Going back to the UK

Old May 30th 2020, 7:50 pm
  #16  
Forum Regular
Thread Starter
 
Joined: Jul 2014
Location: Florida
Posts: 76
cityboys1911 is on a distinguished road
Default Re: Going back to the UK

I have another couple of questions, going back to the U.K. what is the average cost per Month of utilities like gas,electric, water, council tax and car insurance also TV, just trying to work it out.
Any answers would be appreciated
cityboys1911 is offline  
Old May 30th 2020, 9:51 pm
  #17  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,505
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by cityboys1911 View Post
I have another couple of questions, going back to the U.K. what is the average cost per Month of utilities like gas,electric, water, council tax and car insurance also TV, just trying to work it out.
Any answers would be appreciated
2019 figures for me in N Yorkshire. 4 bed 2 bath Detached house, band D council tax

Electric + Gas £1,088/year
Phone £14/mo unlimited voice and text, 4GB data
Internet & Basic cable (no movies or sports packages) £60/mo
car insurance £190/year
house insurance £93/year
council tax £2,444/year
water £338/year (metered)
Car tax £137/year
Car fuel (5,000 miles) £545
TV licence £150/year
durham_lad is offline  
Old May 31st 2020, 12:06 am
  #18  
Concierge
 
spouse of scouse's Avatar
 
Joined: Jan 2013
Location: Western Australia
Posts: 15,424
spouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by cityboys1911 View Post
I have another couple of questions, going back to the U.K. what is the average cost per Month of utilities like gas,electric, water, council tax and car insurance also TV, just trying to work it out.
Any answers would be appreciated
My figures are roughly the same as Durham Lad's, except our fuel costs were less as we walked most places and our Council tax was around £1,600. Durham Lad obviously lives in a posher area than I did
spouse of scouse is offline  
Old May 31st 2020, 8:33 am
  #19  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,505
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by spouse of scouse View Post
My figures are roughly the same as Durham Lad's, except our fuel costs were less as we walked most places and our Council tax was around £1,600. Durham Lad obviously lives in a posher area than I did
True dat

We walk a lot as well, rarely use the car to go shopping etc. However we are retired and do a lot of traveling hence the mileage. This year because of Covid it is quite different.
durham_lad is offline  
Old May 31st 2020, 1:38 pm
  #20  
 
Lion in Winter's Avatar
 
Joined: Aug 2003
Location: City of Broad Shoulders
Posts: 54,787
Lion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond reputeLion in Winter has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by durham_lad View Post
True dat

We walk a lot as well, rarely use the car to go shopping etc. However we are retired and do a lot of traveling hence the mileage. This year because of Covid it is quite different.
Would you mind adding roughly what a weekly food and household supplies shop for two comes out to? I'm making notes. Not able to move yet, but need the knowledge.
Lion in Winter is offline  
Old May 31st 2020, 1:47 pm
  #21  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 29,472
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by cityboys1911 View Post
I have another couple of questions, going back to the U.K. what is the average cost per Month of utilities like gas,electric, water, council tax and car insurance also TV, just trying to work it out.
Any answers would be appreciated
There are tons of threads where people have given their monthly costs which would be worth searching for, here's a very recent one - https://britishexpats.com/forum/movi...ngland-932896/
christmasoompa is offline  
Old May 31st 2020, 3:27 pm
  #22  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,505
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by Lion in Winter View Post
Would you mind adding roughly what a weekly food and household supplies shop for two comes out to? I'm making notes. Not able to move yet, but need the knowledge.
I really don't know what we spend each week on this, it's all lumped into our monthly credit card bill which includes meals out etc.
durham_lad is offline  
Old Jun 3rd 2020, 12:39 pm
  #23  
Forum Regular
Thread Starter
 
Joined: Jul 2014
Location: Florida
Posts: 76
cityboys1911 is on a distinguished road
Default Re: Going back to the UK

Originally Posted by durham_lad View Post
We returned to the UK in 2016 as retirees after 29 years in the USA. We are both dual UK/US citizens.

Advice I would give is to do some financial preparation ahead of time.
1) Not all banks will support an overseas address. Ours did not so we switched banks well ahead of time and had my US private pensions changed to go there etc.
2) Similar advice to your 401k providers. My wife and I each rolled our 401ks into IRAs in a brokerage that does support overseas customers.
3) If you have mutual funds in taxable accounts (outside of IRAs, 401ks etc) then if you switch them to HMRC Reporting Funds then they will receive the favorable lower tax treatment given to capital gains and qualified dividends.
4) Retain a US bank and credit card, and a US phone number. (US Phone numbers can be obtained through Skype, Google etc). For example our brokerage occasionally requires 2nd level verification when logging on and that is the number we use as it doesn't support international numbers to send verification codes to.
5) In the UK folks are taxed as individuals only, so if your income is lopsided as ours is, then look at how you may minimize taxes. For example we took my name off our after-tax brokerage account so that our interest payments, qualified dividends and capital tax gains are completely free of UK tax as my wife's personal tax free allowance of £12,500 plus the cap gains tax free allowance of £12,300 and qualified dividend tax free allowance of £2,000 more than covers it.
thank you for your reply, can you get a Mortgage or is it difficult
cityboys1911 is offline  
Old Jun 3rd 2020, 1:30 pm
  #24  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,505
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by cityboys1911 View Post
thank you for your reply, can you get a Mortgage or is it difficult
I don’t know. Both ourselves and our son bought our UK houses for cash. (Not literally cash in a suitcase but a bank transfer from US to UK)
durham_lad is offline  
Old Jun 3rd 2020, 1:51 pm
  #25  
Concierge
 
spouse of scouse's Avatar
 
Joined: Jan 2013
Location: Western Australia
Posts: 15,424
spouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond reputespouse of scouse has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by cityboys1911 View Post
can you get a Mortgage or is it difficult
I'd imagine that the ease or otherwise of getting a mortgage will be the same as for anywhere, it's really just a case of does the mortgage provider consider you a good credit risk, do you have the required deposit, is your income sufficient to service the mortgage payments, is the property valued appropriately, that sort of thing.
spouse of scouse is offline  
Old Jun 13th 2020, 2:31 am
  #26  
Just Joined
 
Joined: Aug 2019
Posts: 16
djsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nice
Default Re: Going back to the UK

Originally Posted by durham_lad View Post
We returned to the UK in 2016 as retirees after 29 years in the USA. We are both dual UK/US citizens.

5) In the UK folks are taxed as individuals only, so if your income is lopsided as ours is, then look at how you may minimize taxes. For example we took my name off our after-tax brokerage account so that our interest payments, qualified dividends and capital tax gains are completely free of UK tax as my wife's personal tax free allowance of £12,500 plus the cap gains tax free allowance of £12,300 and qualified dividend tax free allowance of £2,000 more than covers it.
So if you've converted your 401k to an IRA, do the US rules apply to withdrawing before 59 1/2? Is the 10% penalty still levied under the treaty?
djsoul is offline  
Old Jun 13th 2020, 7:50 am
  #27  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,505
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by djsoul View Post
So if you've converted your 401k to an IRA, do the US rules apply to withdrawing before 59 1/2? Is the 10% penalty still levied under the treaty?
Yes, the rules on withdrawing before 59.5 still apply, they apply to both IRAs and 401ks. If you make a withdrawal from an IRA then it is taxed as regular income in the UK without the 10% penalty and it is taxed as regular income in the USA plus the 10% penalty. Normally one would use a foreign tax credit to reduce the US tax paid and I don’t know if that tax credit would be applied to the US tax + 10% penalty or just to the US tax paid.
durham_lad is offline  
Old Jun 13th 2020, 2:29 pm
  #28  
Forum Regular
 
Joined: May 2020
Posts: 63
Brightongirl is an unknown quantity at this point
Default Re: Going back to the UK

I found this website which gives you a look at the cost of living by city: https://www.numbeo.com/cost-of-living/
Brightongirl is offline  
Old Jun 13th 2020, 2:34 pm
  #29  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 29,472
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Going back to the UK

Originally Posted by Brightongirl View Post
I found this website which gives you a look at the cost of living by city: https://www.numbeo.com/cost-of-living/
Notoriously inaccurate though, I've always found it's greatly overestimated the cost of things in the UK, can only assume it's Waitrose/Boden shoppers inputting their costs rather than Lidl/Primark shoppers!
christmasoompa is offline  
Old Jun 20th 2020, 1:37 am
  #30  
Just Joined
 
Joined: Aug 2019
Posts: 16
djsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nicedjsoul is just really nice
Default Re: Going back to the UK

Originally Posted by durham_lad View Post
Yes, the rules on withdrawing before 59.5 still apply, they apply to both IRAs and 401ks. If you make a withdrawal from an IRA then it is taxed as regular income in the UK without the 10% penalty and it is taxed as regular income in the USA plus the 10% penalty. Normally one would use a foreign tax credit to reduce the US tax paid and I don’t know if that tax credit would be applied to the US tax + 10% penalty or just to the US tax paid.
Thats double taxation though - if you have your W8-BEN on file with your US broker and you are UK domiciled again, wouldn't you just pay tax to the HMRC and not to the IRS at all under the DT treaty? Still trying define whether you have to pay the 10% penalty to the HMRC if you're still under 59 1/2 in this scenario as I can't find clarification anywhere.
djsoul is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.