For those of you who have chosen to live abroad, it's important not to neglect your UK state pension entitlement. This article will provide an overview of the UK state pension for expats, including how to maintain UK National Insurance contributions, weekly and monthly contribution options for Class 2 and Class 4, tax-efficient saving comparisons for contracts while working abroad, index-linked pension benefits for retirement, and how to catch up on any missed years to ensure you receive the full UK state pension. This includes the 10-year catch-up opportunity running until June 2023.
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It is the start of UK tax year. I will be highlighting UK tax changes in the year ahead and how they affect families, property and businesses including multi year tax savings by relocating overseas.
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A Personal Service Company (PSC) is a tax-efficient strategy for contractors, allowing them to save on income tax and enjoy other financial benefits by operating through a limited company. Key advantages include lower income tax rates, corporation tax savings, potential VAT savings, and the ability to claim business expenses. To set up a PSC, one must incorporate a limited company, register for taxes, open a business bank account, and establish an accounting system. While the tax savings can be significant, it's crucial to understand the responsibilities associated with running a limited company, such as ensuring tax compliance and maintaining accurate financial records.
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As the UK tax year draws to a close on April 5th, it is essential for taxpayers, including British expats living abroad, to take stock of their finances and ensure they are taking full advantage of tax allowances, exemptions, and reliefs. This article will provide practical UK tax planning tips for the end of the tax year, with a dedicated section for British expats.
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Over the last three decades, the taxation landscape for UK expats living in Cyprus has witnessed significant changes, influenced by evolving bilateral relationships, changing economic conditions, and modifications to taxation policies. This article delves into the history of taxation for UK expats in Cyprus and discusses the key milestones that have impacted their financial lives over the years.
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