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Paying no more tax than you should is something we all strive for. Our Tax team has extensive knowledge of and experience with the complexities of the UK tax system.
The Common Reporting Standard (CRS) and the Automatic Exchange of Information
Over the years tax evasion – the practice of actively and purposely escaping paying any tax due – has been closely monitored. Countries and tax authorities have battled to target and catch those who are undertaking any illegal practices, especially in territories which have become notorious for tax evasion.
RDR3 – Remittance, Domicile and Residence
RDR3 was a Guidance Note drafted by the UK HMRC (HM Revenue and Customs) regarding the Statutory Residence Test (SRT). Prior to its withdrawal from the HMRC website in October 2019, this helped to decide whether a person should be taxed as a UK resident or a non-UK resident by determining a person’s residence status.
Expert tax advice: how does your residence status impact your tax?
Did you know that your UK residence and domicile status impacts how much UK tax you are liable to pay? Not only will maintaining a UK non-resident status affect your UK tax exposure, so too does the date you decide to return and become a UK resident again.
What is the Double Taxation Agreement?
If you are a UK resident but live, work or generate income in a country other than the UK, you may need to familiarise yourself with the Double Taxation Agreement (DTA).
Moving Back To The UK Checklist
Returning to the UK can be an option following changes in your personal life or career. If you are considering a move it’s crucial to plan ahead and understand the key financial considerations which may affect you.
The Statutory Residence Test Explained
For British expatriates, or those spending a significant period of time overseas, the issue of residence is an important topic. Simply moving abroad to avoid UK tax is an outdated concept, and recently those wanting to adopt or maintain non-resident status have been scrutinised.
Your Guide to Inheritance Tax Planning
Inheritance Tax (IHT) is charged by HMRC on a person’s assets and estate when they pass away. Unfortunately, it is usually too late at that point to make any financial decisions and to mitigate the 40% inheritance tax liability that is due on your assets (with some exceptions).
What Is Expat Tax?
Simply moving abroad to avoid UK tax doesn’t always work, and your exposure to tax as an expat will be based on the number of days you spend in the UK, how long you spend overseas, along with any specific ‘ties’ you might retain with the UK.
Filing an Expat Tax Return
It can be difficult to understand whether you’re required to complete a Tax Return each year if you’re an expat, so it is usually sensible to speak to a specialist adviser who can look at your individual situation.
Non-Domicile Tax Rules For Expats
If you’re a UK tax resident and UK domiciled you are subject to UK Income Tax and Capital Gains Tax on your worldwide income and gains as they arise. However, if you’re UK resident, but don’t have a UK domicile, you can use the remittance basis of taxation.
Arranging your tax affairs before returning to the UK
If you’re not tax resident in the UK and as long as you’ve been non-UK tax resident for more than five years, your UK tax exposure is limited. All of your overseas income and gains will be outside of the UK tax net.
Understanding Annual Tax on Enveloped Dwellings
For the purposes of ATED a dwelling is a residence (usually a house or flat) and includes any gardens, grounds and buildings within them. Certain properties are excluded from being a dwelling for ATED purposes.
Do UK Expats Pay Taxes?
At one stage it was generally considered that moving abroad to become a British expat would allow you to escape UK tax. With UK tax rules now much tighter this is very much an outdated concept. Recently there’s also been increased focus from the tax authorities on those seeking to avoid or evade UK tax.
What is generational Inheritance Tax?
Inheritance Tax (IHT) is a familiar part of the UK tax system. It’s generally charged at a hefty flat rate of 40% on any of your worldwide assets if you are domiciled in the UK. But there is an associated catch – generational Inheritance Tax.
British Expats: When Is It Time To Go Home?
If you’re a British expat, there’s likely to come a point when it’s time to move home. This could be for a variety of personal and professional reasons, such as a change of role, family circumstances or just a longing for the familiar. Whatever the circumstances, careful planning is the key to a successful move, and allows time to make sure you’re in the best financial position possible.
Repatriation services explained
If you’re intending to spend a specific period of time overseas, it’s easier to plan ahead and be ready for your return home. However, you might face an unexpected change in your work or personal life that causes you to return to the UK at short notice, without much time to plan.
What is ESG integration?
Today, it’s more widely accepted that companies which operate well do better. In particular, research is showing that business results are directly influenced by the way in which companies tackle environmental, social and governance (ESG) issues.
Emergency Repatriation: What Can Be Done
If you’re a British expat, you might face a situation where you need to return to the UK quickly, as a result of an emergency. This can expose you to UK tax, although steps can be taken to help reduce your liability.
How to Reduce Your Capital Gains Tax Bill
Capital Gains Tax (CGT) is charged when you sell, gift, dispose of or transfer an asset, such as a property or shares. In recent years the amount of CGT charged in the UK has risen significantly, climbing from £2.5 billion ten years ago to £9.8 billion in 2019/20.
Can I Get My Tax Back If I’m Leaving The UK?
