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 Andrew Southgate


 

 

   

 

 

 

Articles in this section are supplied by Andrew Southgate, Private Client Manager at Blevins Franks. 
Find out more about Andrew on their website.

 

    

 Andrew Southgate      



Why it’s time to ‘think local' for your financial planning
Finance
Tuesday, 13 April 2021

In these times of restrictions and lockdowns, our worlds have become a lot smaller. Whether this will have a long-term effect on your travel, lifestyle and shopping habits will be a personal matter. But with Brexit now here, UK nationals living in Spain have good reason to permanently ‘think local’ when it comes to financial arrangements.

Just as UK citizens lost automatic EU freedom of movement on 1st January, many UK financial businesses lost the right to provide banking and investment services within the EU. If you are Spanish resident but still use a UK bank account, other financial products or a UK-based financial adviser, make sure you check where you – and your money – stand.

 
4 key benefits of effective tax planning
Finance
Tuesday, 13 April 2021

As well as a lower tax bill for you and your heirs, strategic tax planning can help provide estate planning advantages and boost investment returns.

When it comes to your savings and investments, is your main objective to preserve your wealth, provide an income or generate growth? Perhaps it is all of the above? Whatever the answer, tax planning plays an important role in protecting and making the most of what you have.

While the tax tail shouldn’t necessarily wag the investment dog, there are numerous benefits to strategic tax planning, especially for expatriates who have cross-border considerations. Here are four of them. 

 
Modelo 720 March deadline – What do you need to do?
Finance
Wednesday, 17 March 2021

Long-term residents of Spain will be familiar with Modelo 720 (Form 720), but newer residents may be unclear on what they have to do.  The penalties are prohibitive, so you need to get it right.  The deadline, as every year, is 31st March.

 

If you were tax resident in Spain in 2020 you are legally obliged to submit a Modelo 720 declaring the assets you own outside Spain worth over €50,000.  This is not a tax return as such; you need to complete it over and above your income and wealth tax returns.

 
UK Budget 2021: What are the implications for you?
Finance
Wednesday, 17 March 2021

While there was little in the way of immediate changes in the latest UK Budget, the freezing of some allowances is set to increase tax bills in the long run.

This year’s UK Budget predictably focused on ongoing pandemic support, bringing very few changes to personal taxes. Chancellor Rishi Sunak did, however, introduce some longer-term measures to collect more tax by freezing the main allowances and exemptions for the next five years.

According to the Office for Budget Responsibility (OBR), the overall impact of these measures will be that the UK’s tax burden will rise to its highest level since the 1960s!

So, what changes in April may affect UK nationals living in Spain, and what can you do to minimise any negative impact?

 
Wealth tax reductions in Andalucía
Finance
Tuesday, 16 February 2021

Residents of Andalucía are affected by two annual government budgets: the state budget and the regional one.  The autonomous communities in Spain can adjust the local half of the income tax rates and adapt rates and allowances for wealth tax and succession tax. 

The good news this year is that, although the state has increased the top rate for wealth tax, this does not affect us in Andalucía – in fact our rates have been reduced. The state has imposed new higher income tax rates, but this is only on a high level of income and not many people will be affected. 

 
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