Introducing corporate accounts with a difference

Businesses that operate internationally often feel they get a poor deal from their multi-currency business accounts.

The accounts can be inflexible, involve high fixed fees, and whenever money is transferred between currencies they often involve an uncompetitive exchange rate and yet more fees.

Henderson Morgan, a new international finance house, aims to change all that.

Ashley Morgan, Director, explains:

‘We felt it was time that small to medium businesses who trade abroad got a better option. So we created two corporate accounts that are highly competitive with anything else in the marketplace. They are both based on what business owners told us they wanted.’

HM BUSINESS VALUE

This account is an honestly-sold, honestly-priced package including key benefits that you will struggle to find elsewhere at this price.

Henderson Morgan describe it as ‘an asset, not an overhead’.

Clients can bank in sterling, euros or US dollars. But in addition, according to the business’s need, funds can be held in one of 15 currencies around the world. Moving money between the currencies is done at excellent exchange rates.

International payment and receipt transactions are also carried out with refreshingly low fees, employing a rapid, secure payments system.

A company MasterCard is supplied as standard, in a currency nominated by the client company.

LInked savings accounts are available.

The account is operated online and by phone: this permits the lower overheads that allow Henderson Morgan to offer such good value.

The opening fee for HM Business Value is £250, and the monthly fee is just £15. For the array of services on offer, it is a bargain.

HM BUSINESS FIRST

In this account, all of the benefits of the Value account are available but in addition to them, Henderson Morgan have added value in three key ways.

HM Business First clients enjoy a personal contact with a named manager who will supply business banking support whenever required.

They get the highest savings interest rates that Henderson Morgan can offer.

And as a welcome addition for the weary corporate traveller, the HM Business First account includes a Priority Pass that allows free access to a range of airport lounges around the globe.

This is truly an account that opens doors, worldwide.

The opening fee for Business First is £500, and the monthly fee is £25.

OTHER BUSINESS SERVICES

The new Corporate Accounts are being joined by a range of other added-value services for businesses and businesspeople. These include –

• offshore company formation
• an offshore stock and forex trading platform;
• merchant services;
• savings accounts without tax deduction;
• wealth management for principals.



The Henderson Morgan Group includes companies registered in the UK, New Zealand and Belize.

The Group has a policy of social responsibility. As such its principals have founded the Florence Ellen Trust, a registered charity. Henderson Morgan Group has pledged to give 10% of its profits every year to the Trust to fund its work in assisting disadvantaged women and children in the poorest regions of Central Asia. Contributions from client companies are warmly welcomed.
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You’ve made it – we’ll help you develop it

If you are wealthy, you know the value of money.

You also appreciate the value of good advice and the strategic management of your funds.

Every person’s situation is different; so Henderson Morgan’s assistance is as individual as you are.

We will give you personal attention and professional advice with:

• Creation of a diversified investment portfolio

• Cash management

• International funds transfers

• Tax planning

• Offshore finance

• Brokerage for your own trading

• Trust creation and management

• Retirement and inheritance planning

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Do you own one or more properties?

If you do, there is a chance that you will have to pay a large Capital Gains Tax bill when you come to sell your property.

If the property is your main residence, you won’t have to pay tax as long as:

• The property was your only home throughout the period you owned it (ignoring the last three years of ownership)
• You bought the property
• Expenditure incurred on the property was incurred primarily to use it as your home
• You did use the property as your home throughout the time that you owned it
• You didn’t use the property for any other purpose than as a home for you and your family (and no more than one lodger)
• The garden of the property do not exceed 5,000 square meters (approximately 1.25 acres)

You may still be entitled to tax relief even if you don’t meet every one of the conditions outlined above.

Please remember that if you are married or in a civil partnership, you and your spouse or civil partner can have only one such residence between you and

However, if the property is not your main residence and you sell the property for more than you paid for it worth there will normally be tax to pay on the profit your made. The first £10,100 (2010/2011) year allowance is tax free.

When working out whether any Capital Gains Tax is payable, you can:

• Deduct the costs of buying, selling and improving the property
• Offset any losses made on the property against other gains
Remember that you can also transfer the property to your spouse or civil partner (if you are living together) without paying CGT.


There are a number of documents that HMRC suggest that you retain when you buy or sell a property, these include:

• Copies of valuations which you are using to work out profits or losses
• Contracts for exchange or purchase of the property
• Evidence of payments for costs you are claiming for the purchase, improvement or sale of the property (solicitors invoices, bank statements showing fees etc


Henderson Morgan’s wealth management team can help you with all elements of tax due. The team can assist you to plan your tax effectively whilst protecting and growing your wealth.

