TTA Relocation recently attended a Brexit and Beyond themed chapter meeting hosted by Claire Tennant-Scull, Head of Content, The Forum for Expatriate Management FEM and a panel of experts from the Global Mobility field. The question raised was “What does Article 50 and the new Trump administration mean for Global Mobility?”
The overall consensus is that it is still early days following the Brexit referendum and the invoking of Article 50 at the end of March, and it is important to be forewarned of the potential impact that could be ahead. Furthermore the Trump administration are also proposing far reaching changes to taxation and healthcare and this could have a serious impact for assignees in the US and abroad. For more information regarding US taxation and the proposed reforms go to The White House .The forthcoming UK general election on 8th of June also raises concerns given the current rhetoric regarding immigration.
Many EU workers currently residing in the UK are quite rightly worried about their immigration status and their future following the Brexit referendum outcome. According to a member of the panel, it is important to know who your “right to work workers” are and what their nationality is. A partner, at Fragomen suggests it is worth companies investing in getting workers permanent residence, in preparation for the suggested changes, as it is easier than recruiting abroad.
We know there are changes that will impact tax and the social securtiy position of your international assignee and it is crucial companies do not lose sight of ongoing reporting obligations. As global tax authorities increasingly scrutinise companies with frequent business travellers it is vital that you keep up to date with your filing and tracking requirements, compliance is key. For clarity and guidance on managing Brexit we suggest you speak to your taxation advisor.
For more information and all you need to know about Brexit and Article 50 and what it means please go to BBC News
At TTA Relocation we continue to keep updated and plan ahead for all the challenges Brexit and Article 50 may bring and we remain committed to delivering a personalised service to our corporate clients and their international assignees. If you require any assistance and information please do not hesitate to Contact Us