Chase Belgrave has reported that over the last 20 years expat entrepreneurial ventures have surged in numbers. More and more people are trying their hand at creating their own business abroad and putting their livelihood into their own hands.
So what makes a good expat entrepreneur? What measures can you take to help your business succeed? If there was a definitive formula we would all be millionaires by now, but while a perfect answer is not available, there are certainly steps to take that will help entrepreneurs along the way. Chase Belgrave say the most important aspect of your quest is the business idea itself, this is the foundation, the essence, of the business so you need to think it through carefully. A key facet of business development is having the foresight to plan. It’s easy to get swept up in the here and now, but to be successful you should have a good idea of what you expect from the business in years to come, and you’d be surprised at how many wannabe entrepreneurs neglect this. Think about the scale of your idea, how far can it go? How much money will you need for it to reach its peak? When will it break-even? With a clear future outline investors will be more open to pledging cash into your venture. Ultimately to key to being successful in business is planning. If you plan your finances with the aid of financial planning helpers such as Chase Belgrave in a direct and sensible manner you will only help your business succeed. | According to the offshore finance website Chase Belgrave, expats can receive certain tax allowances and refunds which they may not be aware of. Those leaving the UK during the middle of a tax year may not have received all the benefit allowances they are entitled to, in some cases expats may also be able to reclaim on taxes they have already paid.
Non residents are entitled to tax allowances, but if they have income coming in through the UK, they should ensure the assets are held jointly held with a partner or spouse. Transferable assets, such as cash deposits, should be put in an offshore account, in jurisdictions such as the Channel Isles and the Isle of Man. This way interest can be gained that is not taxable in the UK. You must also establish non-residency status. To do so you will need to sever links between yourself and the UK, just spending time overseas is not enough. Generally you must spend less than 91 days in the UK, but there is still more to do. People with families remaining in the UK may find it difficult to convince HMRC they are non-residents. Make fully aware of the tax regimes of your new country, and speak with a tax adviser in your new home, Chase Belgrave recommends you contact an international IFA, someone versed global tax matters. |