Are you about to become a higher rate tax payer?

The coalition Government, in an attempt to trim the UK’s deficit have taken bold steps to increase the money coming into the Treasury. The tax thresholds are altered annually in line with inflation and generally announced in autumn’s Pre Budget Report. With the proposed changes, the number of people who pay higher rate tax is estimated to rise by nearly three quarters of a million, from 3 million to almost 3.7 million.

Recent changes in the structure of the tax system have been the reason for this huge increase in higher rate taxpayers. When the Government increased the tax free allowance to drag a million low paid workers out of paying any tax at all, they simultaneously reduced the threshold at which top rate tax became payable in order that the middle classes did not benefit. This tax year (2010/11) all earnings above £43,875 are taxed at 40 per cent. However, from April 2011 this threshold will be lowered to £42,475, the Treasury has confirmed.

There is a double whammy because, in addition to the lowering of the tax threshold, National Insurance (NI) rates for higher rate taxpayers will also rise in April 2011. The rate of NI will rise from 11 per cent to 12 per cent.The result people earning between £40,000 to £50,000 and upwards will be significantly worse off than before, anyone earning £50,000 will be £747 worse off next year.If you have children you will face another blow in April 2013 as higher-rate taxpayers with children will lose out on child benefit, costing a family with two children an additional £1,750 per year.

Now is a good time to think about both your immediate tax calculations and long term tax planning, Henderson Morgan’s wealth management team can review your current situation and help you and your family grow and protect your wealth for the future.

Should we move our business offshore

A hot topic around UK boardrooms right now is ‘Do we move offshore?’
Many high-profile UK Companies including HSBC’s CEO moving to Hong Kong, WPP’s board heading to Ireland, Ineos moving its HQ to Switzerland and Regus migrating to Luxembourg. And Wolseley has just announced plans to move to Switzerland, citing tax savings of around £27 million.
But this is not just restricted to the large multinationals; many smaller AIM-listed or privately held businesses are also relocating. In reality it is far easier for SMEs to move as they are more flexible and moving offshore can offer substantial commercial, administrative and tax advantages for a business.

• Better proximity to markets-with emerging markets still growing fast, prospects in Asia are particularly strong at the moment and Singapore and Hong Kong are favoured hubs for trading in the region.
• Accessing local talent pools- many offshore locations offer large pools of expertise, for example, Switzerland and Ireland for pharmaceutical companies.
• Reducing the burden of compliance-compared to company administration in the UK, countries such as Luxembourg or the Netherlands may offer greater simplicity, transparency and certainty.
• Improve cash flow-There are some very favourable tax incentives on offer, with effective tax rates potentially around or below 10%. into the commercial, tax and legal issues to consider in each jurisdiction.

One thing is certain, there will need to be real business substance in the chosen location, both to obtain the commercial benefits and to ensure that the structure is tax-effective. Determining the right location is about piecing together your businesses needs like a complex jigsaw and there are many key factors that need to be taken into consideration,
• proximity to markets, suppliers and labour
• operational benefits
• compliance savings
• taxation
• impact on business culture
• costs of relocation
• willingness of relevant personnel to relocate
• short-term operational disruption.

The options are endless, from simple relocation of a single business unit to full migration of the group.
As a first step, it is important to map the components of the supply chain and identify the key value drivers in the business. Each component should then be considered in isolation to determine its optimal location before bringing the whole together. Some of the options to consider include:
• Centralised hubs-these can be set up for support services, such as a centralised buying hub to generate purchasing synergies. Transfers of this nature should be achievable with limited disruption to the wider business, and while savings are primarily operational, there may also be tax benefits. Centralised sales hubs (such as regional hubs in Dubai or Singapore) can offer more significant commercial and tax benefits, although the impact on the business is much greater.
• Intellectual property centres-for many businesses, much of the value lies with their intellectual property; from patents and trademarks to customer relationships and technical know-how. Some companies have transferred their research functions to locations to benefit from tax reliefs or incentives. Others are managing their intellectual property from a centralised global hub. Tax and legal benefits can be very significant. However, care is needed not to fall foul of tax anti-avoidance rules, especially when transferring intellectual property abroad.
• Full migration -various high-profile cases in the press have involved migration. This typically entails ‘inverting’ – setting up a new overall holding company in a favourable jurisdiction – and relocating the board and key decision-makers offshore. This offers maximum flexibility and potential benefits, but there needs to be a strong appetite for change at board level and a good commercial reason.

