Finances are complicated enough in your home country but moving abroad can add a whole new level of stress. Sorting out the financial aspects of your move is however absolutely essential as it will affect everything from personal tax, pensions and benefits.
There will be a huge array of people to contact and forms to fill in but it’s crucial you don’t bury your head in the financial sand. Take a look at our checklist and see what you need to do before finally leaving home for a new and distant shore.
The Essential Financial Checklist For Expats:
Tax: If you are moving from the UK to another country you will have to notify the HMRC (Her Majesty’s Revenues and Customs). This applies if you are looking to permanently reside somewhere else or work abroad full-time for at least one full year. As a non-resident you won’t need to pay UK income tax, although if you are renting out a property this will be classed as an income and the circumstances are different. Full information about the forms you need to fill out can be found here.
Benefits: The good news is that you may be able claim a Jobseeker’s Allowance, Maternity and Childcare benefits, Disability Benefits and Winter Fuel Payments. Your eligibility will be entirely dependent on which country you are moving to. These include those within the European Economic Area (EEA), plus a number of other countries that have agreements with the UK. A full list can be found on the government’s website.
Pensions: There are a number of pension options when you move abroad. You’re now allowed to be a member of a UK registered pension scheme regardless of where you live or where your employer is based. Your three options as stated by the Pensions Advisory Service are: Leaving your pension in the UK scheme, transferring it to an approved arrangement in your new country or paying into a UK scheme from abroad. HMRC offer more advise on the transfer to an overseas pension scheme.
Banking: Opening a bank account in a new country could be tricky if you don’t speak the language nor understand their financial situation. It may also be difficult to decide on which bank is best for you if you’re unfamiliar with the territory. Many UK banks offer an international bank account in Sterling, Euros and US Dollars before you move. This will allow you to direct your new salary here and pay your bills. HSBC, Lloyds, Barclays and Nationwide offer a variety of options.
Other Financial Considerations: Don’t forget you’ll also need to cancel your Council Tax so contacting your local council will be essential. You may also be required to continue paying National Insurance, dependent upon which country you are moving to. For all the most up-to-date information, please read here.
If you are considering a move abroad PSS International removals can help. We are a family run company, which has specialised in international removals for over 34 years. We are committed to providing a friendly, professional and stress free overseas move for all our customers. Whether you’re sending a full or part household removal, excess baggage or a vehicle, we will ensure that you receive the highest level of care and attention.
Contact us now for a free estimator’s survey, or simply fill in our online moving or baggage quote form.