New expert NZ financial/legal service

Three experts have come together to provide a specialist tax, financial planning and legal service for those departing the UK for New Zealand as well as for those moving to UK from New Zealand. They are Geraint Davies, Managing Director of Montfort International plc, Michael Reason, Limited Partner of Michael Reason & Partners LLP (Anglo-New Zealand lawyers) and Greg Rathbun, Director of Gilligan Sheppard, New Zealand based Chartered Accountants.

The service has been launched because:-
• UK and New Zealand’s tax rules which can offer exceptional tax and financial planning opportunities for those migrating between NZ and UK
• Qualifying Recognised Overseas Pensions Schemes (QROPS) need to be specially managed and all three parties have completed preliminary work in order to launch a custom built, compliance driven Self Managed QROPS/NZ Superannuation scheme which will involve meeting the requirements of HMRC and New Zealand Government Actuaries Department
• A Service is needed to ensure that when New Zealanders come to UK to work; the financial advice they receive does not conflict with their NZ advice and vice versa for those moving to New Zealand
• They will be able to regularly exchange changing Technical Regulatory Material
• The firms involved will be a resource for Accountants, Lawyers and Financial Planners in both countries who do not have the technical resources to handle this complex technical area on a day to day basis.

The fiscal relationship between the UK and New Zealand is in many ways complementary and beneficial if used to its best advantage. With an integrated team of advisors to individual migrants and returning nationals, the three plan to maximise the value they can add to the returning nationals and migrant’s estate and financial plans.

Award success for Montfort

Money Marketing magazine’s 19th Annual Financial Services awards, which took place at the Grosvenor House Hotel on Thursday 5th March 2009, were hosted by the stand up and presenter, Dara O’Brien. The event acknowledged excellence in the provision of workplace financial advice, products and consultancy services.

In the first year in which there was a class in which it was eligible to compete, Montfort International was awarded third place in the category ‘Small Company IFA of the Year 2009’ in recognition for its work in the field of overseas pension transfers and QROPS advice.

When should I seek tax and or financial advice if moving to Australia?

If your visa affects your tax status (as it does in Australia) the answer to the question has to be that you ideally need to take advice before you apply for your visa. So choosing the wrong visa or entering Australia at the wrong time of the tax year can create for you or lose you tax advantages – as well as delivering the unwanted tax bill. Even the bank account where monies leave for Australia from has tax consequences in Australia! Is it straightforward? Many raise this view however given enough time to plan ahead it can all fall neatly into place.

Many intending migrants will not be used to taking advice which doesn’t result in the purchase of a pension or mortgage or savings product, but migration financial planning doesn’t work that way. One should not assume advice of this nature, i.e. taking international tax and financial advice is for city slickers. This is a serious and potentially costly error of judgment, especially in today’s economic climate where countries are short of tax revenue. But just as tax can hit your pocket it can deliver benefits, didn’t someone once say tax doesn’t have to be taxing? Yes there are tax advantages out there – especially if you have a job offer or want to rent out your home, but these major advantages are invariably lost or eroded if planning is last minute.

It was essentially January 1993 when someone typically with a few thousand pounds in the bank and a pension with two or three years of service need not take advice before departure. It’s all changed. It’s akin to that perennial question of “Did you pack these bags yourself? If you think financials similarly you are on the right track and today’s savvy migrant will know and be eager to take advantage of the opportunities out there and pack there are financials the Australian way.

For more personalised advice phone Montfort International on 01483 202072 or visit their website - http://www.miplc.co.uk/