Expat tax - Page 3

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Expat tax - Page 3


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  #21 (permalink)  
Old 11th March 2013, 08:00 PM
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Quote:
Originally Posted by canoeman View Post
The Tax Law has changed it's now necessary to make a return if your pension/s are +293€ pm but this doesn't necessarily mean you'd pay any tax, it's advisable to use an account first year or so to understand system and if there's any claimable items in your income, expenditure
Many thanks. My pension is taxed at source which means The Tax Master in the UK gets the tax prior to me receiving my pension. Am I wrong in assuming that I would not be taxed again in Portugal, if I am already taxed in my country of origin? I better chat to an accountant

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  #22 (permalink)  
Old 11th March 2013, 08:53 PM
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Your not taxed on same income twice, you still need to declare and show tax paid in UK. Reguires careful record keeping as it's 2 UK Tax years into 1 Portuguese tax year.

Do you mean you receive a UK Pension that has to be taxed in UK, like a Civil Servants if so it can be worthwhile opting for any other allowances, pensions that don't have to be taxed in UK like a standard state pension to be taxed in Portugal, you still receive your max UK Personal Allowances so reduce your UK tax liability, it's something that needs to be checked but worthwhile if sums add up
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  #23 (permalink)  
Old 11th March 2013, 09:15 PM
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My National Health Service pension is taxed at source so I am assuming it has to be taxed in the UK. I need to check whether or not it can be transferred untaxed under the Portuguese taxation system. I am not yet eligible for State pension but will check this and other allowances, too. It would be easier to deal with one place only. Can one defer tax returns in Portugal?

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  #24 (permalink)  
Old 11th March 2013, 09:55 PM
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Generally NHS pensions can only be taxed in UK, if you where opted out then you can elect UK or Portugal.
I know it sounds complicated but really depends on the value of the NHS pension and whether it's financially better for you pay UK tax on the portion that must be taxed in UK and possible tax on other allowances, pensions here, either way you still have to make a return here.

No deferrals, if we presume your a resident at Jan 2013 then tax year runs Jan to Dec, IRS filed March to April 2014 late filing attract fines

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Old 11th March 2013, 10:46 PM
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Thanks Canoeman. You are a wealth of information. I will try to sift through all this. I am sure I will panic again tomorrow and come back to whine. Until then, Thanks again

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  #26 (permalink)  
Old 13th March 2013, 09:39 AM
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You need to do another post, I can then send you an article that explains the possible benefit in declaring the parts of your UK pension that can be taxed in Portugal

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Old 13th March 2013, 12:04 PM
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Good morning Canoeman. I have been in Portugal since last spring. I am not certain if I need to declare my income now(March/April 2013) or next year (March/April 2014). I would really appreciate more information on declaring my income here. Regards

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Old 13th March 2013, 12:14 PM
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Officially Financas could therefore consider you a Resident for tax purposes, as you've now decided to stay then I would register your Residence here, get the S1 form from Newcastle, register that with your regional Social Services and then register with the Health Service and declare taxes for tax year 2013 from your date of residence in March/April 2014.
I'll send a PM

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Old 26th April 2013, 07:00 PM
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Quote:
Originally Posted by fromhereonout View Post

... I need to speak with someone there, an accountant or lawyer, that knows more than me about this stuff, but we would be self-employed. I recently started a business online and our income would be coming from that. Anyway, not 100% sure about which income taxes fall under that tax holiday or not, but since we are still so young we don't really have any other income or pensions or retirement or inheritance, etc. Appreciate any feedback or knowledge you guys have, and I hope things are going well over there!

Preston
Hi Preston, I was just wondering if you had any luck researching the tax rules regarding your internet business, and if you can recommend a professional to talk to in Portugal (hopefully Lisbon area). I too own an internet business and was wondering if keeping it registered in the US is the best and simplest way to handle it from a taxation perspective or if I should shift it offshore.

Cheers, Bru.

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  #30 (permalink)  
Old 26th April 2013, 07:38 PM
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Where it is doesn't really matter although its sensible to locate in the most advantageous place, as a Portuguese Resident you are bound to make a yearly IRS declaration part of which is reporting Worldwide income as is common to most countries, so location of the internet business should really be in a country that has a Dual Tax Treaty with Portugal otherwise you'll get taxed twice on same income of if you place in an "offshore" a higher rate of tax, Portugal also has disclosure agreements with a lot of "offshore" countries so beware

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