Viewing posts from: November 2000
How often should I review my financial situation?
By Amanda Johnson
This article is published on: 8th September 2017
08.09.17
How often should I review my financial situation?
This is a good question. Whilst there are no hard and fast rules as to when is a good time for a financial review, here are a few questions you can ask yourself to help you decide if the time is right now:
Have my circumstances changed since you last spoke to a financial adviser?
These could include a change in health, new jobs, reduction in income, bereavement or simply a change in personal goals since you last reviewed your finances.
Have any recent articles or programmes caused you concern?
The internet provides us with a wealth of information, through news programmes and social media which is sometimes difficult to decipher.
Do you know how any investments you have are performing?
Financial performance on different investments is based on many factors and knowing how your money is invested can ensure that it matches your outlook.
How much tax are you paying on your investment?
To encourage people to invest, the French government allow for certain tax efficient investments which can reduce your annual tax bill.
When did I last review my finances or speak to an independent financial adviser?
If not in the last year or so, now may be the time to check that you are making the most of many straightforward investment and tax planning opportunities that are often overlooked.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below and I will be glad to help you. We do not charge for our financial planning reviews, reports or recommendations.
Tips on choosing a Financial Adviser?
By Amanda Johnson
This article is published on: 11th July 2017
11.07.17
This is a very important question and one raised many times in forums and during seminars. I think there are six key factors in choosing a financial adviser who will be right for you:
Can I work with the adviser?
A financial adviser is someone who is not just here for your needs today, but someone who will be around for the long term. As your needs change, your adviser needs to be able to go through these changes and tell you when the French or UK government make changes that can impact your financial position.
Who do they work for?
It is important that you get an understanding of the company your adviser works for. Google them, or look for forum threads, to see how other expatriates have found dealing with them. It is important to know not just that they have a good reputation, but that they are quick to act in the event of any issues which may arise.
Are they regulated within the country you live?
Whilst the UK can still “passport” financial products to the EU, there is no guarantee that this will continue seamlessly after Brexit. One way you can ensure whatever happens that you face the least amount of change is to deal with a company regulated in the country where you live.
What is the advisers experience and history with their company?
Has your financial adviser a history of financial advice and not just a background in financial services? You want to ensure that the knowledge they have is relevant to your financial needs. It can also provide comfort if you know your adviser has been with their current company for some time.
Can they provide testimonials from recent customers?
There are few better ways of putting your mind at rest than asking your adviser if you could speak over the phone to one of two of their existing customers. It provides great peace of mind, when looking at a new financial partner.
Are they open and transparent, regarding any costs and fees involved in using them?
When you first meet your adviser, ask them for any terms of business and how working with them would progress. Be sure to ask whether there are any upfront costs involved and what the ongoing fee structure will be. You should know in advance of any commitment how they will deal with you and your estate.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
What can I do to minimise any potential impacts of a tough Brexit process?
By Amanda Johnson
This article is published on: 11th May 2017
11.05.17
This is a question many expatriates are mulling over, now positioning for the upcoming negotiations has started. First and foremost, I remind my customers that the process to leave the EU is widely anticipated to take the full two years set out in article 50, so the only immediate areas people should focus on are changes in the U.K. and French budgets.
As the negotiations progress however, there are steps you can take which will ensure that any effects to you are minimised:
- Does your adviser work for a French registered company, regulated in France?
Working with adviser who operates and is regulated already under French finance laws means that any change in the UK’s ability for financial passporting will not affect you.
- Is your Assurance Vie held in an EU country, not part of the U.K.?
Again, any issues the U.K. may have to solve regarding passporting are negated by ensuring your Assurance Vie is already domiciled in another EU country.
- Have you reviewed any U.K. Company pension schemes you hold, which are due to mature in the future?
The recent U.K. Budget saw the government levy a new tax on people moving their pensions to countries outside the EU. There is no certainly that this tax will not be extended to EU countries once the U.K. has left the union.
The process of leaving the EU is very much unchartered waters and whilst I certainly do not recommend anyone acts hastily, a review of your financial position in the next few months may avoid future headaches.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
Achieving financial stability in France
By Amanda Johnson
This article is published on: 31st January 2017
31.01.17
When looking at achieving financial stability in France, budget planning and regular savings are two ways which can help smooth out any bumps in the road. Unexpected expenditure can put immense pressures on most families and adopting a few simple actions from today can really help you, in the event of an issue arising.
The first thing to do is understand exactly how much money comes in monthly. For those who are salaried or on pensions, this can be easier than those who work for themselves. If your income is erratic, it is worth looking at your last 12-24 months’ bank statements and seeing if you have seasonal income or regular money coming in.
