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EWmums

EWfood

ewmoda

When is the pound likely to get cheaper?? want to send a large amount..

321

Posts

EW EXPLORER

Latest post on 31 July 2011 - 20:36

I know its like asking how long is a piece of string, but I have been following the the exchange rates and they seem to be on the rise, I need to send around 100k.. anybody in the know??

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1617

Posts

EW EXPERT

Latest post on 02 August 2011 - 12:07

As other posters have said, sending large amounts isn't a concern from a tax perspective. What concerns banks is the source of funds and that is related to money laundering; when you work for a bank there are lots of checks on atypical activity (which would include a large amount of cash deposited from outside the UK). The trigger is about 10K GBP. I spoke to my bank before I moved here to tell them I'd be depositing large sums from overseas on a regualr basis and these would be paid off my mortgage (paying big cash amounts off a mortgage might raise eyebrows at a bank); there has never been an issue since speaking to them,

321

Posts

EW EXPLORER

Latest post on 02 August 2011 - 11:52

the pound seems to be going down today!

542

Posts

EW GURU

Latest post on 31 July 2011 - 22:33

The UK taxman does not care how much you have or transfer in into your UK savings account. The tax is on the interest received on your savings. Unless you were a non tax payer in the UK in which case interest on your savings was paid gross, the majority of savers pay a 20% tax already deducted by the bank at source.If you are a high taxpayer, you should pay 40% tax on the interest received. To avoid any problem it is better to open an offshore savings account. Unfortunately the interest paid are pathetic generally! Another issue is that most banks do not allow you to open a new savings account unless you are resident in the UK. If you already have a savings account you may be able to keep it but make sure you are up to date with your tax position.

374

Posts

EW EXPLORER

Latest post on 31 July 2011 - 22:25

Why are posters scared of tax issues? You can easily send under 10K sterling without notice unless. If you are leagally expat and not working in the UK you can send money back, off shore there should be no issues if you are non tax payer. I'd be watching the rates like a hawk at the moment, if you need to send money then do it now but the next week is sure to see the markets all over the place with the US fiasco, this is very bad news for those sending money back to the uk.

714

Posts

EW GURU

Latest post on 31 July 2011 - 22:12

I regularly send money back to the UK and put it in my offset savings account (linked to my mortgage) - my accountant knows all about this and has never mentioned anything about tax thresholds... and I am very honest in my self assessment every year and have never had a problem with it...

2725

Posts

EW EXPERT

Latest post on 31 July 2011 - 21:59

Loopy I really havent got a clue about how much you can have in a saving account, but Im sure there maybe a loop hole somewhere. We have money to get back home, but we seem a little frightened in case of the tax issue.

610

Posts

EW GURU

Latest post on 31 July 2011 - 21:53

Oh dont get me wrong .... 100k in AED is a lot for me! too! :) And just about enough to talk seriously about opening an offshore .....or transferring to the UK and running the peril of the UK tax man!!! Thing is ..I'm so not sure of what I can and can't do re transferring money home without penalty (I have an accountant currently trying to sort out my past 3 yrs tax returns so am holding off bombarding him with what to do with my savings right now!!) .....but getting it out of the UAE is becoming priority!

321

Posts

EW EXPLORER

Latest post on 31 July 2011 - 21:48

no probs Loopy Lotti, although I thought 100k AED was a large amount :) <em>edited by swarovski on 31/07/2011</em>

610

Posts

EW GURU

Latest post on 31 July 2011 - 21:34

Apt thread for me ..... OP doesnt state whether the 100k is sterling, dollars or dirhams, although if a HUGE amount then I'd guess sterling!!! I have a more modest amount to make the most of and due to wedding and mid name change am unable for the next few forseeable months to open any offshore account (I have nothing to prove my name right now!!). My question is, just how much can I transfer to my UK savings bank account without attracting the UK tax mans notice??? ETA: apols for the slight thread hijack question! <em>edited by Loopy Lotti on 31/07/2011</em>

2725

Posts

EW EXPERT

Latest post on 31 July 2011 - 21:13

Going back to 2008 the exchange was 7.02, and then Jan 2010 it was as good as 5.17, now they were good times!!!!!!!

321

Posts

EW EXPLORER

Latest post on 31 July 2011 - 21:05

That is what I thought but it seems to be on the rise.. nearly all of last week it was 5.95 and today its gone up to 6.03 Who are you going to be sending it with?

714

Posts

EW GURU

Latest post on 31 July 2011 - 20:48

NOW! If the US defaults, or the market even thinks that it will default, the dollar will get weaker (and hence the dirham will get weaker, being pegged to the dollar) and hence the GBP rate will get worse. The chances are the US will not default, but they are effectively just kicking the can down the road - this means that the dollar/dirham will not strengthen against sterling any time soon, so you might as welll do the transfer now. I am!

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