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How to Get Money back into the UK?

11

Posts

EW NEWBIE

Latest post on 27 March 2011 - 20:59

Does anybody know the best way to get your savings back into the UK without being hit hard by the taxman?

We have an off shore account but will need to get the money from off shore bank, back into our UK accounts. This money has all be earned overseas so we're hoping to avoid the tax!

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Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 28 March 2011 - 11:40

Moscow my point (which has been clarified by OP) was the number of years out of UK and where money was made. Know so many here who are sitting their 7 years out to avoid paying tax on money made in UK. Would laugh if the rules were changed!

70

Posts

EW NEWBIE

Latest post on 28 March 2011 - 11:25

There seems to be some really confused thinking here. If you move money back on shore (amount irrelevant), you will not pay income tax on it as it is unearned income. You will only pay tax on the interest. You need to take professional advice, but I agree with Bluesky. There aren't any limitations on how much money you can move in or out of the UK, so your concerns about how fast to do so don't apply. Provided you have legitimately earned that money as a non-resident, then you are fine I believe. The only possible hit you would take would be on the exchange rate. If you move in the middle of a tax year and spend more than 90 nights in the UK in that tax year, then you will be regarded as having been resident in the UK in that tax year and therefore liable to income tax on earnings that year - ie. salary - not interest on savings. You need to be more concerned and take advice on the most tax efficient savings plan for the future as the rules on investments and offshore funds change when you become UK resident again. STICKY WICKET - I think the case of the guy who is being pursued for tax was not to do with how he moved his money, but rather the HMRC's interpretation of the residency rules. Although he claimed to have spent only 90 nights in the UK, he still had a house, wife and family living in the UK and make regular visits. so HMRC took a strict line and decided he was technically still a UK resident and therefore liable to pay income tax.

143

Posts

EW NEWBIE

Latest post on 28 March 2011 - 10:09

(i cant press the quote button as its obscurred by the irritating Ads banner) But SW your post you were saying about the expat thats being hit by the tax man for being out for a certain number of days. If he was not out for a full tax year (not just a year) he would be liable to the tax man for his much larger earnings here... i.e i moved Sept 07 but the tax man would have been able to take tax from ALL my earnings if i returned to UK before April 09. Thats because my full tax year would have been April 08 to April 09. (around 550 days). So long as you satisfy that and of course told them you were becoming non resident for tax purposes before you left, you can take your non UK derived earnings back and wont be taxed on it. You [b'>will be [/b'>taxed on [b'>interest [/b'>recieved on that money onshore in the UK (unless ISA, where not taxed). if you want to be savvy about your savings and invest smart and tax effieciently you should get proper advice...

914

Posts

EW GURU

Latest post on 28 March 2011 - 10:02

You need to transfer the money before the end of the financial year and declare it but then you move back in the next financial year IE after April to get it tax free. This is the simplified answer ask a FA, try Mondial.

11

Posts

EW NEWBIE

Latest post on 28 March 2011 - 08:14

We certainly don't have millions of pounds stashed away but enough for us to be careful. We have been overseas for nearly 8 years so it feels wrong that money we have earned out of the country should be taxed. We'll also be returning at the start of the new tax year so shouldn't have to back date anything. We have seen a tax advisor who bamboozled me, but I think we're looking at the ISA option which goes up to £10,000 each from May and dripping money from our off shore into those each year. Or I think the other option is taking a hit now and transferring the lot just to know its safely in the UK. The currency exchange would work in our favour as we've been here from when it was Dhs5 to £1. I just wondered if anyone had any experiences with it. I don't want to take risks on our savings but don't want to be silly getting taxed when we could avoid it. Thanks so far for all your ideas.

455

Posts

EW EXPLORER

Latest post on 27 March 2011 - 23:25

SW that case was for millions and milliosn OP if you have that much I l help you caryy it home :)

Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 27 March 2011 - 22:53

can't you just stuff it in your suitcase next time you go home ? lol That is one way but you have to becareful making large spends, that kind of draws the Tax man's attention! Why would you need to do this? There's nothing dodgy about sending money earned here back to the UK. There would be no tax to pay on sending it back! Hmm, have you read up on that big court case where a long term expat is being done for huge amounts of tax even though been out of UK so many number of days bla bla? The comment was made in relation to the OP question.

57

Posts

EW NEWBIE

Latest post on 27 March 2011 - 22:49

can't you just stuff it in your suitcase next time you go home ? lol That is one way but you have to becareful making large spends, that kind of draws the Tax man's attention! Why would you need to do this? There's nothing dodgy about sending money earned here back to the UK. There would be no tax to pay on sending it back!

Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 27 March 2011 - 22:48

Sticky Wicket replied : There are lots of factors to this, it can also depend on how long you have been an expat, ie out the UK for 7 years. That's why there are so many UK wealthy (Tax evaders) in Dubai. Best is to seek a really good accountant who is familiar with UK Tax and expat situations. SW- what has the 7 years thing got to do with sending money back to the UK? Are you referring to capital gains made in the UK ? That's not the same as sending back money made over here back to the UK? Just interested if this is something I need to be aware of. Yes as the OP did not state how long they have been out of UK and where they made their money or a bulk of it. Just thought i'd mention that as something to factor.

57

Posts

EW NEWBIE

Latest post on 27 March 2011 - 22:46

Sticky Wicket replied : There are lots of factors to this, it can also depend on how long you have been an expat, ie out the UK for 7 years. That's why there are so many UK wealthy (Tax evaders) in Dubai. Best is to seek a really good accountant who is familiar with UK Tax and expat situations. SW- what has the 7 years thing got to do with sending money back to the UK? Are you referring to capital gains made in the UK ? That's not the same as sending back money made over here back to the UK? Just interested if this is something I need to be aware of.

Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 27 March 2011 - 22:44

can't you just stuff it in your suitcase next time you go home ? lol That is one way but you have to becareful making large spends, that kind of draws the Tax man's attention!

3901

Posts

EW MASTER

Latest post on 27 March 2011 - 22:43

can't you just stuff it in your suitcase next time you go home ? lol

Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 27 March 2011 - 22:41

http://www.expatwealth.telegraph.co.uk/EN.Expatriates_Returning_To_The_UK.aspx

Sticky Wicket36659

1511

Posts

EW EXPERT

Latest post on 27 March 2011 - 22:37

There are lots of factors to this, it can also depend on how long you have been an expat, ie out the UK for 7 years. That's why there are so many UK wealthy (Tax evaders) in Dubai. Best is to seek a really good accountant who is familiar with UK Tax and expat situations.

455

Posts

EW EXPLORER

Latest post on 27 March 2011 - 22:24

If you're going back to the Uk to live then you could put the max amount you can in an ISA in each of your names - then anything earned is tax free. Then you could feed over the max amount per year to top it up. I'm not sure how much you can stick in an isa at the moment - might be something like £7k each per year? I agree with Blueskies and I would think the amount you could make (or lose) on the exchange rate would be the factor at the moment. If I were you I would take advice on what the exchange rate might do and keep an eye on it for a while to judge to best time to move it. Also if you can choose when you go back to the UK and you're going to be working there it's worth looking into going back half way through a tax year as you'll pay less tax. Don t so ISA s they have lost money year after year Keep i tin the offshore account and drip it back into the UK It should not be taxed as its savings you have made whilst being offshore as long as you are planning the return after 1 year offshore Get in touch with a UK tax advisor or accountant and take advice best way

57

Posts

EW NEWBIE

Latest post on 27 March 2011 - 22:06

If you're going back to the Uk to live then you could put the max amount you can in an ISA in each of your names - then anything earned is tax free. Then you could feed over the max amount per year to top it up. I'm not sure how much you can stick in an isa at the moment - might be something like £7k each per year? I agree with Blueskies and I would think the amount you could make (or lose) on the exchange rate would be the factor at the moment. If I were you I would take advice on what the exchange rate might do and keep an eye on it for a while to judge to best time to move it. Also if you can choose when you go back to the UK and you're going to be working there it's worth looking into going back half way through a tax year as you'll pay less tax.

143

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:50

its not an earning from an asset in the UK so they cant take a chunk off it (assuming you have been away from the UK for more than 1 whole tax year). Even if you are taxed on the interest it accrues in the UK it isnt going to be much as the interest rates in the UK at the mo are next to poop all. The only benefit from sending home at the mo is taking advantage of a seemingly good exchange rate...it was 7.5 at one point, but then you are stuck with your cash in the UK earning nothing.... i would be looking at accounts with a higher interest rate, and if thats offshore then thats a call that you have to make.... part of me wishes i hadnt sent home, but then you have to speculate to accumulate, so i am hoping (since i sold my house and have no mortgage) that the exchange rises....can then look at getting it out of there. Finance is a really personal thing, i think your first step is to look at how hard you want your money to work for you and whether you want to be able to access it instantly or if you can afford to tie it up...there are so many options....maybe consult an advisor here before you go?

11

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:42

Thanks for the input. We're returning to the UK soon, so we're trying to work out if it is more beneficial to hold the money offshore and pay income tax as we bring it to the UK bit by bit, or just transfer it now and get hit with the tax on interest. Any ideas?

57

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:37

Cheggers is right, although there is a form you can fill out to recieve your interest wihout tax being deducted because you are non resident and unless you are seriously loaded you will be earning an amount of interest that is under the threshold of allowable individual earning before paying tax...something around 5k from memory... True, if you have no other income over in the UK (e.g from rentals etc) then you wouldn't have to pay tax on any interest (or any income) earned up to about £6.5k per annum in total (the allowance has gone up a bit and will go up again next year) per person. Or if you don't fill in the form, you could always claim it back at the end of the year on your tax return, but that's more of a faff.

143

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:14

Cheggers is right, although there is a form you can fill out to recieve your interest wihout tax being deducted because you are non resident and unless you are seriously loaded you will be earning an amount of interest that is under the threshold of allowable individual earning before paying tax...something around 5k from memory...

57

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:09

Why would that be illegal? You wouldn't pay tax on sending money back to the UK from here as long as you are not UK resident, but you would pay tax on any interest earned on that money in a UK bank account. The only thing dodgy would be if the money had been made from capital gains / income etc in a country that the UK has reciprocal tax agreements with, and it doesn't with the UAE.

1759

Posts

EW EXPERT

Latest post on 27 March 2011 - 21:07

If you're non-resident aren't you exempt from UK tax? I'm not a Brit so I don't know. In my home country, so long as I am recognized as non-resident for tax purposes, my earnings/savings are not subject to tax, no matter where they are now.

LovinDubai36431

90

Posts

EW NEWBIE

Latest post on 27 March 2011 - 21:04

Does anybody know the best way to get your savings back into the UK without being hit hard by the taxman? We have an off shore account but will need to get the money from off shore bank, back into our UK accounts. This money has all be earned overseas so we're hoping to avoid the tax! Isnt that illegal?

5400

Posts

EW MASTER

Latest post on 27 March 2011 - 21:04

Sorry, I've no idea. We will only be taxed in Switzerland for rent we receive for our property there, as we are currently non-resident, we are not liable for tax on our earnings here and are able to have our savings in our Swiss bank account. This may sound stupid, but couldn't you ask someone at your offshore bank? Isn't that the kind of thing they should be able to help you with?

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