Fikelle Posted April 21, 2014 Share Posted April 21, 2014 Hi I'm moving to Sydney towards the end of May from London. I've been told I need to get advice on tax related issues before I go. Can anyone advise on what I need to do/ who to contact? I'm coming on a 457 sponsored work visa. I'm also about to exchange on a London property before I leave. I'm aware I need to: 1) contact HMRC and fill in a p85 to inform I'm leaving UK, before I depart 2) review the 'non resident landlord scheme' in relation to tax paid on the income of the property before I depart 3) apply for double taxation relief on the income from my UK property, at the end of the UK tax year? Correct? If anyone knows of anything else I need to do before I leave the UK please let me know! Also if anyone knows a good but cheaper advisor who can help me with this please let know too! thanks Fiona Link to comment Share on other sites More sharing options...
Rupert Posted April 21, 2014 Share Posted April 21, 2014 Hi I'm moving to Sydney towards the end of May from London. I've been told I need to get advice on tax related issues before I go. Can anyone advise on what I need to do/ who to contact? I'm coming on a 457 sponsored work visa. I'm also about to exchange on a London property before I leave. I'm aware I need to: 1) contact HMRC and fill in a p85 to inform I'm leaving UK, before I depart 2) review the 'non resident landlord scheme' in relation to tax paid on the income of the property before I depart 3) apply for double taxation relief on the income from my UK property, at the end of the UK tax year? Correct? If anyone knows of anything else I need to do before I leave the UK please let me know! Also if anyone knows a good but cheaper advisor who can help me with this please let know too! thanks Fiona I am sure you can download a P85, personally I didn't bother sending it, I just waited until the end if the tax year. Having said that, if you are still earning a UK income (from rent) the P85 is not really appropriate. The P85 is used to reclaim tax by people that do not expect any further UK income in the tax year. Yours could be settled up at the end of the year. You get your letting agent to give you the non resident landlord forms, fill them out and letting agent will deal with it. You don't apply for double taxation relief, it is just there. In any case on a 457 visa your rental income is not disclosable in Australia. Overall, I think you have very little to do tax wise. Link to comment Share on other sites More sharing options...
Legs2011 Posted May 9, 2014 Share Posted May 9, 2014 Are you taking tax advice on your Australian position? Is work paying relocation? Living-away-from-home-allowance? Is your move temporary or long term? The tax implications are quite different. Generally, Australian tax resident's are taxed on their worldwide income. However, persons on a 457 visa may be considered "temporary residents". Temporary residents are usually only taxed on their Australian sourced income. So you may not have extra tax in Australian on your UK rental income. If obtain Australian permanent residence or citizenship you will no longer be "temporary resident". In relation to your UK position, are you going to live in it for a bit? Sounds like you have ran out of time. If you live in it you get the main resident exemption. This can apply for 18-36 months after you move out. You may be a UK tax resident for the whole of the year 6 April to 5 April 2015. Correct you need to deal with the NRLS. Register for it. Fill in the election which you submit to HMRC requesting that you be taxed via tax returns rather than a withholding tax. Are you using a letting agent? If so they should be able to give some guidance. Generally, the tax levied rents derived by non-residents is 20%. So you may be able to get a good tax outcome between the two countries. Elise Ashmead Link to comment Share on other sites More sharing options...
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