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questions about lots of things!

questions about lots of things!

Old Jun 10th 2012, 1:06 pm
  #1  
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Default questions about lots of things!

Hi
so far have found lots of answers on the forum.

so here is my situation as such,
I am being transfered to the LA office by inter company transfer, this was at my request so alot of the usual things i am not getting, as in relocation costs etc. Part of the reason is that i have been seeing someone from the LA office for a year or so and feel it is time to make the big leap.

1. some of the issues and questions i have are as follows
i own a house in the UK, have around £100,000 left to pay on the mortgage, the house is worth aroung £300,000 for tax reasons etc should i sell the property or rent it out.

2. I currenly pay maintenance to my ex for our youngest child, i have spoken to the csa and they say if and when i leave the country the case would be closed and should make arrangments with my ex regarding maintenance, which i am more than happy to continue paying, but this would have to come out of an uk bank account, so if i rent out the property that would cover mortage and maintenance, is this the best way to do it?

3. I have a personal pention, what will or should i do with that as it is in the UK?

4. I have around £40,000 worth of shares in the UK where do i stand with all that?

5. Would it be best to get a tax advisor in the UK or the US to deal with it all.

as you can see most of my remaining questions are all financial related, and am getting a headache trying to find out information, so if any one can help it would be appreciated.

thanks
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Old Jun 10th 2012, 3:15 pm
  #2  
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Default Re: questions about lots of things!

Originally Posted by robbie3002 View Post
Hi
so far have found lots of answers on the forum.

so here is my situation as such,
I am being transfered to the LA office by inter company transfer, this was at my request so alot of the usual things i am not getting, as in relocation costs etc. Part of the reason is that i have been seeing someone from the LA office for a year or so and feel it is time to make the big leap.

1. some of the issues and questions i have are as follows
i own a house in the UK, have around £100,000 left to pay on the mortgage, the house is worth aroung £300,000 for tax reasons etc should i sell the property or rent it out.

2. I currenly pay maintenance to my ex for our youngest child, i have spoken to the csa and they say if and when i leave the country the case would be closed and should make arrangments with my ex regarding maintenance, which i am more than happy to continue paying, but this would have to come out of an uk bank account, so if i rent out the property that would cover mortage and maintenance, is this the best way to do it?

3. I have a personal pention, what will or should i do with that as it is in the UK?

4. I have around £40,000 worth of shares in the UK where do i stand with all that?

5. Would it be best to get a tax advisor in the UK or the US to deal with it all.

as you can see most of my remaining questions are all financial related, and am getting a headache trying to find out information, so if any one can help it would be appreciated.

thanks
I would keep the house, if you can. If it all goes tits up here you have somewhere to go back to and will cover your expenses with the rent. You will need to let your mortgage company know you are doing that and they will probably make you change to a buy-to-rent mortgage. You should really speak to an IFA in the UK on most of these points.
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Old Jun 10th 2012, 6:44 pm
  #3  
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Default Re: questions about lots of things!

Welcome to BE

At a guess, you mean LA the city, rather than LA the state....but best be clear...

Keep the house in the UK, definitely till you get greencards on the go, in case things don't work out.

Ask for relocation stuff to be taken care of, so what you asked for this and want this, you're also making it easier on them not hiring a unknown person. You might not get as much as they offer others, but if you don't ask you definitely won't.

Pension, leave it as it is, same with share. Your tax filing in the US is going to be a pain anyway, but no point changing things up to make life easy until you know you're staying long term in the US....this is where it will be handy getting tax prep paid by the company very handy, for the first and potential last year in the US at the very least and it would probably be better having a US tax person involved because it is the US tax filing that will be complicated, especially with foreign assets.
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