Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

When To Return Home?

When To Return Home?

Old May 23rd 2014, 1:42 pm
  #1  
BE Forum Addict
Thread Starter
 
Joined: Aug 2011
Posts: 2,578
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default When To Return Home?

After 16 years in the Arabian Gulf, next year seems the best time to return home, primarily for the sake of our daughter's education. My question is whether to leave before the end of the 2014-15 tax year (ie. end-March) so my relatively substantial Terminal Benefits aren't taxed. I would prefer to earn as much as possible and leave in June/July but not if I lose up to 40% of my earnings and benefits accrued from April onwards. Am I allowed to receive my Terminal benefits before leaving I wonder? My current boss wouldn't mind if I made it worth his while. Does anybody know someone who has gone through the leaving process?
mentalist is offline  
Old May 23rd 2014, 3:20 pm
  #2  
Account Closed
 
Joined: Mar 2012
Location: Dubai, working at Dust World Central
Posts: 3,706
mikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond reputemikewot has a reputation beyond repute
Default Re: When To Return Home?

I currently plan to arrive back in UK on 6th April 2016 so there can be no doubts about split tax year etc.
mikewot is offline  
Old May 24th 2014, 2:20 am
  #3  
BE Enthusiast
 
Joined: Jan 2010
Posts: 605
gottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to allgottheTshirt is a name known to all
Default Re: When To Return Home?

You can leave whenever - providing you comply with the rules you remain tax free up to when you return to UK. Leaving mid tax year usually has the best tax advantage if you are going to start work in UK.
gottheTshirt is offline  
Old May 25th 2014, 11:08 am
  #4  
BE Forum Addict
Thread Starter
 
Joined: Aug 2011
Posts: 2,578
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by gottheTshirt
Leaving mid tax year usually has the best tax advantage if you are going to start work in UK.
Please explain how you reach this conclusion. Surely you will get taxed on your annual income once you return to the UK.
mentalist is offline  
Old May 25th 2014, 11:13 am
  #5  
BE Forum Addict
Thread Starter
 
Joined: Aug 2011
Posts: 2,578
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by mikewot
I currently plan to arrive back in UK on 6th April 2016 so there can be no doubts about split tax year etc.
Just make sure you get your Terminal Benefits into your UK bank account before 5th as otherwise it may fall into the following tax year.
mentalist is offline  
Old May 25th 2014, 2:58 pm
  #6  
Onwards and Upwards!
 
Joined: Sep 2010
Posts: 884
Johnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond reputeJohnnyboy11 has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by mentalist
Please explain how you reach this conclusion. Surely you will get taxed on your annual income once you return to the UK.
If I read this note correctly, then you will probably qualify for the 'Split Year' Concession on returning to the UK, and will also be eligible for a full year's worth of Personal Allowances. So returning part way through the year has UK tax advantages if you plan to work.

Also, if you plan to dispose of any assets (property, shares, investments etc.) then you might want to do this before you become UK Resident again, otherwise Capital Gains Tax of up to 28% might apply on the Capital Gain above your c. £11k annual allowance.
Johnnyboy11 is offline  
Old May 26th 2014, 5:46 am
  #7  
BE Forum Addict
Thread Starter
 
Joined: Aug 2011
Posts: 2,578
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Johnnyboy11
If I read this note correctly, then you will probably qualify for the 'Split Year' Concession on returning to the UK, and will also be eligible for a full year's worth of Personal Allowances. So returning part way through the year has UK tax advantages if you plan to work...
The Split Year Concession appears to require you to be returning to the UK to work rather than (as in my case) simply taking a year off after having worked overseas for umpteen years...maybe I could take a part-time job somewhere just to comply?

"However, by concession, HMRC will accept a ‘split-year’ treatment for individuals coming to the UK to work (or leaving the UK to work abroad). Consequently, if work is the reason why you have come to (or left) the UK you are only taxed in the UK from the date you arrive here. ‘Work’ for this purpose can be either employment or self employment. If you have come to the UK for any other reason, then the concession will not apply and you will be considered UK tax resident for the whole tax year."
mentalist is offline  
Old May 26th 2014, 7:16 am
  #8  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: When To Return Home?

out of interest... how old is your daughter? also... where is home for you?
Millhouse is offline  
Old May 26th 2014, 8:06 am
  #9  
BE Forum Addict
Thread Starter
 
Joined: Aug 2011
Posts: 2,578
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Millhouse
out of interest... how old is your daughter? also... where is home for you?
She will be 11yo in October. Home is wherever I lay my hat. I was educated in Bristol, if that helps.
mentalist is offline  
Old May 26th 2014, 9:02 am
  #10  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by mentalist
She will be 11yo in October. Home is wherever I lay my hat. I was educated in Bristol, if that helps.
Thanks... the reasons I asked the question was (1) your comment about quality of education, and (2) the wife - didn't think you ever planned to go back to blighty.

11 is a good age for her to return.
Millhouse is offline  
Old May 26th 2014, 10:44 am
  #11  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Johnnyboy11
If I read this note correctly, then you will probably qualify for the 'Split Year' Concession on returning to the UK, and will also be eligible for a full year's worth of Personal Allowances. So returning part way through the year has UK tax advantages if you plan to work.

Also, if you plan to dispose of any assets (property, shares, investments etc.) then you might want to do this before you become UK Resident again, otherwise Capital Gains Tax of up to 28% might apply on the Capital Gain above your c. £11k annual allowance.

Split year concession is work related.

You really ought to stick with being a QS instead of trying to give advice on tax issues.
Meow is offline  
Old May 26th 2014, 10:48 am
  #12  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by mentalist
After 16 years in the Arabian Gulf, next year seems the best time to return home, primarily for the sake of our daughter's education. My question is whether to leave before the end of the 2014-15 tax year (ie. end-March) so my relatively substantial Terminal Benefits aren't taxed. I would prefer to earn as much as possible and leave in June/July but not if I lose up to 40% of my earnings and benefits accrued from April onwards. Am I allowed to receive my Terminal benefits before leaving I wonder? My current boss wouldn't mind if I made it worth his while. Does anybody know someone who has gone through the leaving process?
got a job in the UK to go to?
Blue Cat is offline  
Old May 26th 2014, 10:59 am
  #13  
Lost in BE Cyberspace
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Meow
Split year concession is work related.

You really ought to stick with being a QS instead of trying to give advice on tax issues.
bitch slap.
Millhouse is offline  
Old May 26th 2014, 11:11 am
  #14  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Millhouse
bitch slap.
Call it what you like, but it's misleading to make out you're a tax expert only to give incorrect info.

I don't do it about brick counting.
Meow is offline  
Old May 26th 2014, 12:17 pm
  #15  
Hit 16's
 
Bahtatboy's Avatar
 
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
Bahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond repute
Default Re: When To Return Home?

Originally Posted by Meow
Call it what you like, but it's misleading to make out you're a tax expert only to give incorrect info.

I don't do it about brick counting.
As a Fellow of the steamed Royal Institution of Chartered Surveyors, I feel I ought to stick up for QSs everywhere and inform the uninformed that its not all about brick counting. But I can't be arsed.
Bahtatboy is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.