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Expat financial planning blogs & news

Our blog site is designed exclusively to inform on issues that relate to and impact expatriates around the globe.We cover a wealth of topics that include insurances - pensions - investments - estate planning and tax - all designed to keep you informed and up to date.

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CSM Ltd - Expat Financial Planning Blog Team


UK introduces new tax penalties for overseas investors dodging tax liabilities

The "Requirement To Correct" (RTC) legislation came into force on September 30 2018

Britain’s so-called “requirement to correct” (RTC) legislation came into force on 30 September 2018.

The new law requires taxpayers to declare any foreign assets that could affect their UK income tax, capital gains tax or inheritance tax.

Investors who notified HMRC (Her Majesty’s Revenue and Customs) before the deadline were granted 90 days to disclose any offshore assets and pay the relevant tax due.

Australia, Switzerland and Singapore are among the countries that have signed up to let tax authorities share information internationally.

Any individuals who have paid the incorrect amount of tax on overseas income in previous years must have corrected their tax returns by the deadline, or the potential fine will double to 200% of tax owed.

Deadline for FATCA FFI agreement quietly extended

FATCA FFI decline extended

Accounting industry sources have flagged up the fact that the Internal Revenue Service (IRS) is now stating that the deadline for FFI Agreements to be renewed is October 24, 2017.

This is the new date by when foreign financial institutions located outside of the US , that wish to remain compliant with the Foreign Account Tax Compliance Act (FATCA) – thus retaining their GIIN (Global Intermediary Identification Number) – are obliged to update their FFI Agreement.

5 common mistakes UK expats make with domicile & tax

Misunderstandings persist around issues of domicile - IHT - Wills & tax

British expats still have some crucial misunderstandings about their domicile status and tax position that could leave them and their loved ones financially exposed and even land them in trouble with HM Revenue & Customs, warns Rachael Griffin at Old Mutual Wealth.

The research from Old Mutual International shows that a lack of knowledge can lead to unexpected consequences.

"Inheritance tax will be a concern for many UK expats and appropriate planning needs to be in place to mitigate any on-going liability.”

Fast approaching tax deadline for South African expats

D-Day is looming for South African tax payers

Taxpayers in South Africa have less than a month to come clean and regularise any undisclosed or unauthorised foreign assets or income before the country’s Special Voluntary Disclosure Programme (SVDP) ends on 31 August.

The amnesty is scheduled to end just as the global transparency initiative, the Common Reporting Standard (CRS), is introduced.

From September, South Africa will start receiving third party financial data from other tax authorities on a regular basis, meaning that time is running out for South Africans to come clean on any undeclared assets they have offshore.

Learn How HMRC Are Finding Tax Cheats

HMRC are fully focused on catching tax dodgers

Recent high-profile wins against tax evaders prove that when it comes to cracking down on tax dodgers, HMRC is serious about stepping up not only its surveillance but also about finding innovative ways of catching out tax cheats.

Read more about the methods the UK tax office employs.

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