Kevinfay
Hi, I hope someone can help shed some light on this issue for me.
I am starting on job in Dubai at the beginning of Feb, and I basically would like to know how easy it is to bring money back to the UK at the end of my stay? Will I be liable for any tax on return?
I have looked into this but do not seem to have had much luck finding a answer, hope someone can help!
sage & onion
- Kevinfay wrote:
Hi, I hope someone can help shed some light on this issue for me.
I am starting on job in Dubai at the beginning of Feb, and I basically would like to know how easy it is to bring money back to the UK at the end of my stay? Will I be liable for any tax on return?
I have looked into this but do not seem to have had much luck finding a answer, hope someone can help!
It will depend on how long you remain outside the Country. normally the best situation is for you to become; "Not ordinarily a resident of the UK", this is achieved by spending a fiscal year outside April - April. during this time you should not spend more than 61 days back in the UK.
Kevinfay
Cool, thanks. I am expecting to spend a couple or so years in Dubai and certainly won't be returning for anywhere near 60 days per year. Would that mean I can literally just transfer any money I have saved direct to a UK bank account on my return?
Thanks for the advice, much appreciated!
XPClone
That's correct.
Just make sure you notify the tax office that you are leaving. This can be done via a P85 form available from your tax office or download it via the website.
Also if you are going back to the UK you can arrange to continue to pay the minimal contribution to your national insurance when you are away from the UK. Contact the NI office about this.