Big Guns Turned On Deflation In Currency Wars

Big Guns Turned On Deflation In Currency Wars

Currency wars are breaking out to tackle rampant deflation that is crippling economies around the world. It’s bit like a global game of pass the parcel as whoever is caught with the strongest currency inherits the economic problems of the country before them in the chain. A currency war is about shifting the deflation in

Expat Saving Rates: October 9, 2014

Expat Saving Rates: October 9, 2014

Lloyds Bank is ditching expat savers without a British address when they try to switch their cash out of eSavings accounts. Expats are seeking to change accounts as Lloyds is slicing the interest rate from 1% to 0.55% from October 28. UK onshore savers or expats with a mainland address can still swap their accounts.

Guard Against Volatility By Derisking

Guard Against Volatility By Derisking

Stock markets are in a state of flux with shares plunging in value as investment uncertainty returns. Everyone is looking for the trigger that started to unsettle the markets. The contenders include deflation worries, concerns over the spread of the deadly Ebola virus and political unrest in the Middle East and The Ukraine. But many

SEIS Start-Up Applications Soar By 75%

SEIS Start-Up Applications Soar By 75%

Entrepreneurs are queuing up to make funding applications under the Seed Enterprise Investment Scheme (SEIS), according to new research. Start-up firms seeking SEIS cash from equity investors has surged by almost three-quarters in just 12 months, says a study by fund manager Radius Equity. HM Revenue & Customs (HMRC) told the firm that 2,582 start-up

What Makes A Start-Up Business Flop?

What Makes A Start-Up Business Flop

Entrepreneurs and their small businesses are the engine room driving Britain’s economic recovery, but out of the thousands of firms opening, few survive to grow into thriving companies. The rate of attrition is high – according to the Federation of Small Businesses (FSB), 20% close within the first year and 50% have disappeared by the

Seed Enterprise Investment Scheme (SEIS) Funding Limits

Boost SEIS Funding Limits Urge Business Advisers

Business consultants are urging the government to increase investment limits for Seed Enterprise Investment Scheme (SEIS) companies. Accountants Baker Tilly claims the £150,000 SEIS investment limit over three years leaves many start-up firms without the cash to call in professional advisers. As a result, many entrepreneurs have to decipher complicated qualification rules to remain in

Playing QROPS Tax Aces Under New Pension Reforms

Playing QROPS Tax Aces Under New Pension Reforms

Qualifying Recognised Overseas Pension Scheme (QROPS) have not lost their lustre for expats despite the forthcoming easy access rules giving onshore retirement savers more freedoms to take and spend their cash. The Treasury has confirmed that the new rules will also apply to QROPS – but everyone has to wait and see exactly how they

QROPS Tracker – October 15, 2014

QROPS Tracker

The problem with choosing a Qualifying Recognised Overseas Pension Scheme (QROPS) is anyone can see how many pensions are available offshore, but no one really knows where the money goes. Although HM Revenue & Customs (HMRC) publishes a QROPS List on the first and 15th of each month, the document only shows how many pensions

Get Ready For A World Of Financial Mediocrity

Get Ready For A World Of Financial Mediocrity

Unless politicians or economists come up with some new ideas to stimulate global growth, the world is heading for years of economic mediocrity. In a recent tough talking summing up of economic progress since the downturn, International Monetary Fund (IMF) head Christine Lagarde argued that after six years, growth and economic performance was still disappointing

Expat Saving Rates: October 15, 2014

Expat Saving Rates: October 15, 2014

It’s all change for expat savers as offshore banks and building societies pull deals and change rates mainly downward. Skipton International has closed fixed term savings accounts for the time being, but retains a variable rate savings account. Conister Bank, the Isle of Man financial institution that offers market-leading rates has stripped 0.75% off their

Week in Expat Money Matters 20th October – 27th October 2014

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: From iExpats: FATCA Wilfulness Problems For US Taxpayers FATCA is all go, and it’s here to stay. So popular it is with Government institutions across the globe that the

HMRC Opens FATCA Portal For British Financial Firms

HMRC Opens FATCA Portal For British Financial Firms

HM Revenue & Customs (HMRC) has launched a new web site for financial institutions required to make reports about US taxpayer clients under the US Foreign Account Tax Compliance Act (FATCA) laws. The online portal offers advice and access to a reporting hub for financial managers sending information about their US clients to the Internal

Expats flee traffic fines in British-owned cars

Expats flee traffic fines in British-owned cars

European police forces are stepping up a gear in their efforts to collect fines from motoring offences committed overseas by drivers with a car registered in Britain. The European Commission is drafting a new directive to net British, Irish and Danish drivers after the governments in each country opted out of an earlier directive letting

QROPS And The New Flexi-Account Pensions Rules

HMRC

Qualifying Recognised Overseas Pension Scheme (QROPS) rules will change with the publication of Chancellor George Osborne’s pension freedom bill. The long-awaited outline proposals were released by HM Revenue & Customs (HMRC) in an eight-page document. Only a few lines related to QROPS pensions, stating: The government intends to make changes to the Finance Act 2004

Four Ways To Reduce Risk In A SEIS Investment

Four Ways To Reduce Risk In A SEIS Investment

Investing in a Seed Enterprise Investment Scheme (SEIS) start-up company should not be a shot in the dark but a careful analysis of the risks involved in becoming part of a new business. For entrepreneurs, dressing their pitch to attract funding is crucial, but investors need to look behind the glossy cover and dig deeper

More Jobs But Fewer Pay Tax Due To Low Wages

More Jobs But Fewer Pay Tax Due To Low Wages

Rising employment in Britain is giving a false picture of prosperity because although more people are in work, their earnings are lower than expected. As a result, HM Revenue & Customs (HMRC) is unlikely to collect the previously estimated tax due, says the Office of Budget Responsibility (OBR). The problem is more unemployed people have

US Cracks Down On Secret Accounts In Swiss Banks

US Cracks Down On Secret Accounts In Swiss Banks

The US Justice Department is turning the screw on Swiss banks to force them to hand over information about their American taxpayer clients. After a wave of prosecutions that have seen one bank close and UBS and Credit Suisse pay around $3.5 billion in fines for illegally aiding Americans to evade tax, prosecutors are now

Fleeing Debts Is No Escape For British Expats

Fleeing Debts Is No Escape For British Expats

Expats who escape to a new life overseas leaving a pile of debts behind in Britain may be in for a nasty financial shock. Many believe that if they are outside the reach of British courts, they are also beyond the reach of their creditors. But this is not necessarily the case, depending on who

Big Investments Can Blur The Vision Of Entrepreneurs

Big Investments Can Blur The Vision Of Entrepreneurs

Bringing in high-powered investors can blur the vision entrepreneurs have for their start-up businesses. One successful businessman who has been through the seed capital and rounds of growth funding from investors argues the experience brought chaos to online freelance portal people Per Hour. Xenios Thrasyvoulou set the firm up and within a year raised £500,000

GAD rates to disappear with pension reforms

GAD rates to disappear with pension reforms

The fall-out from the government’s new pension rules taking place in April 2015 includes the abolition of the notorious GAD rate that caps how much income retirement savers can take from their pensions. The GAD rate is set by the Government Actuary Department (GAD) and reflects standard annuity rates and limits how much pension cash