There is no magical juridcition where to locate depends on business requirements, locations include:
• Ireland
• Switzerland
• Luxembourg
• Netherlands
• Malta
• Cyprus
• United Arab Emirates
• Singapore
• Hong Kong
You next step to consult a specialist team who can guide you through the maze of offshore jurisdiction and work with you to find the solution right for your business. Contact the team at Henderson Morgan who can guide you through the maze advisor@henderson-morgan.com

2011-2012 HMRC Tax Rates

HM Revenue & Customs has published the Income Tax allowances, rates and thresholds, NIC rates, Tax Credit rates and thresholds, and the Individual Savings Account (ISA) subscription limit, to be used from 6 April 2011.

Details can be found at: HMRC Tables Confirming Tax and Tax Credit Rates and Thresholds for 2011-12

As expected, there's been a significant rise in the National Insurance Contributions threshold, (i.e., the earnings level at which NICs start to be due), broadly to match the rise in Income Tax Personal Allowance previously announced. However, the 1%rise in both Employees' and Employers' NICs will mean many will suffer from an overall reduction in net income, despite the increase in tax/NI-free thresholds.

If you need help with any aspect of UK Tax or tax planning to reduce your tax liability, please contact our wealth management team at advisor@henderson-morgan.com

VAT Advice from HMRC

Are you ready for the change in VAT? HM Revenue & Customs warns that the standard rate of VAT goes up to 20 per cent on 4 January 2011 – so it’s worth getting your business ready now.

Introduction
From Tuesday 4 January, you will need to charge the new 20 per cent VAT rate on all standard-rated sales you make from that day onwards.

If you’re in retail, you must use the new 20 per cent rate for all standard-rated takings you receive on or after 4 January. The new VAT fraction for the 20 per cent rate is 1/6 (used to calculate the VAT element of standard-rated gross takings).

If your business issues VAT invoices, you must use the new 20 per cent rate for all VAT invoices you issue on or after 4 January, which are issued within 14 days (or longer period that has been agreed with HMRC) of your providing the goods or services.

Supplies that Span the Rate Change
If you supply goods or services before 4 January 2011, but issue a VAT invoice on or after that date, you can choose to charge VAT at 17.5 per cent.

Continuous Supplies of Services
For a contract that started before 4 January you can choose to charge the old rate, 17.5 per cent, on services actually performed before 4 January, and the new rate of 20 per cent on the value of services actually performed after.

Reclaiming VAT
From 4 January 2011, you may receive VAT invoices with the new 20 per cent rate, as well as VAT invoices with the old 17.5 per cent rate for goods or services you bought before the rate changed. In such cases, you should claim back VAT at the rate shown on the invoice.

Completing a VAT Return
The deadlines for submitting VAT returns remain the same, so you should continue to submit VAT returns in the usual way – whether you send them monthly, quarterly or annually. For returns that span the change in rate, you will need to add together both the VAT on sales charged at 17.5 per cent and those charged at 20 per cent. You then put this total in box 1 of your VAT return.

Countering Arrangements Designed to Take Advantage of the VAT Rate Change
In order to counter businesses taking advantage of the VAT rate change by making arrangements that aim to apply the 17.5 per cent VAT rate to goods or services to be delivered or performed on or after 4 January 2011, anti-forestalling legislation has been introduced. Further details of this can be found in the web link VAT - Change of the Standard Rate to 20 per cent: Anti-Forestalling Legislation

Further Information
HMRC has published detailed guidance on the rate change, which can be found at Increase in the Standard Rate of VAT to 20 per cent.

For further information on other VAT and Excise matters, you can also contact the National Advice Service on 0845 010 9000.

Henderson Morgans wealth management team can help you plan your tax contact us for a a free discussion of your requirements advisor@henderson-morgan

Expat Advice

Henderson Morgan has a multilingual team of advisors who can help you secure cost effective finance to move abroad.
When you move overseas and establish a new life abroad for you and your family you’re taking a significant risk. You’re stepping outside of your comfort zone and leaving behind your network of family, friends and support. With the risk can come substantial reward however, which is why so many of us choose to expatriate.
The rewards can come in the form of anything and everything from better weather to a better salary – with research from HSBC International identifying that on average, expatriate professionals earn up to £20,000 more than their ‘onshore’ peers back home. But how can expats protect their income when working abroad?
This is a question being asked by more and more professionals well aware that they may not have the same levels of employer protection in place when they work overseas. And at a time when job insecurity has never been so rife, we feel it is an important question to ask. You have taken the risk of moving abroad, but you don’t now want to risk your new life overseas, so in this report we look at the main ways you have of protecting your income whilst abroad.