If you are leaving the UK to live or work abroad, it’s possible that you may be entitled to a tax refund. As ever, the outcome depends on your personal circumstances and tax status, and it’s important to let HMRC, the UK tax authority, know about exactly when you move overseas so that the right calculations can be made.
The relationship between Inheritance Tax planning & trusts
Trusts can be very useful when estate planning, particularly when it comes to saving tax including Inheritance Tax. Trusts can be put to use in a variety of situations, helping ensure that your assets easily transfer to your chosen beneficiaries in line with your wishes.
What is tax mitigation?
Tax mitigation is a way of ensuring that your tax affairs are properly structured so that you don’t pay any more tax than you should. In the UK there are a number of methods which allow you to legitimately do this, and a range of allowances available to help reduce or even eliminate your tax bill.
What is the Statutory Residence Test?
The Statutory Residence Test (SRT) was introduced on 6 April 2013 and sets out a series of tests and rules that are used to establish an individual’s UK tax residency status. Understanding your tax residency is extremely important as this will help calculate the income and gains you need to report to HM Revenue and Customs.
Exploring the BNO passport: everything you need to know
British National Overseas (BNO) status is a form of Commonwealth nationality created for Hong Kong residents. It enabled those living in Hong Kong to retain a type of British nationality after the territory was handed back to China in 1997.
What is a British National Overseas (BNO)?
There are a range of different ways in which British citizenship or nationality can be held. For those with a connection to Hong Kong the British National Overseas (BNO) scheme existed as a route by which a type of British citizenship could be obtained. It’s worth noting that the scheme is no longer available to new applicants.
We will work with you to evaluate your investment and asset plans and maximise the value of your savings with the aim of delivering you the returns you need.
Pension sharing and divorce: what am I entitled to?
The end of a marriage or civil partnership is likely to be an emotional and stressful time for everyone involved. Part of the divorce process usually focuses on the practicalities, such as carving up the matrimonial assets into two separate households, making arrangements for any children and trying to maintain a similar lifestyle to that enjoyed before the separation.
What is ESG investing?
Environmental, Social and Governance (ESG) investing is an increasingly popular investment approach. With growing awareness of climate change, global responsibilities, and social issues, investing in companies which act responsibly and prioritise making the economy cleaner, safer and healthier is an important consideration for many investors.
Choosing an investment manager
One important aspect of financial planning is investment management. The over-arching aim of investing is to use some capital to create a financial benefit in the future.
Why is my QROPS not growing?
It can be concerning to note that your QROPS isn’t growing. Although it’s a common query, a simple fact usually explains things – you are likely to be paying too much for your QROPS plan.
QROPS Reviews Explained
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a pension scheme established outside of the UK which meets certain HMRC requirements allowing it to receive transfers in from UK registered pensions.
Understanding QROPs rules
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a useful retirement option for those living, or planning to live, overseas. Yet, as with all financial planning tools, there are a handful of rules which are useful to understand when considering moving your pension pot to a QROPS.
Transferring a UK pension to a QROPS
Since 2006, QROPS have been a useful tax tool for those planning to leave the UK, or those who already live overseas. At their heart QROPS enable a UK pension to be moved into an overseas pension scheme, usually for favourable tax reasons.
What is a Self-Invested Pension Plan (SIPP)?
A SIPP, or self-invested personal pension, is the name given to a UK government-approved personal pension scheme – which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs.
Key Steps to Finding Good Expat Financial Advice
Finding a specialist financial adviser can be difficult, especially if you are an expatriate. You need someone not only competent in UK finance and tax law but also understands the intricacies of double taxation agreements, wills and inheritance tax internationally.
Planning Your Return to the UK After Living Overseas
After working or living abroad, sooner or later you may decide that you want to return to the UK. It can be a busy time with factors to consider such as, securing employment, looking for a new home and shipping your personal goods, so tax planning can often be bumped down the priority list.
Understanding QROPS: Finding the right pensions scheme for you
For an individual who has moved overseas and has acquired UK pension benefits, transferring their UK pension to a QROPS can offer flexibility, alongside other potential tax and currency advantages. That said, a QROPS is by no means a one-size-fits-all solution.
UK Expat Pension Transfers Explained
If you choose to leave your UK pension scheme, it’s worth remembering that the benefits you’ve built up still belong to you. If you’ve made a decision to leave your pension, you have the option to transfer your benefits to another scheme, which could be based abroad.
An Introduction To Offshore Pensions For Expats
Offshore pensions should be an essential consideration for anyone intending to work abroad. Planning is especially relevant because not all jobs will offer a pension scheme as part of their salary benefits.
Is ethical investing right for you?
Ethical investing is a financial trend which continues to increase in popularity. Despite its niche origins, it’s now viewed as a mainstream strategy for investing, especially with the rise in awareness of environmental and social issues.
Responsible Investing: What You Need To Know
Responsible investing is a financial strategy which focuses on doing good by investing in certain companies and sectors that focus on environmental, social and governance issues, which has received increasing interest over the last few years.
