UK residents have longer to appoint tax representative
The deadline for UK resident taxpayers to appoint a tax representative in Portugal has been postponed for one year, until 30 June 2022.
In an order dated 30 April, the Assistant Secretary of State for Tax Affairs, António Mendonça Mendes, revoked another order signed by himself just four months ago, which imposed the deadline until June 30, 2021.
The designation of a tax representative is mandatory for all holders of a Tax Identification Number (TIN) residing in countries outside the European Union (EU), which is effectively the case in the United Kingdom since January, after the post-Brexit transitional period.
6 tips for protecting and growing your wealth
With current global economic uncertainty, prolonged low interest rates and the new Brexit landscape, it is more challenging to achieve decent returns and make the most of your money today.
At times like this, careful planning plays an especially important role in securing financial security over the long term.
Here are six key tips that can help.
1. Customise your strategy
It is crucial that your investment approach is designed to meet your particular circumstances and goals, including your risk tolerance and income needs. For example, are your financial arrangements tailored for your life in Portugal, where your expenses are mostly in euros, or are they actually better suited to a UK resident? Beware that, since Brexit, some UK savings and investments could attract a higher tax bill now that they are no longer EU/EEA assets.