One common request I get from investors and retirees discussing their financial planning is that they want to take as little risk as possible. They understandably want to protect the value of the capital they have built up over the years.
In many cases they are only thinking about investment risk, and generally just worry about how risky or volatile particular assets are.
A new landmark tax agreement between Switzerland and the UK has been generating much activity this year. UK taxpayers had to choose between disclosure and steep withholding taxes, and the UK authorities are now following this up.
The UK/Swiss Agreement on Tax Cooperation came into force on 1st January 2013, to persuade UK taxpayers to regularise their Swiss assets. One way or another all Swiss account holders will now pay tax to HM Treasury.
EURO, A TIME-BOMB (Part 1) - THE REAL REASONS FOR RECESSION
In a recent article here in the algarvedailynews, 'Real Economy vs Faked Finances' I wrote about the mess Econometrics is in. For instance, monetarism says that financing brings wellbeing, but it ignores the fact that welfare is not only measured in material wealth. Some expenditures in public accounting are bad, like avoidable hospital expenses in dealing with obesity. Instead of using GNP, which also has some avoidable expenses, the UNDP for decades has been using GINI, where wellbeing is added to the pure financial accounting.
The Portuguese government is stepping up its fight against tax evasion again, doubling the number of tax inspectors and investing in new technology. It is important to ensure that all your tax planning is fully legitimate.
The proposed state budget for 2014 does not include any increases to the income tax rates or fixed rates applied to investment income. However the government is looking to increase tax revenue anyway through its crackdown on tax fraud and evasion.
Read the most popular recent articles from Blevins Franks concerning Spain and Offshore Assets, automatic exchange of financial information, tips for a secure financial retirement abroad, and the UK tax man targetting rental income.
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E: gavin.scott@blevinsfranks.com
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British savers have already had to endure over four years of minimal interest rates. Forward guidance by the Bank of England in August signalled that we would have to wait another three years for an improvement. However, the economy recovery has since strengthened, will this affect interest rates?
The UK Office for National Statistics confirmed on 25th October that gross domestic product (GDP) grew by 0.8% between July and September. This was the fastest growth in output since spring 2010, and follows on from 0.7% growth in the second quarter and 0.4% in the first.
As tax authorities everywhere look to increase tax revenue, rental income is coming under closer scrutiny. If you rent out property, whether in Portugal, the UK or elsewhere, you need to be sure that you are paying tax correctly.
It is quite easy to make mistakes, especially if the property is located in one country and you are resident in another.
The Final Report and Recommendations of the Independent Commission on the Future of the Cyprus Banking Sector.
CLICK HERE to read the report.