Permanent health insurance must not be confused with private medical insurance – the latter is a monthly amount you pay so that you can have medical care for any ailments when you’re living abroad, whereas the former pays out if you fall long-term sick. The usual payout is between 50 and 65% of your salary, and you will receive it tax-free if you repatriate to the UK, (and in many other nations as well), until you become well enough to work again or until you retire.
This can be a valuable product for those who are self-employed abroad for example, and it is worth looking into your eligibility and suitability for this product if you’re worried about how you and your family would cope and pay the bills if you, the main breadwinner, were to become long-term sick.

This type of insurance does exactly what it says on the tin – i.e., it protects your income if you fall ill and cannot work, or, in certain circumstances, it protects you if you’re made redundant. The payout is usually half your salary, and it is usually paid out for a year – although occasionally for up to 2 years. This is the most common type of protection insurance that expats have in place to cover their salary, because most hope/assume/believe that if they were to be made redundant that they could get another job within a year, or if they were to become ill, it hopefully wouldn’t be an illness that lasted more than a year.

To supplement income protection insurance, critical illness cover is a good additional insurance to consider. This pays out a lump sum if you, the policyholder, is diagnosed with certain conditions or illnesses from cancer to MS for example. However, sometimes such a payout is part of a life insurance plan – so you do always need to look at which insurances you already have to ensure that you’re not doubling up and therefore paying out more than you need to to have the level of cover you need.

Life insurance comes in multiple formats as we discussed in an earlier article, therefore you need to think about what level of cover you want and need, what you want to pay for it each month, and how you would like a payout to be made. For example, you can get a simple insurance policy that will pay off your mortgage if you die at any point during the term of your mortgage. Or, you can have a more expensive policy that pays out a fixed amount if you die at any point during a set term. You can also look at life insurance policies that pay out an income to your family for a set number of years if you were to die at any point during the policy term (

If you are wondering whether you should have life insurance or not, the simplest way to come to the right answer is to ask yourself whether anyone relies on you financially speaking. So, if you have a mortgage then you have a debt and someone is relying on you to pay it off – if only the bank! If you have children, then again, of course you have people relying on you to look after them. In both scenarios you need life insurance.
If in doubt, ask a financial adviser to assess you from a fiscal perspective and to advise you on how you should protect your income as well as how you should be investing your income.

This is another form of life insurance and it can actually work out cheaper than a straight life insurance policy that pays out a lump sum if the policyholder dies. Not only is it cheaper, but many expatriates who have families say that they prefer the way such a policy works.
Basically you sign up to pay your premiums for a fixed term – perhaps the first 18 years of your child’s life – at any point during that term, if you were to die the policy will kick in and pay the remaining spouse an annual sum to look after the child. Of course the income received can be used for any purpose, but the main point of the policy is to look after a family if the main breadwinner dies
As you can see, there are many ways you can protect your income if you’re living and working abroad – you can protect it from redundancy, short and long-term illness and even death. But remember, you need to make sure that you’re not doubling up on any insurances as that is a waste of money, so see whether your employer offers you any type of cover such as death in service, or whether your contract indicates that if you were made redundant you would be entitled to a payout, and then explore your insurance requirements with your financial adviser. They will be able to advise you about what you need, which products are available for you, and how best to structure all your financial affairs when you’re living abroad to make sure that your wealth is protected as well as your family and your lifestyle.

Contact Henderson Morgan today to discuss finance to buy a house abroad.

Tax Advice for Small Businesses

For many small business owners, one of the largest overheads is their tax bill; however, many small businesses are paying more than they need too.
How often have you argued over whose shout it is at the bar; or that the check out person at your supermarket has short-changed you? Yet staggeringly, countless small business owners aren’t willing to set aside any time to understand how to slash their tax bill.
Time and time again, we see many people pay too much tax because of little information and fear of HMRC.
Tax laws changes regularly and all business owners should engage an accountant/tax specialist. Many small business owners try to organise their own tax returns and believe that they could save expert accounting & tax advisors fees, a good tax accountant/tax specialist will save you money.
Remember that you may be paying more tax than you need to!
For a free initial discussion contact the team at Henderson Morgan who can guide you through the complex web of tax regulations advisor@henderson-morgan.com.

What can threaten your assets?

We concentrate on acquiring assets, without thinking about protecting this wealth or it can be passed on to the next generation. The threat to your assets comes from taxation, litigation, creditors, claimant, business failure, family or matrimonial problems, poor annuity rates destroying your pension fund, or some other problem. Whichever is the case do not sit back and take control of your assets today.

