Are you leaving the UK? Get right with your taxes  

 

You have been offered the chance to work abroad, but all you can think about is the opportunities you might be missing at home. Working abroad may not seem interesting, neither personally or professionally, compared to working in the UK. This does not mean though that you should not give it a try. You can make quality connections and you will be better rewarded for your efforts. The great thing is that you do not have to be alone. You can embark on a full-scale immigration with the whole family. Are you convinced? That is great. Before leaving the UK, you need to notify the HM Revenue and Customs that you are leaving. Equally important is to make sure that you get your tax right. You may need to pay additional taxes. Better yet, you may be able to claim a working abroad tax refund.

Are you leaving the UK Get right with your taxes

Inform the tax authorities

Many people do not even bother to notify the governmental authorities that they are leaving Britain, basically, they ignore their tax responsibilities. If you are leaving the UK to permanently live abroad, you must inform the HM Revenue and Customs. If you do not get in touch with the authorities, you will be required to pay additional charges. By declaring that you have become a non-resident, you are freed from the responsibility of paying additional financial contributions. What you need to do is complete the form P85 and send it to the HM Revenue and Customs. You can get the form from the local tax office. You can also use the online form service.

Get your tax refund

Many people fail to claim a repayment of their financial contributions to which they are entitled to when they leave the UK for overseas opportunities. If you are going away for at least one tax year, you could be owed serious money. How so? Well, the UK tax year starts on 6 April and ends on 5 April the following year. If you go to work overseas, but you return to Britain more than 90 days in a tax year, you are still a resident. As long as you have paid financial charges within the last 4 years, you can get a reimbursement. The amount of money you get depends on your earnings and how much tax you have paid. You will need to submit the P85 to the HM Revenue and Customs and the P45, which you can get from your employer. Hiring a tax rebate expert to help you is a good idea.

UK tax may not be something exciting, but you have to deal with it. The good news is that the process will not cause you too many headaches. All you have to do is fill out some forms. If you want to spare yourself the trouble, use a professional service. Everything from submitting the forms to follow up procedures are handled by the pros. If you are relocating outside of Britain, do not forget to get right with your taxes.