How to find the right financial adviser/helper for my situation?

Sumarokoff

Hello. I need someone to guide me through some financial matters, as it is all rather new to me and my head hurts even when I begin to think of some things...

I do not own my own house and have mostly lived abroad, but now I am planning to live permanently to the UK and would like to buy a property. I have savings of just over £250K split more or less as follows: 2/3 in a gold bullion account (which I have had for 11 years) and 1/3 in bitcoin (which I have had for nine years).

I want to sell out of the investments and use the money to buy a property. I am not familiar with the UK, so I am looking for advice on every step of the way. For example: where to best keep the money until I buy (over three bank accounts?) and how to pay less CGT (over two tax years, obviously, but I bought the bitcoin for peanuts, so tax will be high). In addition, I have already sold out of a little of my gold and bitcoin when abroad (in a country where it is not taxable, but it will probably become taxable in the UK under HMRC regulations). So I need help getting everything in order for tax purposes.

This might seem strange to some here, but I find all this very confusing and taxing to my brain, especially as I have been experiencing some bad health recently. So I really need someone to accompany and advise me in a lot of the detail, even if this is something people tend to do themselves or with trusted friends/family (I no longer have any family or close acquaintances in the UK, having been away for so long). My question is this: do such advisers actually exact and, if so, where should I look for them? Or will I need to hire advisers for separate matters (such as the whole tax thing) and somehow muddle by myself on other things (such as where to place the money and all that)?

Thanks in advance for any suggestions, large or small.

 

 

 

El_Torro

I think the fact that your money is in gold and Bitcoin makes your situation a bit tricky. I have never invested in either but I'll give you my thoughts anyway:

It's well publicised that Bitcoin has crashed in recent months. The current price is probably a lot higher than what you paid for it 9 years ago, though I imagine you still won't want to sell it when it's low. Bitcoin might recover, or it might crash and burn completely. I don't think there's anyone out there who can give you a sensible forecast on its future price.

Looking at the recent historic price of gold now doesn't seem like a bad time to sell. That doesn't mean it won't rise significantly in coming months, as with many things the future price of gold is uncertain. 

Taking Capital Gains Tax into account do you currently have enough to buy the house you want? If so I would be tempted to move into cash now, at least then you know you can fulfill your plans. You might lose out on significant increases, though what if either gold or Bitcoin crashes? Bitcoin is much more likely to crash over the short to medium term than gold is.

If all you want is someone who can advise you on tax affairs (specifically CGT) then an accountant should be able to help. I don't think an Independent Financial Advisor can help you much. You already know what you want to do with the money and they'll be inclined to advise you to sell your gold and Bitcoin and invest in the stock market instead.

Sumarokoff

Thanks for a thoughtful post. I am not interested in the stock market and want a place to live. The rental market is horrendous, otherwise I would be happy to rent, but even finding places are impossible. So I want a property as a place to live in.

I think Bitcoin might actually go to zero or, at best, spend the next couple of years in the doldrums and, in general, be in a bear market. In any case, even at these awful prices right now it is way, way more than I paid. So I would still be happy to sell out right now. My gold has done so-so, which is all you can really expect from gold (I got in at the high of 2011, but then also bought at the lows of 2013).

Even with CGT I would have enough to buy the house I want.

There are some other factors at play. I am a UK citizen, but also have residency in Germany at the moment, so can sell out of my investments and put them in German bank accounts... and then transfer them to the UK (where I want to buy). Or would it be better/easier to sell out straight into my UK accounts? That is the sort of question I wish I had someone to advise me on, as there could be pitfalls I do not see... In any case, I know they will come under UK CGT, as I have not been out the country long enough (by my reckoning).

cheerfulcat

I would second the suggestion of an accountant.

Alexland

Sounds like you have already made the decision to sell the assets at current prices and there's limited scope to spread the sales over multiple tax year CGT allowances if you want to use the money to buy a property now and are concerned that the asset with the main capital gain will drop further. A sensible place to put the proceeds until required would be an NS&I account for the 100% deposit protection backed by HMT but yes you could shop around and open multiple accounts under the FSCS limit with unrelated institutions to try and get a better rate. You don't really need investment advice just a local tax accountant to help you understand your tax residency, liability and returns?

dunstonh

Financial advisers look ahead with planning and implementation of those plans.  Accountants look specifically at tax and what has happened or is about to happen.   So, an adviser is not really the person needed. 

Realistically, the transactions being discussed here don't need an accountant either if you did a little bit of reading.   An accountant will not offer advice on savings accounts where to put the money but that is why sites like this exist giving you tables of the best interest rates.