If you live in one country, work in that country, do business in that country and pretty much manage all of your financial affairs in that same country, your taxes will be relatively simple and straight forward. However, these days work, business and trade is expanding more and more and many more people are finding themselves doing business with many different countries around the world. These situations are when you might need international tax advice.
The tax laws of each nation are different and when you start mixing them together the situation can become quite complicated. What are the tax implications of a cross border transaction? How do your taxes work if you live half the year in one country and half in the other? An accountant who is only familiar with their own nation’s tax laws might miss out on important tax liabilities or opportunities. International tax advice is essential for these situations.
How do you know if you need international tax advice? You know you need it when...
- You are an expat who lives outside of your home country and you are not sure whether you should cut tax ties or continue to pay taxes to your home nation.
- You own a business which imports and exports products across borders and you want to avoid your imports and exports from being double taxed.
- You have chosen to set up your business abroad and you will need advice on how the foreign tax system will have an effect on what you are doing.
- You plan to work abroad for a short time or even permanently. International tax advice accountants can help you to make sure that you have resolved your tax situation with the authorities in your home country as well as minimized your taxes in your new environment.
- You are planning on establishing a business which will cover more than one country and you want to know how you can manage the tax effects so that you can set up the businesses most effectively.
These are just a few of the most common situations when you might need international tax advice. If your taxes involve interactions with multiple countries and they are complicated by international tax law, don’t leave them for a general accountant who might make a mistake. They are better off in the hands of someone who specialises in international tax law and can make sure they are filed correctly.