Planning to move overseas is exciting but planning it can become stressful. 

In order to keep the excitement alive and make your move as smooth as possible, it is best to prepare well ahead of time. This is particularly important when it comes to your finances and taxes. 

To make the most of your finances, it is best to consider all the UK tax implications of your move before you go. Consulting a UK tax professional should therefore be an essential part of your planning process. 

As experts in UK taxation, we offer a ‘Personalised Tax Briefing’ service that can make planning your move simpler and clearer and help you to avoid any unwelcome tax surprises. 

We will work with you to understand your individual circumstances and help you to understand the best financial options for your move.

When relocating overseas, some of the things that you will need to consider are:

Other considerations  – there will be other financial decisions that that you will want to consider that fall outside of the scope of tax. For example, you may want to understand the implications of contributing or not to your pensions, National Insurance (NI) and ISAs. If you receive pension income where will you need to pay tax on it? What does the relevant double tax treaty say?

UK tax resident position – will you remain as a UK tax resident or not and what are the tax implications of both?

Work – will you remain working for a UK company or work overseas? And are there any trailing bonus or equity implications for your income or retirement?

Property – if you sell your UK property are there CGT implications? Or will you rent out your UK property and become a non-resident landlord?

Trailing investment income – will you continue to take income from investments or not? What will be the UK tax implications of both?

UK tax returns – if you continue to have any UK income, you will need to file a UK tax return. How will you do that correctly when you live abroad?

Capital Gains Tax (CGT) tax planning – if you sell UK assets while you are overseas what will be the UK tax implications? Are there any temporary CGT rules which could reduce the amount of tax you have to pay?

These are just a few examples of financial decisions you will need to make when relocating. Understanding the UK tax implications of each could have a significant impact on your move and your finances. 

As everyone has their own unique situations, moving overseas will impact everyone differently. So, if you are planning to relocate abroad, we highly recommend that you talk to a professional about your individual circumstances so that you understand what your options are and what is best for you. 

With our Personalised Tax Briefing service, we are ready and able to support you as you make exciting plans for your future. 

We want to help you enjoy the next phase of your life by providing assurance that your UK taxes have been considered properly. 

And our help doesn’t stop there. We can continue to provide UK tax advice and support after you have moved. We can act on your behalf with HMRC and can submit UK tax returns for you, even if you live abroad. 

So, if you are in the process of moving overseas or are even thinking of it as a future option, please get in touch. We are ready and willing to help. 

UK tax clarity for global clients - Pay the right tax in the right place at the right time.

Watch the video for more information on leaving the UK: