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Expat Network Money Newsletter - December 2020
Welcome to Expat Network’s last Money Newsletter of the year. We wish you seasonal greetings and look forward to the New Year with great anticipation of a better year!
The UK self assessment filing deadline is at the end of January
and it is worth considering whether you need to file a return. GoSimpleTax explains what determines whether you need to file.
Currency Index give an update on the current foreign exchange market in these turbulent times. We also look at whether a global life insurance policy is worthwhile for expats and ways to keep your health insurance premiums down.
We have an article from One Touch Investment looking at the factors to consider before investing in retirement homes. In the property market the current Covid crisis has led to offers of payment holidays but is it wise to take up these offers for buy to let investments. Simon Conn, the overseas mortgage specialist, has given us a piece looking at the importance of powers of attorney when buying abroad and another looking at the impact that social media can have on your credit rating.
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Do I Need To Complete The UK Self Assessment?
If you are classed as self-employed or have a source of untaxed income, you will be required to complete a Self Assessment. However, this criteria is vague and many are left confused as to whether they actually need to file the tax return or not.
What determines whether you need to complete a self assessment return? With the deadline for submission on 31st January it is worth working out whether you need to submit a return.
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Expat Landlords – Your Self-Assessment Guide
Landlords who make money from renting out property in the UK will need to complete an annual Self-Assessment tax return form and submit it before the 31st January deadline.
Whilst at first, this process may seem daunting, especially given how many changes there have been in property tax over the last few years. GoSimpleTax have supplied a guide to Self-Assessment tax returns for landlords.
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Continuing Covid, Bexit and US Presidential Uncertainty For Currency Markets
Currency Index give their regular update on the foreign currency market and the prospects over the coming weeks. With the encouraging news on vaccines for Covid, the continuing Brexit talks and the disruption during the transition period following the US Presidential elections there is plenty to impact the markets.
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Securing Global Life Insurance – The Easy Way
No one really wants to deal with the matter of life insurance.
That’s because it’s so often confusing, mind-numbingly dreary, and a gloomy topic. Yet for most of us, it’s difficult to be financially secure without it.
If you have loved ones in your care, or someone who relies on your financial support (a relative, a spouse or a child, for instance), life insurance is frequently an indispensable necessity. An international or global type of life insurance policy could prove most suitable.
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7 Ways To Reduce Your Health Insurance Premiums In 2021
If there’s one thing we can learn from 2020, it’s that we shouldn’t take our health for granted. With the ongoing pandemic, increasing chronic diseases, and rising healthcare costs, health insurance has turned into a necessity. Securing private health insurance ensures you’ll have the right financial support when you really need it. However, many people neglect to purchase health insurance due to the high premiums set by insurance providers.
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What Makes A Good Retirement Property Investment?
For those considering care home investments but are unsure of where to start. There is money to be made if one considers the vital fundamentals.
Retirement property investments generate healthy returns and give the investor time to decide whether they would wish to move in at a later stage or use the rental income elsewhere. This is one benefit of investing in a unit in a retirement home. It’s also usually fully-managed, so investors only need to concern themselves with what they want to do with the rental income received, as the day-to-day management of the unit will be taken care of. One Touch Investment set out four factors that make a good retirement property investment.
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Beware The Mortgage Payment Holiday For Buy To Let
With the current Covid crisis many banks are offering mortgage payment holidays in accordance with UK government policy. However, the consequences for buy to let investors need to be considered to ensure it does not impact your credit for future investments.
As England moves into its latest full lockdown and banks once again offer mortgage payment holidays, expat mortgage brokers Offshoreonline are warning against clients taking advantage of this apparent “something for nothing” opportunity, without checking the consequences first.
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A Power Of Attorney Could Protect Your Overseas Property Purchase
With Brexit looming and the UK in its second official lockdown, individuals are now more likely to experience problems with overseas assets and properties. Whilst most are aware of the documents needed, many neglect to consider setting up Powers of Attorney or an equivalent document in order to have their selected “attorney” or “donor” be in a position to deal with their assets outside of the UK. In some cases, a UK power of attorney may be sufficient, but most nations and their citizens are simply not familiar with British legal documents and will almost always require the use of their own nations’ powers of attorney or equivalent documents.
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Social Media Can Prevent Approval Of Your Overseas Based Mortgage
According to Simon Conn, the overseas mortgage specialist, an increasing number of lenders and insurers are using online activity, including social media posts and profiles, to help them judge the suitability of applicants. So your social media profile can impact your credit rating and potential overseas based mortgage.
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Expat Network's online Service Directories includes companies to assist with your life overseas. This month we profile:
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International Citizens Insurance
Find the best expat international health insurance plan for your budget and needs. We are independent brokers and will help you understand the various plan and provider options.
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Standard Bank
Considering a move overseas? Relocating to anywhere else around the world will always be stressful. What shouldn’t be stressful is deciding how you’re going to manage your finances once you’ve settled in Which is why you should consider a Standard Bank International account.
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Greenback Tax
Greenback Expat Tax Services offers a full range of accounting services for US expats living abroad, including US expat tax return preparation, small business tax returns, Federal Bank Account Reporting, and individual consultations.
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British Corner Shop
British Corner Shop is the online supermarket for British Expats and British food lovers around the world. Shop for all your favourite British groceries and brands, now including Waitrose, from our range of over 12,000 products.
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HSBC
Why you should open a bank account with HSBC Expat An expat bank account provides the convenience of managing and growing your money in a central location.
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Currency Index
Currency Index is a regulated currency exchange and international payments provider, specialising in helping Expats manage their currency requirements.
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DGLegacy
Many expats have assets such as bank accounts, pension funds, life insurances, and real estate in multiple countries. DGLegacy is a digital inheritance and asset protection service.
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Don’t Miss Your Latest Jobs Newsletter
As well as links to some of the new job opportunities available at
www.expatnetwork.com, we explore some of the many issues affecting your working life as an expat - or would-be expat.
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Remember To Register!
Sign up for free at the Expat Network to enjoy the following benefits: access the latest overseas jobs; get help with writing winning CVs and social media profiles; and upload your CV so that our unique network of recruiters and employers can find you.
You will also find expert answers to the most frequently asked expat questions and receive regular news bulletins on contract awards and other expat news. Registration is free of charge – and you can unsubscribe at any time.
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