One common request I get from investors and retirees discussing their financial planning is that they want to take as little risk as possible. They understandably want to protect the value of the capital they have built up over the years.
In many cases they are only thinking about investment risk, and generally just worry about how risky or volatile particular assets are.
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The Interbank rate went above 1.20 at the close on Friday. We repeat the Interbank market!!!
However, it looks like the Pound will start to move slowly towards 1.21 this week. As we said last week this will probably be the top, so again we reiterate that these are good levels to buy the Euro.
This may not last, and as the year draws to a close we may see STG/EUR drift off again.
A new landmark tax agreement between Switzerland and the UK has been generating much activity this year. UK taxpayers had to choose between disclosure and steep withholding taxes, and the UK authorities are now following this up.
The UK/Swiss Agreement on Tax Cooperation came into force on 1st January 2013, to persuade UK taxpayers to regularise their Swiss assets. One way or another all Swiss account holders will now pay tax to HM Treasury.
Freeport's accountants, RSM Tenon Audit Limited (subsequently referred to as Baker Tilly, as they have been taken over) have refused to give an explanation for their errors in preparing Freeport's last published accounts (year ended 30 June 2012).
Baker Tilly are members of the esteemed Institute of Chartered Accountants of England & Wales, so I emailed them to complain about the errors I discovered in the the accounts. The Institute then advised me that it would be writing to Baker Tilly and would reply to me once they had received an answer. I also emailed the head of Baker Tilly, John Abbot (no relation to the current prime minister of Australia, at least not as far as I am aware) to inform him of the situation. Unfortunately, John was too busy earning and spending his £300,000 (plus) a year salary to even bother replying.
EURO, A TIME-BOMB (Part 1) - THE REAL REASONS FOR RECESSION
In a recent article here in the algarvedailynews, 'Real Economy vs Faked Finances' I wrote about the mess Econometrics is in. For instance, monetarism says that financing brings wellbeing, but it ignores the fact that welfare is not only measured in material wealth. Some expenditures in public accounting are bad, like avoidable hospital expenses in dealing with obesity. Instead of using GNP, which also has some avoidable expenses, the UNDP for decades has been using GINI, where wellbeing is added to the pure financial accounting.
The Portuguese government is stepping up its fight against tax evasion again, doubling the number of tax inspectors and investing in new technology. It is important to ensure that all your tax planning is fully legitimate.
The proposed state budget for 2014 does not include any increases to the income tax rates or fixed rates applied to investment income. However the government is looking to increase tax revenue anyway through its crackdown on tax fraud and evasion.
Read the most popular recent articles from Blevins Franks concerning Spain and Offshore Assets, automatic exchange of financial information, tips for a secure financial retirement abroad, and the UK tax man targetting rental income.
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