Inheritance tax (also known as IHT) is a significant worry for a growing number of people, and a subject for frequently passionate debate. As house prices have risen the number of people affected by IHT has grown, making it a widely held concern. IHT is a tax that is levied not on your earnings, as is the case for income tax, but on the value of an individual's assets upon their death. IHT is levied on the estate of the deceased in other words all of the assets under the ownership of the deceased.
Inheritance Tax is charged at 40% on the value of anyone's estate above the nil rate band threshold which for the 2009/2010 tax year stands at £325,000. The Inheritance tax new rules, which take effect from the 9th October 2007, changed the tax legislation to allow married couples or civil partners to transfer the element of Inheritance Tax free allowance unused on the first death to their spouse when they die. Accordingly married couples and those in civil partnerships now receive a combined tax free allowance of £650,000. The ownership of exempt property is the simplest way to protect the assets from the reach of creditors. Each state has its own laws defining exempt and non-exempt property. Certain property may be entirely exempt while the exemption for other property may be limited to a certain dollar amount. Exempt property include: Primary residence in some states- the homestead exemption, Household furniture and furnishings, clothing and jewellery, tools of a trade or business. Life insurance benefits may also be exempt property.

Many families want to make sure that errant spouses have no claims on family assets and they do not wish to rely on the divorce and separation laws to achieve this. Divorce is always unpleasant and regrettably sometimes it is impossible to avoid but the sense of injustice that can arise from a court ordering a reallocation of assets can be devastating. Marital property involves all income and assets acquired by either spouse during the marriage, even if an asset is in one spouse's name. At the time of divorce, this marital property is subject of contention between the separating couple. However, there are certain types of non-marital property which may not be divided at the time of divorce. These properties include property owned before marriage, your inheritance, and gifts.

Asset protection planning is sometimes known as pre-litigation or pre-judgment planning. Once a judgment has been rendered, the judgment is said to go into collections whereby the creditor attempts to enforce the judgment against the assets of the debtor. During the collections process, it is possible that the creditor undertakes extensive research and discovers the debtor’s assets. If the creditor comes up with the disclosure of debtor’s assets, it is compulsory for the debtor to respond to those disclosure requests. If the debtor chooses not to respond, it is considered to be the contempt of court.

The laws of bankruptcy control what is possible in these situations. Planning so to protect family assets from being claimed by creditors should the family business run into problems at some point in the future. The protection of assets is something that should be considered from the start rather than simply when there is a real risk of the family business running into problems.

The UK is becoming more and more interested in litigation and in seeking financial redress and compensation for the smallest perceived sleight or mistake. There is a distinctive blame culture that started out in America and which is now developing internationally it means that in this day and age, if something goes wrong someone, somewhere is to blame and that person must pay. Unsurprisingly, those with the most to lose are the best targets to aim for because they are in a position to pay out big and they make suing them worthwhile which is why protecting oneself and ones assets from an onslaught of litigation before the event is absolutely crucial.

Long term care costs in the UK is a growing concern for many as we live longer and many clients think that they can gift assets to their children in order to avoid having to pay for expensive long-term care. We can set up a structure which will protect your assets. However, this must be done long enough before the elderly person enters care to have any chance of success.

Asset protection strategies are not put into place to hide property from your government, avoiding taxation or illegally eluding creditors. Asset protection planning does not involve tax evasion as applicable taxes will need to be paid. It is important to properly report your taxable income. The legitimacy of your protection could be jeopardised if there is improper or illusive reporting, which will effect its protection should you need it.
The team at Henderson Morgan have many years of experience of helping our clients protect their assets. The more in advice your plan the more effective asset protection strategy that can be produced, contact us today for your free initial consultation with one of our team.

Do you need a merchant account for your business?

The ability to accept credit / Debit cards is the key to running a successful business. This is no secret, without being able to accept payment by credit / Debit cards your customers will become frustrated with the inconvienience of making payments and they may end up shopping else where. The first step for your business to be able to accept credit / Debit cards is gaining an Merchant Account.
Most banks and financial institutions provide Merchant Accounts, though they can often be very difficult to obtain depending upon your business and/or no history of processing credit / Debit Cards.
Henderson Morgan may be able to provide you and your business with credit / Debit card processing tools.
Many business are classified as high risk, such as gambling and adult industry if you are involved in businesses such as this you will be declined by most banks. You may also be declined if you work in the travel or advanced booking industrys or deal in products with long term commitments such as magazines subscription services, pharmacies, online supplements and any other international business.
Henderson Morgan provides a range of e-payment systems and also have the ability to provide an offshore account for our clients, many who have been unable to get merchant accounts with their previous banks. Our products have low set up fees and competitive transaction rates. If you would like to start processing Credit / Debit cards or you would like to open an offshore account please do not hesitate to contact Henderson Morgan are staff are well trained and able to give advice on all your banking needs.
Please contact our E-Payments Team to discuss your individual needs so we can create an e-commerce package and offshore account that is right for your business.