Once you have an idea of the size and regularity of your income, you should then look at your expenditure and again look at when these monies are due, not just the amounts. Include all bills such as car servicing, insurances, taxes, average food costs and aspirational costs such as holidays, birthdays, new white goods etc…
The third step is to look at these figures/estimations and get an idea of your personal cash-flow. e.g.:
|
Jan |
Feb |
March |
April |
May |
June |
etc. |
| Income |
€1500 |
€1500 |
€1500 |
€1500 |
€1500 |
€1500 |
|
| Expenditure |
€1300 |
€1400 |
€1850 |
€1500 |
€1100 |
€1700 |
|
|
|
|
|
|
|
|
|
| Surplus/deficit per month |
+€200 |
+€100 |
-€350 |
€0 |
+€400 |
-€200 |
|
|
|
|
|
|
|
|
|
| Running Balance |
+€200 |
+€300 |
-€50 |
-€50 |
+€350 |
+€150 |
|
Now you can see your anticipated income verses expenditure on a month by month basis, it is possible to spot “pinch points” (March & June in this example) and plan to get around them:
- Can some of the March or June expenditure be put back a month?
- Can I increase my income slightly by working a few additional hours or taking on a few extra orders?
- Can I reduce by bills by swapping suppliers?
- Can I reduce my food bills by shopping at alternative supermarkets or growing things myself?
Finally, I recommend a plan to overcome any emergencies, which may arise. It is worth sitting down and discussing what emergencies may merge and their cost, both in what you spend to fix them plus any income you may lose in lost time. Emergencies can include boiler failure, serious car repairs, recovery from accident of illness and returning to the U.K. to support family needs. Whilst you cannot plan for every eventuality, you can get an idea of the likely maximum cost of one of these emergencies becoming a reality. You can now ensure you have a plan in place to implement and overcome the stress an emergency invariably brings:
- Does your budget plan show a regular surplus which can start to save regularly to cover an emergency?
- Do you have a credit card with a sufficient credit balance to cover your emergency cost?
- Do you have a good track record with your bank, which would enable you to take a 3-6-month payment deferment on any mortgages or loans and get your cash-flow back on track?
- How easily and quickly can your current investments be partially encashed to release monies to cover the emergency?
I hope that this article enables some of the mums here to plan more effectively. Knowing when your money comes in and goes out, working around “pinch points” in advance and preparing for how to deal with the costs of an emergency, will help you in handling issues when they do arise. It will also reduce stresses and strains on your personal and family life which can arise.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
This article first appeared on MUMS SPACE FRANCE Money Matters
I have a long term relationship with a UK regulated financial adviser, why should I speak to French regulated one?
By Amanda Johnson
This article is published on: 14th September 2016
14.09.16
Many of us have banking and financial services relationships from the UK and whilst you may feel a financial review now you are resident in France isn’t urgent or important the benefits can be enormous. A full financial review can be free and you should always ask what costs are applicable to any consultation you arrange. Some of the benefits include:
Capital Gains Tax – Certain tax efficient savings and investments recognised by HMRC would not qualify under French taxation, leaving you with a tax bill on the gain element.
Inheritance Tax – UK inheritance tax planning is very different to that in France and even though you can opt to have your UK will recognised in France, tax on your estate will be based on French tax rates and laws.
Compliance with the French tax system – Knowing how and when to declare your investments and savings can avoid financial penalties for non-disclosure.
It is very important to remember that whilst your UK financial adviser has been of great service whilst you were resident in Great Britain, if they are not trained and regulated in the country you now live the French authorities will still expect your financial affairs to fully comply to French laws and this may mean you are presented with an extra tax bill for any non compliance.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
French Social charges on UK pensions and investment income
By Amanda Johnson
This article is published on: 13th November 2015
13.11.15
I read online that there have been several changes to Social charges on UK pensions and investment income for British expats living in France. Is this true?
This question is very pertinent at the moment, as there have been changes and there is a time limitation on some of the possible reclamations. Therefore, prompt action is needed.
Since 27th July 2015, it has been ruled by the French Government under “Le Conseil d’Etat no. 333551” that if you are in receipt of a UK State Pension and an S1 Certificate, that the UK Government pays for your healthcare costs in France.
If this is the case (and there are some exceptions) then the French Government cannot charge you any social charges on these incomes.
They have also stated that you can reclaim any social charges paid on earnings in 2012 (2013 Avis d’Impot) and since this date. You will firstly need to check your 2013, 2014 and 2015 forms, detail any social charges paid and send a letter in French claiming this back from your local French tax office, referencing “Conseil d’Etat no. 333551”. I recommend you send this recorded delivery as timescales apply.
The deadline for 2013 reclaims is 31st December 2015 so it’s a good idea to get these sent off as soon as possible and, as your application may be the first your local tax office has received, be prepared to have to follow up your letter with a personal visit.
If you would like to discuss your personal situation please get in touch!
