Working Abroad - UK Income Tax

UK Creates Tighter Rules for Expats' Income Tax

Under a proposed rule, British non-residents who work more than 20 days a year in the United Kingdom will be subject to taxes on their worldwide income, according to a report by Arabian Business. The rule could take effect on April 6, 2012, and signifies the country's efforts to tighten residency rules to boost tax revenue, according to Spencer Lodge, regional director at PIC deVere. HM's Revenues & Customs has issued a consultation paper on the planned rule, which considers individuals who spend more than 182 days in the United Kingdom as residents who are responsible for paying income tax. In addition, expatriates who spend between 10 to 182 days in the country would be tested for non-residency status based on factors like whether family members live in the United Kingdom, housing, and employment, Lodge said. He added that the new rule could affect thousands of expatriates from the Gulf Cooperation Council (GCC) region of the Middle East. The Institute for Public Policy Research Data estimates that 5.6 million UK citizens currently live abroad permanently while 500,000 do so temporarily.

MENAFN.com (07/28/11)

Need help or support with your move or relocation?

Then contact us now at expatknowhow:
http://www.expatknowhow.com/menus/main.asp?PN=Contact

http://www.expatknowhow.com/  

Follow us on twitter @expatknowhow

or sign up to our Blog http://www.expatknowhow.blogspot.com/  for more know-how

Working Abroad as Expats

Singapore now more expensive than Hong Kong:

According to human resource firm ECA International, it said the Singapore dollar, which has surged by more than 10 percent against the US Dollar, pushed the city-state to third place above Hong Kong, with Japan and South Korea remaining the two most expensive countries.

ECA International carries out a survey twice a year by measuring a basket of common items purchased by expatriates in more than 400 locations globally, such as dairy produce, vegetables, clothing and meals out.

The survey does not include housing, utilities, car and school expenses as these items can make a significant difference to costs but, the firm says, are often compensated for separately in expatriate packages.

“While we are seeing price increases in a number of Asian locations, the main reason for Singapore’s rise in our ranking over the past 12 months is the strength of the currency,” says Lee Quane, the firm’s regional director.

He said allowances paid to protect the purchasing power of employees on long-term assignment in Singapore are now higher than those paid to international executives posted in many other financial centres.

In the latest ECA International survey, carried out in March, Singapore had leapfrogged Hong Kong to occupy sixth position in a list of the 10 most expensive Asian cities.

Tokyo was followed by Nagoya, Yokohoma and Kobe, while South Korea’s capital Seoul was ranked fifth. After Singapore and Hong Kong, Beijing, Shanghai and South Korea’s port city of Busan were the most expensive Asian cities for expatriates.

Globally, Tokyo heads the top 10 list followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola’s capital Luanda, Geneva, Kobe and the Swiss capital of Bern.

(Original Source : TODAYonline)

Need help or support with your move or relocation?

Then contact us now at expatknowhow:
http://www.expatknowhow.com/menus/main.asp?PN=Contact

http://www.expatknowhow.com/

Follow us on twitter @expatknowhow

or sign up to our Blog http://www.expatknowhow.blogspot.com/  for more know-how

10 most expensive world cities for expats

The 10 most expensive world cities for expats.
Rankings (out of 214)

2011      2010              City                     Country

1              1                  Luanda                Angola

2              2                  Tokyo                  Japan

3              3                  N'Djamena           Chad

4              4                  Moscow               Russia

5              5                  Geneva                Switzerland

6              6                  Osaka                  Japan

7              8                  Zurich                   Switzerland

8             11                 Singapore             Singapore
9              8                  Hong Kong           Hong Kong
10            21                São Paulo             Brazil


Where London - UK is ranked:
18            17                London                 United Kingdom

(Mercer report 2011)

Are you thinking of living or working abroad?

Need help or support?

Then contact us now at expatknowhow:
http://www.expatknowhow.com/menus/main.asp?PN=Contact
http://www.expatknowhow.com/
Follow us on twitter @expatknowhow
or sign up to our Blog http://www.expatknowhow.blogspot.com/ for more know-how.

Working Abroad - U.S Tax compliance drives expats to despair of U.S.

American expatriates who are employed overseas are expected to file tax returns with the Internal Revenue Service (IRS), even if they do not owe any taxes in the United States, or face penalties.
Starting in January 2013, the Foreign Account Tax Compliance Act (FATCA) will require banks across the globe to disclose details of accounts containing at least $50,000 belonging to U.S. clients, or be subject to a withholding tax.
The legislation seeks to prevent the evasion of more than $8 billion in taxes over the next 10 years. Some individuals involved with the initiative believe it will generate much more, but will catch unawares many U.S. citizens. It may also put at-risk individuals who knew they were bypassing the filing rules yet could not afford professional help for filling out these forms, which generally costs about $2,000 per form, says American Citizens Abroad.
Meanwhile, a voluntary disclosure initiative launched in February will charge citizens penalties of a fourth of the money in their bank account. In early June, however, the IRS reduced the penalty rate for failing to file to 5 percent of assets for some U.S. citizens living overseas, although the provision may not be applicable to Americans living in the United Kingdom and Hong Kong with offshore income.
Many Americans are worried that banks will abandon U.S. clients to reduce their FATCA compliance costs.

(Financial Times 12/06/11)

Moving or Working Abroad?
Need help or support?
Then contact us at now at expatknowhow:
http://www.expatknowhow.com/menus/main.asp?PN=Contact
http://www.expatknowhow.com/
Follow us on twitter @expatknowhow
or sign up to our Blog http://www.expatknowhow.blogspot.com/ for more know-how

Business in India - Working abroad

Thinking about doing business in India? Thinking about working abroad in India?
Great article by the economist that I found linked from the dialogin.com website.
http://www.economist.com/node/17145035


If you need help with planning to live and work abroad as expatriates then contact us at expatknowhow:


http://www.expatknowhow.com/menus/main.asp?PN=Contact
http://www.expatknowhow.com/
Follow us on twitter @expatknowhow
or sign up to our Blog http://www.expatknowhow.blogspot.com/

Expat relocation tips

Are you going to be living and working abroad?
Are you concerned about the possibility of identity fraud...
I heard last week of a lady preparing to leave the UK to go and live and work abroad, who hired the services of ALLSHRED. Allshred are a secure shredding and recycling company based in Oxfordshire http://www.allshred.uk.com/. She was concerned that if someone got hold of her old disposed of documents that they might have the possibility to steal her details and identity.
Have just added this to my expat relocation support tips list for future clients. Great idea.

Happy shredding!

If you need help with planning to live and work abroad as expatriates then contact us:

http://www.expatknowhow.com/menus/main.asp?PN=Contact
http://www.expatknowhow.com/
Follow us on twitter @expatknowhow
or sign up to our Blog http://www.expatknowhow.blogspot.com