Why incorporate offshore?

The definition of an offshore company is a company which rarely conducts business in its country of incorporation and one which is incorporated in a country where taxation is lower and reporting restrictions are more flexible than the country in which you reside.
Other common names for this type of company are ‘non-resident company’ or ‘IBC’.
IBC stands for ‘International Business Company’ or ‘International Business Corporation’
There are many features and benefits associated with the establishment of a non-resident company, and different individuals and organisations have their own specific reasons for incorporating in this way.

However, five main benefits are,

1) Reduced Taxation Liability - Offshore companies can be established in low or no tax jurisdictions.
If you do not derive a profit from the country in which the company is incorporated you may be able to reduce your taxation burden significantly.
In fact, some businesses can be structured in such a way that that any profits generated are realised in ways that minimise or negate overall taxation liability.

2) Simplicity of Operation - apart from certain types of business - like financial services companies and banks for example which are internationally regulated - certain jurisdictions make it very simple and highly attractive for all other types of company to operate.
It does depend a lot on the jurisdiction you favour, but you’ll find that when it comes to business reporting, account auditing, filing of financial records etc., the restrictions are likely to be far less than you would experience if you incorporated ‘onshore’, or ‘back home’.

3) Fewer Reporting Requirements - not only are the restrictions actually far less restrictive, you’ll generally find that the extent to which company information is required to be reported is generally far lower in most offshore jurisdictions as well.

4) General Asset protection - it’s possible to manage assets and business transactions in such a way that assets are shielded from any form of liability.

5) Greater Degrees of Anonymity - by conducting business through the offshore company and carrying out all transactions in the name of the private company, the name of the underlying principal of the company can be kept out of certain key documentation.

While there are many companies offering complete company formation services there are few that provide customers with the professional support they need to find the company structure that is right for their individual and business needs. The Wealth management team at Henderson Morgan, with over 20 years of experience can provide a comprehensive wealth management service to clients wishing to form an IBC. Please contact us at advisor@henderson-morgan.com for a free initial consultation.

What is an offshore Trust

An offshore trust is created when assets are transferred to a trustee. The trustee becomes the legal owner and is responsible for managing the assets and distributing them to the beneficiaries of the trust, which could include the person or corporation which transferred the assets to the trustees, in accordance with the terms of the trust deed.

The following assets can be held by an offshore trust
Shares and stocks in both quoted and unquoted companies.
Investment portfolios.
Real and intellectual property.
Bank deposits.
Life assurance policies issued on the life of the Settlor.
Most other types of asset
There are many advantages to offshore trusts,
Privacy many trust deeds are not publicly registered.
Wealth protection.
Tailored to specific family requirements.
Recognised in all common law jurisdictions.
Increasing recognition in important civil law jurisdictions.
An important tool in international income, capital gains and estate tax planning.
Used by corporations for employee benefit plans, retirement and stock option schemes, insurance plans and special financing arrangements.

Talk to our team at Henderson Morgan, advisor@henderson-morgan.com for a free consultation to see if an offshore trust is right for you, your family and business.

Why have your own corporate branded credit card?

Henderson Morgan is an active participant in the emerging worldwide prepaid card and the traditional debit card marketplaces. Through our distribution agreements with card processing companies and issuing banks, we offer various opportunities to corporations that wish to manage their own prepaid card programmes.
We also offer the possibility to financial intermediaries to provide cards to their clients in conjunction with the other services they provide. They allow the clients of the intermediary to gain physical access to their funds without the need to make an international transfer.
Our pre-paid and debit cards are a natural fit for people involved in international trade, seeking to streamline processes for payments to employees, consultants, agents or managers that are travelling regularly on company business.

Our card solutions are designed to meet diverse payment needs quickly and efficiently.

Companies are changing the way in which they do business. They need to eliminate cumbersome processes and overheads costs whilst demanding greater convenience, flexibility and security.