Whether you want to register for our newsletter, attend one of our road shows, follow my blog or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
Do I need help planning my finances in France?
By Amanda Johnson
This article is published on: 12th June 2015
12.06.15
If you are not sure whether you want or need a financial review at the moment, why drop into one of my financial surgeries for a coffee and an informal chat?
Financial Surgeries July-September 2015
What are they?
An opportunity for you to speak to me locally and informally about your personal situation. I can answer any questions that you may have about tax efficient savings and investments here in France, as well as helping you understand your pension options since the UK pension changes. We can also cover Inheritance tax planning and an update regarding the new laws taking effect in August 2015.
Where they are?
Café du Cour, Vouvant Wednesday 9th July 11.30 until 14.30pm, Wednesday 9th September 11.30 until 14.30pm
Brasserie Vue du Chateau, Bressuire Friday 24th July 11.00 until 1pm, Friday 25th September 2015 11.00 until 1pm
Do I need to make an appointment?
Whilst there is no need to make an appointment, however, if you do let me know you are coming in I can ensure that I am not double booked.
Why not pop along for an informal chat?
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
Are you thinking of moving to France?
By Amanda Johnson
This article is published on: 10th March 2015
10.03.15
Question:
I am planning to move permanently to France but am not sure where to go for information on the differences in regulations regarding tax, inheritance and pensions between France and my current country of residence?
Answer:
Whilst there are a number of forums and websites offering opinion and suggestions regarding the differences in French taxation from where you currently live, it is worth considering the following points before you make any decisions:
What experience does the person/site/forum have in this field?
- Ensuring that the information you want is accurate, relevant to the country you will be living in and free of any personal bias and opinion, is vital in enabling you to make the right choices going forward.
Is the information you will receive regulated in the country you will be living?
- Rules and regulations in the country you are leaving will most likely be different to France. Making sure the recommendations you receive are based on what is best for you as a French resident is very important.
Has the person providing you the information personal experience of your questions?
- It is always a comfort to speak to someone who has ‘walked the walk’ and not just a casual or second hand grasp of your questions. Personal experiences can often assist people getting used to new legislations and bureaucracy.
Whether you want to register for our newsletter, attend one of our road shows, Le Tour de Finance or speak to me directly, please call or email me on the contacts below & I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
Pension workshops in 2015 – Deux-Sèvres
By Amanda Johnson
This article is published on: 14th December 2014
In November 2014, I was invited by Micala Wilkins of the “Ladies in Business in France” Facebook group to present a pension workshop to those within the group who have moved to France, are working here and wanted to know more about planning for their retirements. Choosing a small venue so that I could focus on the individuals present, we covered the following areas:
- What pension am I likely to receive from the UK when I retire?
- How is the French state pension calculated?
- What income will I require when I retire?
- How can I make up any difference between what I would like to receive and what I can expect to receive?
The delegates all found the information very useful and informative, as you can see from these event testimonials:
“It was a really useful meeting, thanks for organising it – Amanda Johnson gave us some interesting information and plenty to think about:)”
“It was a great session and certainly gave lots of food for thought!”
“An informative session on how, as expats, we can find out what our UK pension entitlement is, how we can maximise our full UK pensions and the steps we can take to get as much of a French pension as possible”
Subject to sufficient interest, I will be happy to conduct more workshops covering pensions, or any other areas of financial planning that readers of The Deux–Sèvres Monthly magazine or any others may want. If you email me your name, postcode and area of interest, I will endeavour to arrange local events throughout 2015.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below and I will be glad to help you. We do not charge for reviews, reports or recommendations we provide.
What New Year’s Resolution can I make for 2015?
By Amanda Johnson
This article is published on: 18th November 2014
As 2014 draws to an end and we look forward to spending the festive period with family and friends, there is one New Year’s resolution that you can make which will benefit both you and your family and that is to make sure that you review your finances in 2015.
2014 has seen the UK Government make changes to pensions, the French Government levy Social Charges on areas not previously charged and a joint agreement on Wills which is due to come into effect during 2015. On top of this, there is constant media concentration on whether the UK is better off in or out of the EU. Bearing all of this in mind, it is worth taking advantage of a free financial review to ensure your savings, investments & pensions are working for you in the most tax-efficient manner and that they match your goals and aspirations for the future.
A free financial review will include the following areas:
- Investments – to ensure they are as tax efficient as possible
- Inheritance tax – to minimise the amount of inheritance tax imposed and increase your say in where you money goes after you die.
- Pension planning – putting you in better control of planning for your future
Whether it has been a while since you last looked at your finances or you are unaware of how changes both in the UK & France could affect you, a decision to take a free financial review could be one of the best New Year’s resolutions you can make.
Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me on the contacts below and I will be glad to help you. We do not charge for reviews, reports or any recommendations we provide.
Have a Merry Christmas and a very Happy New Year.
