cahoot bank say my account must close if I'm not in UK
Apr 30th 2004, 7:24 am
#16
Guest
Posts: n/a
Originally posted by dracupg
Another good idea for kids if their relatives are back home, is to use National Saving Children’s bonds. The relatives can pay in Xmas money etc into any post office and National Savings are fine if you reside overseas.
Interest not great and yes it is accumulating in GBP, but there is less chance it will get spent that way!
Another good idea for kids if their relatives are back home, is to use National Saving Children’s bonds. The relatives can pay in Xmas money etc into any post office and National Savings are fine if you reside overseas.
Interest not great and yes it is accumulating in GBP, but there is less chance it will get spent that way!
Oh I forgot, they increased the minimum value you can buy didn't they. It used to be £1 but now £100 ?
But who knows you may win the £1M,
Register it in a UK addess though, otherwise any winnings are up for OZ tax.
eg Tax on £1million = $1,212,750
at todays exchange rate
Apr 30th 2004, 9:34 am
#17
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Can you not just have the IR take the 20% off, and have the ATO offset this under the tax agreement?
Apr 30th 2004, 10:45 am
#18
Forum Regular
Joined: Apr 2003
Location: Byron Bay, NSW
Posts: 145
No problem with First Direct.
May 1st 2004, 10:38 am
#19
Just Joined
Joined: Apr 2004
Location: Sydney, Oz
Posts: 15
I moved to Oz 18 months ago - I told HSBC and they were very helpful in terms of forms I needed to fill in in order to transfer money overseas while out of the country ... I also gave my mother authority to make transfers ..... must make sure I phone every week to stay in good books!! HSBC also has banks in Oz (only big cities) which is helpful (although the accounts are totally separate).
I didn't tell Egg - but have used my Egg credit card for all purchases and only once has it been declined.
Having internet access to my UK funds has been a must for me. Maintaining the bank accounts has meant that I can transfer money back and forth and benefit from the huge changes in foreign exchange rates since I have been here. The Aussie dollar is very strong at the moment so you may want to keep most funds in a UK bank accout until the dollar depreciates in value.
In terms of tax on your interest, I believe the following is true (but not an expert on the subject):
If you away from Britain for a complete tax year and don't have rental income in Britain you don't need to do a UK tax return however you will have to declare it in your Oz tax return (note tax rates are much higher - 47% once you earn over approx $62.5k - about 26k sterling) - you should then be able to claim a credit for double tax relief for the tax paid at source in the UK so it shouldn't be an issue.
Enjoy your move to Oz - if your Visa is just a temporary resident Visa (upto 4 years) and you have secured a job prior to leaving the UK - make sure you get your living away from home allowances once in Oz (Rent and food allowances plus one flight home a year are tax deductable).
I didn't tell Egg - but have used my Egg credit card for all purchases and only once has it been declined.
Having internet access to my UK funds has been a must for me. Maintaining the bank accounts has meant that I can transfer money back and forth and benefit from the huge changes in foreign exchange rates since I have been here. The Aussie dollar is very strong at the moment so you may want to keep most funds in a UK bank accout until the dollar depreciates in value.
In terms of tax on your interest, I believe the following is true (but not an expert on the subject):
If you away from Britain for a complete tax year and don't have rental income in Britain you don't need to do a UK tax return however you will have to declare it in your Oz tax return (note tax rates are much higher - 47% once you earn over approx $62.5k - about 26k sterling) - you should then be able to claim a credit for double tax relief for the tax paid at source in the UK so it shouldn't be an issue.
Enjoy your move to Oz - if your Visa is just a temporary resident Visa (upto 4 years) and you have secured a job prior to leaving the UK - make sure you get your living away from home allowances once in Oz (Rent and food allowances plus one flight home a year are tax deductable).
