CeeBee

If you go over on a visit visa initially I know you can get an account set up with a letter off you employer - not a problem.

Problem is, I'll still have debts in the UK which I'll obviously need to clear. Namely a small amount on credit cards and my overdraft (which is a fair amount). ideally I'd just keep a standing order to each until they're paid off.

So, what would be the best thing for me to do? My residency visa won't be sorted until probably 60 days after I land. I've got 4 weeks to go before I land over there and bank with Natwest. Should i consider setting up an international banking account here with someone like HSBC?

Spugsy

I've got hsbc here and transfer cash home every maonth to pay off my cards.

CeeBee

So the way to go is definately get paid locally and then transfer money across? I gather you don't get taxed on this basis. What did you need to set your account up?

Meow

Hang on to your UK bank account, as you may find it useful. In addition to have a local (UAE) account, you should also have an offshore account for savings (once you get some).

You would only have a liability to UK tax on UAE income remitted to the UK if you are subsequently found to actually be a UK resident for tax purposes. Do you have HMRC form P85 to declare yourself non-resident from the date you leave? Provided you don't move back to the UK too quickly you should be fine remitting monies to pay debts. That said you also have a personal allowance in each tax year, although your UK tax should be adjusted to take this into account in the current year.

Desert Rat

You will also have to stay out of the UK for a full tax year, if you come out now you will have to stay until April 2010 to avoid any tax liability

Spugsy

hey I filled in that tax form and sent it back t the UK DHL, not heard back, any idea if/when I will get a rebate?

jrudofsky

Ha ha me too......I wouldn't hold your breath, it seems completely random!

madferrit

Out of curiousity.. how long does it take to transfer from a UAE HSBC account to a UK HSBC account?

Meow

The form is to declare yourself as non-resident for tax purposes only. If you think you are due a rebate you have to contact HMRC to request it.


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Meow

Generally around 3 working days.

Watch out for charges.

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madferrit

Banks need any excuse to make money.. thanks for the reply

Meow

Just a thought - although you've probably already thought of this. Depending on the type of account you have and the amout being transferred, you will be charged a fee every time you transfer, so the fewer transfers the less you pay in fees. In addition the bank makes money on the exchange rate.

I have access to systems that all offer significantly better exchange rates, but are only available for transfer of GBP 10,000 (or equivalent) or more. Works for any currencies though.

Spugsy

erm ok, can you tell me what I need to do exactly? can you remember the forms you sent me? I filled them in and sent a copy of my P45 to them.

Meow

Have they sent it back yet? If not you need to contact HMRC, as they should provide acknowledgement.

http://www.hmrc.gov.uk/cnr/

Tax enquiries for non-UK residents
This helpline answers queries regarding Income Tax and Capital Gains Tax for customers who live or work abroad Opening hours 7.30 am to 5.00 pm, Monday to Friday
Closed weekends and bank holidays

+44 151 210 2222

Email links here http://www.hmrc.gov.uk/cnr/email.htm

Spugsy

you're great, thank you.