Category Archives: Need to know

Moving from the UAE to the UK? You need a financial exit plan.

Posted on by
Reply

When you relocate from one country to another there is a great deal you need to think about. This includes the practical problems of shipping your possessions, finding a place to live, finding new schools for children, new employment and so on.

No doubt you will have lists of things to do but one area that is often overlooked is the financial side. It may not be exciting but you need to be aware of these issues to avoid any nasty surprise tax bills, especially in respect of UAE income or offshore investments.

Getting it right will save you money. Getting it wrong can be expensive.

I provide an exit planning service for people relocating to the UK and this professional service, with a personalised advice and a written report you can refer back to, can save you both money and headaches.

I also offer an advisory service for people moving to the UAE from the UK that covers steps you need to take regarding banks and HMRC, letting out a property, taxation, what to do about your investments and pensions, the local laws and rules, issues about inheritance and protecting assets when in the UAE, and a wide range of general information gained from 18 years of living here.

This updated article is about some of the topics that you need to consider when you leave the UAE to move to the UK:

Continue reading →

New Year, new financial you? 10 tips for getting on track in 2024

Posted on by
Reply

Whether or not you make formal resolutions at the start of a year, I am willing to bet that you have certain hopes when it comes to your financial situation.

You may dream of retiring at age 55. Perhaps you want to buy a holiday home or an investment property? Do you want to take a year off to travel the world? Maybe you know you need to put a few things in place to get properly organised?

You need to take action to turn these hopes into reality.

Invariably we could all do a little better and a little focus rarely goes amiss. With that in mind here’s a list of 10 steps you can take to get yourself financially fitter in 2024.

Continue reading →

UK Autumn Statement November 2023 – a summary for expats

Posted on by
Reply

Once again Jeremey Hunt, as Chancellor of the Exchequer, has delivered an Autumn Statement, this time with a claim that there would be 110 measures “to help grow the economy”. We will be the judge of that…

This article is a brief overview of some of the main points with particular reference to any cannouncements that have relevance to those living outside of the UK, and especially in the GCC.

The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that will directly affect us.

Continue reading →

Currency transfers – how to get the best rates with full security

Posted on by
4

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.

You can do this easily, from your desk or sofa. Importantly, this is fully secure, properly regulated and in view of recent issues with some UAE companies, I only work with a currency broker with a good track record.

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.

There is a better way.  Everyone wants to make savings so this is how you can make easy savings and get value for your hard-earned money.

Continue reading →

UK Spring Budget – March 2023. A summary for expats

Posted on by
Reply

Here we are again with another Budget and don’t they seem to come around fast?

Chancellor of the Exchequer, Jeremy Hunt has been in the role since October of last year and while he issued an Autumn Statement on 17th November 2022, he has had his feet under the big desk for a while now so should be in a better position to take economic steps for the benefit of the UK public.

This article is a brief overview of some of the main points with particular reference to any changes that have particular relevance to those living outside of the UK and especially in the GCC. The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that could affect us.

The UK still has a cost of living crisis and the official inflation figure is 10%, a 40 year high. The price rises are being felt, as are the increased mortgage repayments. Salary increases are below inflation, energy prices are still high, and many people could do with some government support.

Interestingly, US inflation has fallen from its peak, from 9.1% to around 6% yesterday. Average European inflation is at 8.5%.

With a consensus that the UK could still enter into recession, the challenge is that expansionary spending could damage the steps being taken to try and keep a lid on further inflation.

As has become common in recent years, many of the announcements were trailed and leaked to the media as we there seem to be policy by feedback these days. We had been told that there would be support for working parents, an extension of the energy price cap, and an increase in the pension Lifetime Allowance.

Read on for a summary of the major points, and especially anything that affects expats

Continue reading →

UAE wills for Muslim expats – now available

Posted on by
1

The times, they are a-changing, to quote Bob Dylan, and that is the case in the UAE as Muslim expats can now write UAE wills and distribute their assets exactly as they wish, in the same way as non-Muslims.

This is a huge change, and very welcome for many residents, especially those who have bought property in the UAE. Provided a will is set up correctly, and formally registered, assets will no longer be subject to distribution according to Sharia Law.

Continue reading →

2023 is the year to get serious about your financial goals

Posted on by
1

It has often been said that “a goal without a plan is just a wish”, meaning that action is required if you want to achieve your goals in life.

We all spend our lives hoping for the best but you need to do something if you are serious about your life goals, specifically your financial life goals.  Do you want to retire at age 55? Do you want to buy a holiday home? Do you want spend some years travelling the world?  Great ideas but how will you achieve them?

With proper planning you can take action to turn these wishes into reality so read on…

Continue reading →

Interest rates, inflation & UK mortgages – some facts

Posted on by
Reply

I know a few people are worrying about mortgage interest rates and are hesitating buying property because of that so let’s put the increases it in perspective. There are loads of complex and jargon-heavy articles in the financial press but we’re busy this time of year so this is a simple guide to what has been happening and why it’s not as bad as it may look.

Continue reading →

UK Autumn Statement November 2022 – a summary for expats

Posted on by
1

UK Budgets seem to come thick and fast these days with the last one in September, albeit that was referred to as a ‘fiscal event’.  A small budget by any other name can lead to as many problems as a big one and that caused huge ructions in financial markets, leading to many of the announcements being rescinded, and another change of Prime Minister and cabinet, albeit still from the same political party.

As is usually the way, new Chancellors like to put their seal on the role so Jeremy Hunt delivered his Autumn Statement this afternoon. You may like to note that he is the seventh Chancellor in just seven years.

This article is a brief overview of some of the main points with particular reference to any changes that are pertinent to those living outside of the UK and especially in the GCC. The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that will be most relevant to us.

Continue reading →

Need to know: The UK’s Foreign Spouse Exemption, the tax issue you don’t hear about

Posted on by
1

I last covered this topic many years ago, so it is time for an update. If you are a Brit with a foreign husband or wife, or you are not British but are married to a Brit, this article is for you.

Continue reading →