built in educational tools and minimal or no costs.
As the need for low cost investing options and financial independence continues to grow, the UK is expected to utilise mobile investing tools even more in 2025. More people in the UK are using apps to manage their money as a result of its adaptability, simplicity of use, and the growing trend towards digital financial solutions and increased awareness of personal financial planning, which makes investing apps an effective tool for beginner investors.
Benefits of Using Investing Apps for Beginners
There are a number of advantages to using investing apps for beginners, particularly for those who are just getting started. Here are a few main benefits:
- Accessibility - By providing a straightforward, mobile friendly platform that is available at anytime and from any location, investing apps have completely changed how individuals invest. You no longer have to spend hours learning complicated systems or setting up sessions with financial experts. Beginners can begin investing directly from their smartphones with a few taps. Anyone, regardless of their schedule or location, can participate in investing without any obstacles thanks to this immediate access.
- Low cost - The affordability of investment apps is one of their most notable benefits. The high commissions and administration costs associated with traditional broking services make it challenging for those starting out to invest small amounts of money. On the other hand, a lot of investment apps provide cheap fees or commission free trading, which makes them perfect for beginners. This enables beginners to invest without fear of losing a significant amount of their profits to fees, allowing them to give more money to the market.
- Adaptability - Traditional investment strategies are not as flexible as investing apps. Beginners can more easily dabble without making a significant upfront payment because many investment platforms enable users to invest in a variety of assets, stocks and shares, exchange traded funds (ETFs), and specialised investment options, allowing beginners in the UK to diversify their investment portfolios right away. Furthermore, everyday investors may manage their investments on their own terms and are not restricted to a 9 to 5 schedule thanks to the option to trade at any time and from any location.
Investment apps are a great place for beginner investors to start because they combine low-cost solutions, user friendliness, and convenience to help gradually increase wealth.
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Key Features to Look for in an Investment App for Beginners in the UK
It's crucial to search for features that can features that can facilitate your learning and make investing simple and accessible when selecting an investment app as a beginner. Here are some essential features to look out for:
- East to use interface
The design of the app should be simple and intuitive. You will find it easier to comprehend and utilise the platform without feeling overwhelmed if it has a straightforward and uncomplicated layout. - Educational Resources
The best investment apps include educational materials such as FAQs, videos, tutorials, and articles. Beginner investors can use as a guide to understand important investment strategies and make wise choices. - Platform fees
A lot of investment apps charge management fees and trading fees. To protect your investment gains, it's crucial for beginners to select an investment app with little to no costs. The best investment apps waive management fees or provide zero commission trading. - Low minimum investment
For beginners who might not have a large initial investment, apps that let you start investing with small amounts of money are excellent. Also look for apps that sell fractional shares, so you can invest in pricey stocks without having to purchase the entire share. - Portfolio diversification tools
Seek for investment apps that provide a variety of investment options, including mutual funds, index funds, and exchange traded funds (ETFs). Even with little money you can create a diversified portfolio by making a fractional investment in individual stocks. - Robo-Advisor Features
Some investment apps include robo-advisors which automatically manage your investment portfolio according to your goals and risk tolerance. For those whose may not feel comfortable choosing their own investments, this is a fantastic benefit. - Security features
It is important to ensure that the app has strong security features like encryption, two-factor authentication, and safe account recovery methods to protect personal data and information. - Current market data
The best investment apps have real time market data, charts and stock market performance metrics which are essential for beginners who wish to remain informed and make wise judgements. - Type of investment accounts
There are many types of investment accounts available, such as investment accounts for minors, individual retirement accounts and individual taxable accounts. You should choose an investment app that provides you with a range of account options that can help meet your financial objectives.
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