Whether returning to the UK or moving there for the first time, always make sure that you review your finances before doing so. It can also be easy to under-estimate the cost of moving or overlook some element of the process of becoming resident for tax purposes. In order to ensure total peace of mind, we recommend that individuals begin this process at least 18 months prior to relocating.
As an Expat certain benefits will be available to you when you move to the UK. One of these is that you should be able to reduce your income and Capital Gains Tax before your return to the UK. This forms a part of one of the most crucial aspects of relocating to the UK, ensuring that you are fully resident under the UK tax system.
Part of this process requires you to consider you financial situation and this may reveal some aspect in which it could be improved. Relocating to the UK offers ample opportunities to renew and improve your assets and portfolio. We have over 40 years experience helping Expats make the most of their finances so don’t hesitate to get in touch if you would like to hear how we can help you.
Moving to the UK Experiences:
When returning to the UK, there are many financial and personal elements that you will need to review. Here are some things to remember that have helped our staff when returning to the UK in the past:
- Bank Account » If you have never lived in the UK before it is best to set up a UK bank account before arriving in the UK rather than doing that when you arrive.
- Schooling » Under the UK system children cannot be enrolled in school until they are physically in the country. This means you need to research potential schools before hand and if possible, time your move over the summer holidays.
- Housing » Consider renting in the short-term as you get to know your new area, it will also give you more time and flexibility to find a local house that you really want to buy.
- Register » with a local doctor and dentist.
- Register »with the local council for council tax and local elections.
- Your Credit Rating » In order to have a credit rating in the UK you need specific bank accounts, ones that you may not have if you have never lived in the UK before or have lived abroad for some time. As credit ratings are necessary to get phone lines, loans, mortgages and credit cards ensure you discuss credit ratings with your bank before you move.
- Broadband » Those that work from home should be aware that it typically takes two weeks to set up an internet connection in the UK. For this reason you may need to research alternatives during that period or arrange the installation for the day you move in.
- Insurance » Ensure your contents and home insurance covers you in your new address.