We can provide assistance in designing a card program that fits your needs. For example:


•Dividend, Incentive, Forex payouts, Employers, Contract Agencies
•Membership based affiliation applications i.e. Credit Unions, Banks with an existing account holder base
•Loan, Benefit Payout Applications i.e. payday, micro loans operations
•Insurance payout program, Pension payout program
•Commission payout applications Network Marketing Organizations, Affiliate payout
•Travel, Remittance Card Programs
•Gas stations, Telecommunications, cellular phones companies, cable TV companies, department stores, supermarkets
•Gaming and gambling industry: casino sites, online poker rooms, sports betting websites, waging websites, etc.
• Corporate expenses
• Employee bonuses
• Interest payments
• Payroll
• General purpose reloadable cards
• Loyalty and reward programs
• Unlimited cards for high net worth individuals
• Dividend, Incentive, Forex payouts, Employers, Contract Agencies
• Loan, Benefit Payout Applications i.e. payday, micro loans operations
• Commission payout applications, Network Marketing Organisations, Affiliate payout
• Membership based affiliation applications i.e. Credit Unions, Banks with an existing account holder base
• Loan, Benefit Payout Applications i.e. payday, micro loans operations
• Insurance payout program, Pension payout program
• Travel, Remittance Card Programs
• Gas / petrol stations, Telecommunications, cellular / mobile phone companies, cable & satellite TV companies, department stores, supermarkets
• Gaming and gambling industries: casino sites, online poker rooms, sports betting websites, waging websites, etc...

A Brief Guide to Asset Protection

1. Do Something Now. It is harder to protect yourself after a liability has been incurred, long term planning is the key to asset protection.
2. Liability Insurance is your first line of defense, buy every £ you can afford whilst assuming that it won’t work so you have a back up plan;
3. Use Incorporation as a liability firewalls. Always divide and segregate your personal & business assets (and liabilities) as much as possible. “
4. Don’t assume that incorporation will afford you complete protection. If you own it, run it, control it, it can be argued that it is still YOU;
5. Get professional legal & accounting help to organise your assets and make sure you maintain the legal formalities of these entities like tax returns, meeting minutes and separate bank accounts or they won’t help at all;
6. Get your vehicles out of the name of your business. Many people do this for the deduction. If you or your spouse injures someone with your car you have created a “bridge” to your business and all it owns. Take a vehicle allowance instead;
7. If you have employees get professional employment manuals, policies and dispute resolution agreements in place. A small investment will cover your business and family for years. You are five times likely to be sued by an employee than anyone else;
8. Be nice to everyone as a rule. During difficult economic times people are much more likely to take legal action, whether justified or not. Your bedside manner will play a role in their emotional decision to sue you;
9. Don’t keep too many eggs in one basket. Don’t use a single limited company, for instance, to own separate assets like 3 different rental income properties with high equity. An injury or exposure at one property or business places the owner, the company and its assets potentially at risk;
10. Own Nothing, Control Everything. You don’t need to keep assets in your own name to use, control and enjoy them. Make use of trusts, corporate shells and the law to transfer title to assets away from you.
Henderson Morgan’s Wealth Management team has over 20 years of experience of working with clients to protect their assets and grow their wealth please contact us at advisor@henderson-morgan.com for a free initial consultation.

31st January Tax Return Deadline is Looming

The tax year runs from 6th April to 5th April the next year, and under self-assessment it is up to the individual taxpayer to calculate their own tax liability and pay the tax due by the due date. Most UK residents are taxed under PAYE and do not have to complete a Self Assessment tax return.
However, the following people usually have to complete one…
• Anyone who is self-employed;
• A company director;
• A trustee;
• Pensioners with an annual income of £100,000 or more;
• Employees or pensioners with an annual income from savings or investments of £10,000 or more;
• An employee or pensioner with untaxed annual income of £2,500 or more;
• A landlord who rents out property or land.
If you are unsure whether you need to complete one, please advisor@henderson-morgan.com for advice as it is your responsibility to notify chargeability to tax to HMRC
If you are required to complete a return, they are normally issued to you at the beginning of April each year. The basic return is 10 pages, but many sources of income require supplementary pages to be completed as well. Some people receive a short tax return of only 4 pages.As well as your income it deals with the allowances and reliefs that you can claim.
Paper returns have to be filed by 31 October following the end of the tax year and HMRC will calculate your liability for you. For online returns you have until 31 January following the end of the tax year to file the return. If you file the tax return online through the HMRC website the software will calculate your tax liability for you.
If the return isn’t filed by the due date, there is an automatic fine of £100, which is reduced to the level of tax due if that is less. There is a further £100 fine if your return is still outstanding six months later.
The method of payment usually involves two payments on account of your tax liability as follows…
• one on 31 January during the tax year and
• another on 31 July following the tax year.
These are based on the net income tax and Class 4 NIC liability of the previous tax year .
A final payment (or repayment) is due on 31 January following the tax year.
Thereafter, there is a 5% surcharge on any taxes that remain unpaid after 28 February, and a further 5% on taxes not paid after 31 July.
The payments on account are not required if…
• income tax and NIC liability for the previous year (net of tax deducted at source) is below £500 (doubled to £1000 from 2009/10 with first payment affected being 31 January 2010) or
• more than 80% of the income tax and NIC liability for the previous year was tax deducted at source.
You can also apply to have the payments on account reduced if you expect your liability for a tax year to be less than the previous year.
HMRC can correct a self assessment return within nine months of the return being filed in order to correct any obvious errors or mistakes in the return and an individual can amend their self assessment at any time within 12 months of the filing date.
By law you must keep all records in support of the tax return for at least 22 months after the end of the tax year, but if you are self-employed or have rented property the records must be kept for five years and ten months after the end of the tax year.
You can be fined up to £3,000 if you fail to maintain or retain adequate records to back the return.
Henderson Morgan can assist you with the completion of your self-assessment return, advise on payment of liabilities and deal with any enquiries into your return, and assist you to plan for tax more efficiently in the future. Please contact us at advisor@henderson-morgan.com for a free initial consultation.

