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Things to do before moving back to the UK

Things to do before moving back to the UK

Old Sep 3rd 2018, 9:34 pm
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Default Things to do before moving back to the UK

Hi guys,

Hope you're all well. I will applying to move back to the UK with my wife later in the year and was wondering if there are any things I can do at this point to make my transition into the England easier. I read something about retaining an AMEX credit card here in the US and then transferring my residence with them once I arrive there as it helps with credit. Has anyone had an success with this? I spoke with a mortgage adviser last year and she said that it's unlikely i'll get a mortgage upon returning and should count on waiting for 2 years before that possible so a boost in credit score would be great.

I currently have an S Corp over here which I will close before leaving, but I will continue to do the same thing in the UK. Any idea how long after I arrive will I need to set up a LTD?

Also, do I need to fill out a 'I-407, Record of Abandonment of Lawful Permanent Resident Status' form once I arrive over there?

FYI. I have been in the US for 5 years, although i'm eligible I am not planning on getting Citizenship in the US first. I figure if we ever move back here in years to come we'll just apply for a green card all over again through my wife. Reason being that I don't want to complicate my life and business with the US tax system in case moving back here never happens.

Any input appreciated.

Cheers!
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Old Sep 3rd 2018, 10:29 pm
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Default Re: Things to do before moving back to the UK

You may like to study the UK property prices in relation to your budget. As you prices have somewhat flatlined right now due to several factors like economic activity slowdown, brexit, etc.
Maybe best to rent while you build up a credit history in the UK for when you are ready to purchase.
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Old Sep 3rd 2018, 11:04 pm
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Default Re: Things to do before moving back to the UK

Originally Posted by Benson55 View Post
You may like to study the UK property prices in relation to your budget. As you prices have somewhat flatlined right now due to several factors like economic activity slowdown, brexit, etc.
Maybe best to rent while you build up a credit history in the UK for when you are ready to purchase.
Thanks, likely we will have to do that anyway due to having no credit history. Although i'm not even sure if that's true. I still have a bank account open and there has been some activity in that account for the past years but I haven't been a resident.
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Old Sep 4th 2018, 5:42 am
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Default Re: Things to do before moving back to the UK

Just be aware that if you want to rent, you will have to pay 6 months rent in advance if you have no credit history in the UK.
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Old Sep 4th 2018, 5:51 am
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Default Re: Things to do before moving back to the UK

Originally Posted by Janelle View Post
Just be aware that if you want to rent, you will have to pay 6 months rent in advance if you have no credit history in the UK.
That's certainly been the case for some people, while others report having no problems with just the 1 month deposit required. I think it all depends on the area and the agent.
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Old Sep 4th 2018, 4:28 pm
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Default Re: Things to do before moving back to the UK

Originally Posted by spouse of scouse View Post
That's certainly been the case for some people, while others report having no problems with just the 1 month deposit required. I think it all depends on the area and the agent.
Good to know. I'm fine paying 6 months if needed.
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Old Sep 7th 2018, 2:14 pm
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Default Re: Things to do before moving back to the UK

Transferring your Amex card using Global Transfer is a good idea. You can choose to set up a limited company or operate as a sole trader. You'll need to decide which before you continue operating your business. You should abandon your Green Card if you want to avoid tax complications as LPRs are also subject to FATCA/FBAR.
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Old Sep 7th 2018, 5:46 pm
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Default Re: Things to do before moving back to the UK

Originally Posted by BritInParis View Post
Transferring your Amex card using Global Transfer is a good idea. You can choose to set up a limited company or operate as a sole trader. You'll need to decide which before you continue operating your business. You should abandon your Green Card if you want to avoid tax complications as LPRs are also subject to FATCA/FBAR.
Thanks BritInParis!

I don't actually have an AMEX card yet, I was planning on signing up for one before I leave. Not sure i've left it too late.

Do you think I will I have to set up a company in the UK before I enter? I was hoping to give it a couple of weeks after I land.

Thanks again.
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Old Sep 11th 2018, 9:08 am
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Default Re: Things to do before moving back to the UK

You need to decide whether you want to have a limited company or operate as a sole trader. The nature of your work will determine what's best (and possibly advice from a UK accountant). You don't need to do it prior to returning, but probably should start reading HMRC info to assist in your decision.
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Old Sep 11th 2018, 11:49 am
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Default Re: Things to do before moving back to the UK

Originally Posted by Maddox View Post
Thanks BritInParis!

I don't actually have an AMEX card yet, I was planning on signing up for one before I leave. Not sure i've left it too late.

Do you think I will I have to set up a company in the UK before I enter? I was hoping to give it a couple of weeks after I land.

Thanks again.
It only takes a few minutes online and £12 to register your own limited company. The default position would be operate as a sole trader but that may not be the most tax efficient way to go.
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Old Sep 11th 2018, 5:00 pm
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Default Re: Things to do before moving back to the UK

Originally Posted by BritInParis View Post
It only takes a few minutes online and £12 to register your own limited company. The default position would be operate as a sole trader but that may not be the most tax efficient way to go.
Thanks! I have an accountant friend over there who is going to help me get set up soon after we arrive. Just glad to know it's not something I need to do right now.
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