Sustainable Investing: Things To Know
Sustainable investing is an approach which has grown in popularity over the last few years. When choosing to invest, a growing wish is to ensure that any investment matches your own set of values, enabling you to benefit society whilst building your long-term financial plans.
When should retirement planning begin?
Planning your retirement is especially important now that we’re living longer; many of us can in fact look forward to an active retirement over a number of years. Putting the right plans in place will help you build a suitable retirement fund so that you can make the most of this stage of your life, and enjoy the financial freedom it can offer.
Financial planning for women: things to know
Considering your financial position is always an important exercise, but if you’re a woman there are likely to be some factors which may be more relevant. Understanding where the pinch points are, and how to plan for them, can help you make sure that your financial situation isn’t compromised.
Why is retirement planning important?
If you’re mid-career, or juggling a busy home life, retirement can seem a long way off. But getting your plans in order can help you to make certain that you have the funds you need to support your chosen lifestyle in later years. With longer life spans, and many people enjoying a more active retirement, ensuring you have access to a good, secure income is key.
Steps to achieving financial freedom
Finances impact all areas of our lives, so ensuring that you have a good financial plan in place is essential. For many people a key factor is to build up a good level of wealth to enable a particular lifestyle to be enjoyed, whilst making sure there’s adequate to cover life’s essentials.
Investment advice for expats
Living abroad offers many unique opportunities. Choosing to live or work overseas also provides you with the prospect of building a solid investment portfolio. However, there are some important factors to be aware of.
Wealth Management: The Essential Guide
The cornerstone of good financial advice is putting in place a solid wealth management strategy and finding the right wealth manager to work with. A good wealth management plan will allow you to enjoy your lifestyle, whilst building and protecting your financial position for the future.
Achieving financial freedom through investments
The perception of financial freedom is different for everyone. Part of this journey is likely to include a focus on building your wealth through the use of an investment strategy.
What is wealth management?
Wealth management is the process of managing all of the financial aspects of your life, with the aim of helping you achieve financial freedom. It can take a number of forms – but usually involves a highly comprehensive process
Offshore investment bonds explained
There are a number of tax efficient methods of saving and investing, which may help build your capital over time. One option are offshore investment bonds, which are issued by companies outside of the UK.
The true meaning of financial freedom
Achieving financial freedom is likely to be very personal experience. For many people the concept of financial freedom means that you have the wealth and means to enjoy a particular standard of lifestyle without having to be overly concerned about financial responsibilities.
SRI Investing: all you need to know
More of us are now concerned with ensuring that any investing we take on does some good, alongside delivering good returns. Many want to focus on using any available wealth to help create a better world, and Socially Responsible Investing or Sustainable, Responsible and Impact investing (otherwise known as SRI) is one way in which investors can adopt a more ethical approach.
Saving for Grandchildren While Living Abroad: Investment Strategies
If you’re keen for your grandchildren to be more financially secure in the future, then investing on their behalf and establishing an interest in money might be important to you. And if you’re living overseas and don’t have the opportunity to see your grandchildren regularly there may be even more incentive for you to provide for them financially.
Investing while living abroad: 5 key considerations
Living abroad can offer some unique opportunities. As well as providing the chance to enjoy a different lifestyle to that in the UK, becoming an expat or spending time overseas can open up other investment opportunities. If you are living overseas, or planning a move, these key considerations are important to bear in mind.
We provide peace of mind and financial support through Estate Planning, Wills and Trusts Advice for you and your family.
Expat Mortgages Explained
If you’re an expat working and/or living abroad and you want to buy a property in the UK with a mortgage, there are several elements you need to be aware of when arranging finance.
Writing A Will – Expert Advice
The first question many of our clients ask us is “Why do I need a Will?” The assumption made is that our assets will pass to our loved ones anyway. For some people, the gamble of not completing a Will might well pay off, but that will depend upon the assets that they own, their circumstances and who they want the funds to pass to.
What to Put in Your Will: A Guide for Expats
Nobody likes to think about writing their will, but if you have assets in more than one country you may need a will for each jurisdiction in which they are located. Laws governing an expat’s property and estate overseas are likely to be different to the laws of the country in which they are legally domiciled.
What Blended Families Should Know About Estate Planning
Estate planning is always an emotional piece of the financial planning jigsaw but if you have your own children and stepchildren to consider, the situation might be even more complicated. For blended families – couples with children from previous relationships – it’s important to plan ahead.
Do expats pay Stamp Duty?
Stamp Duty, officially referred to as Stamp Duty Land Tax or SDLT (LBTT in Scotland and LTT in Wales), is the tax paid when purchasing property or land in the UK. Therefore, it applies even if you are a British expat.
Wills and Estate Planning: Reviewing The Interdependence
When it comes to estate planning it’s important to take time and care to ensure that you have a robust Will and the right documents in place to protect you, your Estate and your beneficiaries.
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