Working Abroad.

Discussion in 'Finance, Property, Law' started by fatstab, May 30, 2006.

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  1. I shall shortly be working abroad as a civvy. I will not be a UK taxpayer, and my employer will pay me in Euros. Does anybody know if euros can be paid directly into a UK bank account and converted into pounds or do I have to open a euro account? Would it be better to have an offshore account? Any info would be greatly appreciated.

    fatstab.
     
  2. talk to bank get iban number and should not be a problem putting money into account from anywhere in world
     
  3. I used to work in Belgium and got paid in euros, directly into my UK bank account. I just had to pay the exchange rate and a small fee.

    It worked out better for me to do it this way.

    You can open an offshore bank account, but the rules have tightened up somewhat in the last few years.

    Are you getting paid from a UK based company, i was, and i was still liable for TAX.

    HTH
     
  4. You just need your IBAN number and your banks SWIFT code. Payment of any freely convertible currency into your account will go smoothly. The bank will stiff you for the exchange rate (it may be worth negotiating with them to remove all other charges, etc).

    Ask your bank if you can open an account in Guernsey or the Isle of Man. It is a simple procedure.

    Make sure you keep your bank and the stupid UK taxman advised of your details. If at any stage you return to the UK, bring a wad of cash with you and use that instead of plastic to withdraw money (it makes it harder for the 'system' to see you).
     
  5. If you are going abroad to work, you need to fill in form P85 from the inland revenue to gain non residence status, which only kicks in if you spend a complete finacial year out of the UK (less 91 days).

    Tax law is complicated, so check carefully...
     
  6. I went overseas in 75 and i am still in that situation i suggest you consider the following
    1. Off - shore account., Jersey, Isle of Man, Guernsey then transfer needed cash to the UK
    (I use LLoyds which i have a USD and Sterling account at this time but a Euro account avail.)
    2. Pay voluntary contributions for your UK Pension as you have already invested in your pension it is worth it to continue.
    3. If you intend to stay overseas indefinately get a good tax accountant ( a small practice) will save you a lot of money.
    i trust this helps
     
  7. I had all this with USD.

    I found that HSBC does a good offshore bank account and its gos straight in no transfer charges, no questions asked. I just convert with no charge at the market rate into a sterling mainland account when im home (that has to be HSBC as well tho, not to occur a charge)

    I need one since im contracted to be out of UK and europe, and for over a 12 month period.

    If your working in europe, a european tax directive kicks in where you either declare your earnings or pay a flat rate outright on your interest, be careful because this can catch a few people without realising it and they get accused of fraud, although banks rattle on about it these days to aviod that happening.

    Benefit of an offshore I think is flexibility in currencies if your mobile, flexible investments like options of fixed deposit accounts, its kept away from the mainland if you plan on spending a bit extra holiday time in the UK or have any extra incomes. And the bank takes you more seriously, if you need cash somewhere by whatever means they will make every effort to try and accomodate.

    On that tax form P85. I almost got screwed by an accountant before I left. He said just piss of abroad, dont worry about a thing and come back next year and i'll help you fill in a tax return. Only 2 days later I was on the net and discovered the need for a P85.

    One question to anyone who knows: Do you still have to send off tax returns once you've filled out a P85 and registered it? Do they just expect to hear from you after the date you put down for return to country?

    Cheers
     

  8. Better (cheaper) to pay the self employed rate. I'm paying around 9 quid per month instead of 30+