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Topic: What to do before moving to UK...  (Read 1122 times)

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What to do before moving to UK...
« on: June 03, 2008, 01:11:12 AM »

I'm moving to the UK in 7 weeks for work. I was hired by a company and they are working on my visa papers now. However, I know it's best to be prepared and set things up the correct way so that I can put myself in the best position financially.

Here are some hypothetical specifics and questions.

Is there a "best" kind of bank account to open for tax purposes? I know there different categories for domiciled vs non citizens. I'll probably only be in the UK for 2 years or so.

What other steps can one take now to prepare for the move?

Hypothetically, If I currently lived in New York (rent) and don't want to pay NY State tax (and NY city tax) when i move to the UK, where would one go to let NY know they've moved? If I had a connecticut licence and my parents live there now, would it be adventagous to move to CT for these few weeks before moving to the UK (to avoid higher NY and NYC taxes? Or would that count as living part of the year in a second state and complicate things further?

I am trying to get in touch with a tax professional who is knowledgeable in both US and UK tax matters so if anyone knows of someone please PM me as well.

Thanks


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Re: What to do before moving to UK...
« Reply #1 on: June 03, 2008, 08:14:02 AM »
As far as I know, I'm not aware of different bank accounts for categories for domiciled vs non citizens.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/BankAccountsAndBankingProducts/DG_10035252

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/BankAccountsAndBankingProducts/DG_10035164

If you are in the UK for two years, I *think* that generally counts as being domiciled in the UK, as long as you are in the UK 183 days out of a tax year.

http://www.hmrc.gov.uk/cnr/faq-domicile-status.htm

http://www.hmrc.gov.uk/pdfs/ir20.pdf


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Re: What to do before moving to UK...
« Reply #2 on: June 03, 2008, 12:49:24 PM »
One of the conditions of the work permit is that you pay full NI and Income Tx, so there is no way to (legally) get a preferential tax rate.

Vicky


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