Do you get great customer service from your offshore bank?

Exceptional customer service is an integral Henderson Morgan our customers are a vital asset to our business.
1. We know our customers are the boss
2. We Listen to our customers
3. We aim to identify and anticipate customer need
4. We aim to make our customers feel important and appreciated
5. We help customers understand Henderson Morgan
6. We Know how to apologize
7. We try to give more than our customers expected.
8. We ask for customer feedback.
And most importantly we appreciate the power of saying yes to our customers.

Henderson Morgan’s Premium International Account is a flexible offshore account for your-day to-day banking needs, and a convenient, secure and tax efficient way to manage your money.
• Multicurrency banking in GBP, Euro & USD
• Account opened in New Zealand a politically stable, regulated and safe jurisdiction

• Free Platinum MasterCard in GBP

• 24/7 internet banking

• Priority Pass to give you free access to airport lounges worldwide*

• Your own personal relationship manager

• Preferential interest rates on Henderson Morgan term deposits

• Reduced fees on HM Wealth Management to take make the most of the tax advantages of banking offshore


It is simple quick and easy to open an offshore account with Henderson Morgan online.

If you would like to open an offshore account or to discuss the whole range of Henderson Morgan products and services please contact our team on 0044 203 150 0923 or email advisor@henderson-morgan.com

Things to consider when buying a house abroad.

When considering the purchase of a property overseas, preparation is the key.

The first thing that should be established is the budget available. Deposits required, current and future exchange rates, total cost of finance, legal fees and tax obligations, should all be calculated before viewing any potential properties.

Mortgages can be pre-approved well in advance, and this could save both time and money. Many sellers will not accept an offer, unless it can be proven funding is in place or has been Pre-Approved. For the purchase of a re-sale property, the closing date will typically be set at 30-45 days after the signing of the sales contract, and some contracts may impose financial penalties for late closing/completion. Appointing a lawyer, who is qualified in local law, may pay dividends at this stage.
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Exchange rates can greatly affect the cost of an overseas property purchase. Deposits and closing fees would normally be converted from your home currency to the currency of the country you are buying in.

Finally, tax which may be payable not only on income, but also on capital gains. Mortgage interest and other costs can usually be offset against this, however a tax advisor should be consulted, or you could employ the services of a local accountant.

Henderson Morgan can provide a comprehensive service to those thinking of buying abroad with excellent exchange rates, an premium account in GBP, US$ and Euro. Our bilingual mortgage team can secure a mortgage and our wealth management team can ensure your tax is managed effectively and efficiently.
We pride ourselves on exceptional customer service and your relationship manager will manage the process from start to finish to ensure a stress free purchase of a new home.

Contact us at advisor@henderson-morgan.com

Structured Tax Advice

Henderson Morgan offers guidance and advice in international tax structuring, tax management and offshore tax planning.

We can efficiently and precisely set out a strategy to mitigate your ongoing liability both locally and internationally, taking into account the bigger picture.

Our team solve your problems and using the complex international tax rules and regulations to your advantage
Please contact us at advisor@henderson-morgan.com for a free confidential discussion

Are you Resident or Non Resident?

If you are minded to leave the UK you do actually have to go!
Merely cutting the time you spend here is not enough. There is a very big difference between establishing that you have left the UK rather than simply maintaining an existing state of non residence.
In the recent case of Gaines-Cooper v Revenue and Customs Commissioners the Special Commissioners ruled that a different method of counting had to be used in order to give a more accurate picture. Rather than ignoring days of arrival and departure, nights spent in the UK should be the deciding factor in determining the amount of time spent in the UK.
Resident/Non resident status is a very complex matter and if you think you could be affected by the Gaines-Cooper ruling or need advice on non residency please contact our team at advisor@henderson-morgan.com