Tax information for British expats – the Personal Allowance

The UK has a progressive tax system and so the rate of tax payable increases as income increases. All UK residents have a Personal Allowance which means that the first part of their income is free from UK income tax.  For the current tax year this is £11,850 and from 6th April 2019 it will increase to £12,500 but you need to be aware of a change in the system.

The Personal Allowance is also available to people who are not resident in the UK provided they are a citizen of a European Economic Area (EEA) country, which includes all British passport-holders. It also applies to anyone who has worked for the UK government at any time during the relevant tax year.

There is however a change in the way that non-residents, expatriates, claim this allowance which has not been widely publicised so if you are UK non-resident for tax purposes and have income arising in the UK, such as rental income, you need to read on.

Continue reading

Posted in General financial information, Tax & info, Uncategorized | Tagged , , , , , , , , , , | Leave a comment

Seasonal Spending – hints and tips for a happier Christmas & New Year

As we head rapidly towards the end of 2018 the prospect of Christmas and New Year is daunting for many due to the cost of the celebrations. With Christmas being as much a cultural as a religious event for most people, and New Year being a party time too, this article is all about some hints and tips for budgeting at this time of year.

The holidays are a time when people want to splash out but it is all too easy to get carried away with all the advertising, tempting shop displays, and the associated pressure to make everything perfect.

The cost of living in the UAE is higher than ever and with many people having concerns about expenditure, and even job security, there are ways to cut back but still have a good time.

Continue reading

Posted in General financial information, Uncategorized | 1 Comment

10 tips for dealing with debt in the UAE

It is sadly all too common for people to get into debt whilst living in the UAE, for multiple reasons, so this article is designed to give you the steps to work through to deal with any debt problems you may have.

It is really important that this is dealt with as non-payment of monies owed is a criminal issue under UAE law and can lead to serious consequences.

These are the steps you need to take to get back in control and to deal with the banks.

Continue reading

Posted in General financial information, saving money, Tax & info | Tagged , , , , , , , , , , , , | Leave a comment

UK Autumn Budget 2018 – the facts for expats

This is just the second UK Autumn Budget and unusually it was on a Monday, the first time since 1962.  Budgets are normally on a Wednesday but that would fall on Halloween this year so too much of a gift to headline writers.

This is the last Budget before Brexit and not too much was expected as the UK Government is dealing with complicated Brexit issues although there will be a Spring Statement that can be upgraded to a full Budget if deemed necessary.

This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK. The UK press will cover many points in detail but much of this is not directly relevant to expats so this article focuses of the relevant points for us. Continue reading

Posted in General financial information, Need to know, News | Tagged , , , , , , , , , | Leave a comment

How to save money on your currency transfers

Most expats have a need to move money between currencies and it makes sense to find a way to do this securely, easily and where you can save money.

The online services offered by retail banks are rarely competitive and even if they do not charge a fee they make their profit on the poor rates of exchange offered – but there is a better way and you don’t even need to leave your home to get much better value for money. And all savings are good, right?

Continue reading

Posted in General financial information, Need to know, saving money | Tagged , , , , , , , , , , , | 1 Comment

Credit cards – friend or foe?

Credit cards are a fact of modern life but are they friend or foe? Should you have one, or are they to be avoided?

When used sensibly and responsibly they can be a useful tool with benefits but too often they are used to support a lifestyle, the balance is not repaid in good time, and they become a very expensive burden.

This article is a quick look at both the pros and cons of this type of consumer debt.

Continue reading

Posted in General financial information, saving money | Tagged , , , , , , , , , , | 1 Comment

Higher education costs – the facts and how to plan

The days of most expats having their children’s school fees paid for them are gone and even if you have an education allowance as part of your salary package it will stop once they finish secondary school. If they then want to go on to tertiary education, whether that is university, college, or vocational study someone has to pay and the burden is likely to fall on to parents.

Have you thought about how much may be required, or how to fund the additional study that you children may want, or indeed may need, in order to do what they want in life and be successful?

Continue reading

Posted in General financial information, Investment | Tagged , , , , , , , , , , , , | Leave a comment