rodo
18th April 2009, 07:41
Hello ,As a new member I have been advised to seek out help in this forum, JOE BLOGGS two folk said might know or we both would be most greatful for any help or adviice .
Two main questions , My wife Teresita uk resident here married to me for 18 years now but philippino and I wish to retire to the Phil;ippines , Teresita bought a small house there for us a few years back so we have a place to live.
I understand she can join the SRRV retirement programe for a fee, and myself as her spouse can join in as well smaller fee seems to offer benifits at a price and advice yes or no on this .
I do know there is a balikbayan stamp but for just one year and reports that say after 4 years a refusal on the return leg is not unknown for some , Any advice please better or not than the above SRRV
Next question my accountant wants me to find out TAX in the philippines . He is not an expert on Philippin Tax of course but who is in the UK where to look.Income no job we are retiring so not so much from pension, endowment , our house we have here rent or income if we sell the house and invest the money here.
We do know It seems as there is a reciprocal agreement ,my accountant is saying in effect I can be taxed in either country we choose .. I would not have to be taxed in both, If I was taxed here on any house rent income or if we sell up instead income from the money invested here and pension and endowment income and lived 100% in the philippines I would lose my allowances here ! just have to pay the UK goverment straight tax no allowances going to be expensive ?? One solution we both would have to return here every year for at least 91 days to be able to claim these lost tax allowances aprox £6500 each on our income here but three months a year every year might be too much to do and expensive also, so need advice on this one too.
But I could have the option of paying tax in the philippines says the accountant and not here ,but knows little about tax for retirees like us with the above not large income, So need answers how much and what you have to pay to the philippine tax system over there and is this a good or bad option so help please if any one does this or can say if its good or bad Taxed in the philippines.,
Any help or advice of someone with these things sorted out allready and what is best I do thank you to let Teresita and myself know what we would be best to do Regards Rodney
Two main questions , My wife Teresita uk resident here married to me for 18 years now but philippino and I wish to retire to the Phil;ippines , Teresita bought a small house there for us a few years back so we have a place to live.
I understand she can join the SRRV retirement programe for a fee, and myself as her spouse can join in as well smaller fee seems to offer benifits at a price and advice yes or no on this .
I do know there is a balikbayan stamp but for just one year and reports that say after 4 years a refusal on the return leg is not unknown for some , Any advice please better or not than the above SRRV
Next question my accountant wants me to find out TAX in the philippines . He is not an expert on Philippin Tax of course but who is in the UK where to look.Income no job we are retiring so not so much from pension, endowment , our house we have here rent or income if we sell the house and invest the money here.
We do know It seems as there is a reciprocal agreement ,my accountant is saying in effect I can be taxed in either country we choose .. I would not have to be taxed in both, If I was taxed here on any house rent income or if we sell up instead income from the money invested here and pension and endowment income and lived 100% in the philippines I would lose my allowances here ! just have to pay the UK goverment straight tax no allowances going to be expensive ?? One solution we both would have to return here every year for at least 91 days to be able to claim these lost tax allowances aprox £6500 each on our income here but three months a year every year might be too much to do and expensive also, so need advice on this one too.
But I could have the option of paying tax in the philippines says the accountant and not here ,but knows little about tax for retirees like us with the above not large income, So need answers how much and what you have to pay to the philippine tax system over there and is this a good or bad option so help please if any one does this or can say if its good or bad Taxed in the philippines.,
Any help or advice of someone with these things sorted out allready and what is best I do thank you to let Teresita and myself know what we would be best to do Regards Rodney