Do you hold money in accounts outside of the United Kingdom? Or are you interested in exploring new ways to build upon your savings by using offshore vehicles and investment opportunities? If so, it may be worth seeking financial advice. Whilst offshore investment offers you greater freedom from UK regulations and an opportunity to maximise the returns on your savings, it comes with a risk and less security should something go wrong
First of all, moving your money out of the UK opens up investment opportunities in a far wider range of markets than if you kept your savings onshore. You'll have access to emerging markets, high growth economies and businesses operating in jurisdictions with far fewer regulations. Of course, whilst this creates huge opportunities for growth there is also far greater downside risk.
Taxation also becomes complicated once you move your savings offshore; another reason for you to potentially seek financial advice. Many countries have double taxation agreements with the UK, which means that you avoid paying tax in both foreign and domestic jurisdictions. There may also be tax relief available should you invest in countries that do not hold double taxation agreements with the UK, although this is a complicated area and one that would benefit from the advice of a financial expert.
There are also a number of ways to avoid paying tax on expenses. If you use any part of your home for working you can legally claim for tax relief on your utility bills, the cost of your phone line and broadband, your insurance and any maintenance or repair bills. If used for business, you may also be able to claim tax relief of on business mileage and fuel costs. What is more, there is often no need to keep detailed receipts; simply documenting and recording the bills is in many cases sufficient.
Do you have a significant amount of money to invest? Are you willing to take on potentially high risks in the return for greater rewards? Do you want to access markets and economies outside of the UK? If so, taking financial advice is highly advisable.