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-   -   Moving to Dubai (https://britishexpats.com/forum/middle-east-60/moving-dubai-833446/)

Navaronuk1967 May 9th 2014 11:28 am

Moving to Dubai
 
Hi everyone, my name is Colin and I'm new to this forum. I've got a few questions (which have probably been answered a thousands times already) but please bear with me while I ask them again:)

My wife and I are moving over to Dubai in June to work for a software development company. We will have UAE-residency and it is a permanent position but i have a few questions

(a) We have a house in the UK which has a mortgage. We wish to continue paying this while we are over there but is it the best way to transfer cash from the UAE into a UK account to make sure the mortgage etc are continued to be paid?

(b) What should we do regarding house insurance. We will have sitters every now and again but in general the place may be empty for a while

(c) If or when we come back to the UK whats the best way of bringing the cash back into the UK to avoid any taxes.... or should we just leave it in a UAE account?

Thanks

Sue May 9th 2014 12:35 pm

Re: Moving to Dubai
 
Hi and welcome to BE!!

I'm afraid I can't answer any of your questions as I am in the US, but I've moved your thread to our Middle East forum for you and I'm sure some of our members who have experiences with what you are asking will be along soon.

In the meantime have a read through the other threads in this section and get to know everyone :)

Navaronuk1967 May 9th 2014 1:12 pm

Re: Moving to Dubai
 
Thanks Sue

CraigM May 10th 2014 6:30 am

Re: Moving to Dubai
 
Hi Colin,

(a) I would recommend using a Currency Exchange company if you are regularly transferring money.

(b) Make sure you advise your insurers in the UK that your property will be unoccupied, the rate will increase slightly but it is worth having the correct cover in case of any eventuality.

(c) There are numerous facilities available to you being offshore with regards to building up "tax credits" which you can use in the future when you return.

Please Private Message me as I will happily go into some more details and be able to recommend some insurers in the UK that specialize in Unoccupied Property Insurance..

Thanks CraigM

Patsy Stoned May 10th 2014 7:19 am

Re: Moving to Dubai
 

Originally Posted by CraigM (Post 11254514)
Hi Colin,

(a) I would recommend using a Currency Exchange company if you are regularly transferring money.

(b) Make sure you advise your insurers in the UK that your property will be unoccupied, the rate will increase slightly but it is worth having the correct cover in case of any eventuality.

(c) There are numerous facilities available to you being offshore with regards to building up "tax credits" which you can use in the future when you return.

Please Private Message me as I will happily go into some more details and be able to recommend some insurers in the UK that specialize in Unoccupied Property Insurance..

Thanks CraigM

Alternatively, PM Meow, she has much more experience dealing with ME issues and tax questions :D You need to have posted 3 times to be able to use the message facility.

Navaronuk1967 May 10th 2014 2:34 pm

Re: Moving to Dubai
 
thanks for the info Patsy, ill mail Meow directly when i am able

Ive another question, if you can help

Whats is the process for informing the HMRC tax that ill be working out of the country.., Ill check on their website and see if theres a form to fill in

Meow May 10th 2014 3:14 pm

Re: Moving to Dubai
 

Originally Posted by Navaronuk1967 (Post 11254865)
thanks for the info Patsy, ill mail Meow directly when i am able

Ive another question, if you can help

Whats is the process for informing the HMRC tax that ill be working out of the country.., Ill check on their website and see if theres a form to fill in

It's a P85 form.

:)

Navaronuk1967 May 10th 2014 5:54 pm

Re: Moving to Dubai
 
hi Meow,

Just been looking at the P85 form. Seems very straight forward for me, but a query from my wife's standpoint

Firstly, she will not be initially working out there as we are going out on a residency visa for myself.... if she gets work in UAE would she then need to send a P85 in for herself or should she send it when she leaves the UK

Secondly she has a mortgage on a house. What is deemed "income" as she received 500GBP from the tenant but after paying the mortgage, insurance extra pretty much all of it is gone.... maybe 40 quid left.... is this 40 quid taxable or even declarable?

My assumption here is that even at the full 500GBP a mount thats6K a year which is well below the tax threshold , and 40GBP a month is negligible.....



thanks

Meow May 11th 2014 6:58 am

Re: Moving to Dubai
 

Originally Posted by Navaronuk1967 (Post 11255104)
hi Meow,

Just been looking at the P85 form. Seems very straight forward for me, but a query from my wife's standpoint

Firstly, she will not be initially working out there as we are going out on a residency visa for myself.... if she gets work in UAE would she then need to send a P85 in for herself or should she send it when she leaves the UK

Secondly she has a mortgage on a house. What is deemed "income" as she received 500GBP from the tenant but after paying the mortgage, insurance extra pretty much all of it is gone.... maybe 40 quid left.... is this 40 quid taxable or even declarable?

My assumption here is that even at the full 500GBP a mount thats6K a year which is well below the tax threshold , and 40GBP a month is negligible.....



thanks


She should also complete a P85. With income at the level you state she won't have any UK income tax liability, but HMRC may want her to complete a tax return. That's up to them to decide, but shouldn't be an issue. You should both consider registering for the Non Resident Landlord Scheme too.


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