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Flaky Financial Advisor

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Flaky Financial Advisor

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Old Jun 20th 2013 | 3:33 am
  #1  
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Default Flaky Financial Advisor

I am about to move to UAE and thought given the new SRT I thought I should speak to a financial advisor. We havent even gotten to the SRT rules yet and it seems they are making a right meal out of the split year tax treatment, claiming its really complex! Can someone help here cause from posts here and elsewhere it doesn't sound too tricky to me.
I was resident in UK last year, am moving abroad for full-time employment/35 hours a week etc, have a three year contract so wont be moving back to UK this tax year or next, wont do any work in the UK going forward and probably wont visit that often either, certainly not more that 1 two week holiday. Am taking the wife and kids, renting out the house. Surely the split year treatment is pretty straight forward in this instance?
 
Old Jun 20th 2013 | 4:08 am
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Default Re: Flaky Financial Advisor

Originally Posted by wtfuae
I am about to move to UAE and thought given the new SRT I thought I should speak to a financial advisor. We havent even gotten to the SRT rules yet and it seems they are making a right meal out of the split year tax treatment, claiming its really complex! Can someone help here cause from posts here and elsewhere it doesn't sound too tricky to me.
I was resident in UK last year, am moving abroad for full-time employment/35 hours a week etc, have a three year contract so wont be moving back to UK this tax year or next, wont do any work in the UK going forward and probably wont visit that often either, certainly not more that 1 two week holiday. Am taking the wife and kids, renting out the house. Surely the split year treatment is pretty straight forward in this instance?
I'm in exactly the same boat as you, and when speaking with HMRC, they too suggested that this was on a difficutly level akin to splitting atoms. When I used their demo SRT on the HMRC Website, it determined that I was a UK resident. This is based on the fact that I have a permanent contract of employment in the UAE, have rented out my UK house and have no access to it, will be based in the UAE for the foreseeable future and will not be returning at least for 1-year even for a holiday - ergo, a typical UK resident.... not!

It is ridiculous, and to be honest, when you speak to these people on the telephone I get the distinct impression they haven't really got a clue - evidenced by the fact that it should have been in force by now, but it is still undergoing final ministerial approval.

Have you filled in, or prepared to fill in, your P86 Form yet?
 
Old Jun 20th 2013 | 4:13 am
  #3  
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Default Re: Flaky Financial Advisor

It does seem to be completely silly that nobody seems to know the rules including the folks you are paying. I dont think the indicator on the HMRC website includes split year treatment so for the year of your departure it will still show you as being a UK resident.....I think...maybe? You are worrying me now tho, I thought I had to complete a P85, what's the P86 do?

Last edited by wtfuae; Jun 20th 2013 at 4:23 am.
 
Old Jun 20th 2013 | 4:48 am
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Default Re: Flaky Financial Advisor

Might be a P85..? It's a P something.... That's for sure !
 

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