Joint venture between Holborn Assets and Vantis plc formed to assist UK expatriates in UAE
UK expatriates have been urged to keep abreast of the UK tax system at a time when an increasing number of expatriates are shifting their sights to the UK property market following a fall in house prices and favorable exchange rates for the US dollar against the Sterling.
The call came at a recent conference held in Dubai, which was designed to assist UK expats in the UAE with British interests on tax matters.
Holborn Assets, a UAE based company belonging to Holborn Group, has announced a joint venture with Vantis plc, a listed UK Top 13 accounting, tax and business recovery company at the conference.
Robert Parker CEO of the Holborn Group: “Many expats who have been living here enjoying tax free incomes forget that they may have annual tax reporting obligations to the UK authorities. If they retain UK domicile or maintain some assets in the UK then there are clear tax implications”.
The conference explained the various tax obligations and the steps needed to be taken to minimise liabilities.
Parker added: “The UAE has no direct personal tax regime or corporate tax structure. The conference was therefore concerned only with expat liabilities to the UK tax authorities. Many people based in the UAE are now looking at the UK housing market as an attractive proposition following the fall in house prices in the UK and the favorable exchange rates for the US dollar against the Sterling”.
Parker added: “In keeping with an emerging consensus, we believe that we are no longer in free fall in this economic downturn. Globally, although unemployment is still reckoned to grow for the next few months, most indicators are beginning to turn positive. The famous "de-coupling" of the emerging nations from the US/Western axis may be proven to be more than a chimera. Both India and China have massive internal demand structures and their GDPs are less reliant on export led growth”.
Parker says it is time to return to global equity investing and he rates India as the best bet. As far as Dubai is concerned he is fundamentally bullish about the Emirate's prospects. Everyone now sees that growth had got out of hand and debt leverage is hurting today. But massive assets have been built and the fundamentals - geo-political, foreign direct investment, benign tax regime, climate - will assure that Dubai and the region generally will regain momentum and become a prominent global player.”
Roy Faichney, Director of Vantis Plc, said: “This conference and the joint venture going forward offered a service to these investors to ensure their investments and UK assets and properties are purchased using the most tax efficient vehicles. We are uniquely placed to offer this advice as our group of consultants are ex-Inland Revenue men.”
Vantis plc is an AIM listed UK top 13 accounting, tax and business recovery and advisory group.
Faichney added: “The objective of this Joint Venture with Holborn is to be the provider of choice for ambitious organisations from the UAE (from owner-managed businesses to listed companies and not for profit organisations), high net worth individuals and other professionals. As entrepreneurs with entrepreneurial clients, Vantis is constantly finding new ways to solve business issues. We work with like-minded people who challenge the process and make a difference. We are qualified accountants and business advisers providing an innovative, flexible and commercial approach to doing business.”
Vantis has specialist sector groups to help clients achieve their objectives, as well as individual experts who can meet the needs of clients outside these areas.
Most businesses encounter problems at some stage, even those managed to a high level of competence, and many of the problems are not of their own making. Successful business turnaround is usually achieved as a result of management having confronted their difficulties at an early stage and sought quality specialist help.
The Holborn Group provides a wide range of financial services to its clients. Occasionally it will look for qualified partners to support this "holistic" financial planning approach. Vantis Plc is a leading UK based tax and accounting advisory group who will become Holborn's clients tax planning advisors. Thus Holborn acquires the expertise it needs for its clients and Vantis gains access to the expat community in the UAE.
More than 150 high net worth UK expats attended the conference held at Jumeirah Beach Hotel. The Holborn Group has 5,000 clients in the GCC and 34 UK qualified advisors. It is the only organisation in which all consultants are qualified to UK Chartered Insurance Institute standards.
