moving back to uk what finical implications will I need to be aware off

[Yorkshirepom]

ayup all 

iam looking for advice on moving back to the uk I've been living in oz for 15 years this may and though I've enjoyed my time hear being on my own and not getting any younger i need my family around me so some questions to ask about finances and moving gear back 

1 no property to sell as I've been a renter and at the moment just renting a room with friends

2 with no assets to sell I've just got savings in commonwealth and hsbc banks what's best way to transfer these to uk i still got bank account in uk and do I have any tax to pay on this

3 what's best to do with my suppa as I've been told I cant touch this till  60 and if I take it as a lump sum at 60 I will lose a third of it when it gets to uk iam I best to keep a bank account in oz then have it payed as a wage into that account on retirement 

4 moving personal items back to uk how in depth do you have to go with tor form as I restore vintage speedway bikes and to list every part is going to take some time + my work tools and other items

5 national insurance number I've still got copy of mine so do I just reinstate this don't need to top up contribution's for uk state pension as I've been doing this and i had notification iam up to date

6 when's best time to move back with regards to Australian tax office would it be at end of June that's when I intend to finish work and of course that's end of tax year  

7 iam best to  notify the tax office medcare and the doctors when I move

8 driving licence for bike and car can i just swap these over as my old uk one as expired

9 car and bike insurance is best to get copies of my years of no claims before I leave to help on get insurance cover when back in uk 

10 when i get back to uk i intend to move in with parents till I find a place of my own think I read on uk site for moving personal items back I need something of where iam going to live does this intail a letter from parents that i intend to live with them?

cant think of any other questions at this moment in time so any help will be appreciated and if there's anything I've missed please let me no 

regards

gary

 

 

[Marisawright]

46 minutes ago, Yorkshirepom said:

 

with no assets to sell I've just got savings in commonwealth and hsbc banks what's best way to transfer these to uk i still got bank account in uk and do I have any tax to pay on this

Use a company like Wise to transfer the money, it will be cheaper than asking your banks to do it.  No tax payable.  

46 minutes ago, Yorkshirepom said:

what's best to do with my suppa as I've been told I cant touch this till  60 and if I take it as a lump sum at 60 I will lose a third of it when it gets to uk iam I best to keep a bank account in oz then have it payed as a wage into that account on retirement 

Not as a wage but as a pension (called an "income stream").   You can choose how much you get paid each month and you can vary it up and down as much as you want, but of course it won't last forever - the more money you take out, the quicker it will run out!   You're right about losing a third of it in tax, so the pension is the best option.  

46 minutes ago, Yorkshirepom said:

moving personal items back to uk how in depth do you have to go with tor form as I restore vintage speedway bikes and to list every part is going to take some time + my work tools and other items

If you've got a box of motor bike parts, just call it "motor bike parts" and so on. 

46 minutes ago, Yorkshirepom said:

national insurance number I've still got copy of mine so do I just reinstate this don't need to top up contribution's for uk state pension as I've been doing this and i had notification iam up to date

Brilliant.  Just notify them of your new address when you get settled.  

46 minutes ago, Yorkshirepom said:

when's best time to move back with regards to Australian tax office would it be at end of June that's when I intend to finish work and of course that's end of tax year  

I'd say best time would be December'/January because then you'll only have earned half a tax yearíncome in Australia, but you'll get all your tax-free allowance.  You don't have to notify the tax office, there's a box to tick at the end of your tax return to say it's your last tax return.

46 minutes ago, Yorkshirepom said:

iam best to  notify the tax office medcare and the doctors when I move

No need to notify Medicare or doctors as far as I know.  

46 minutes ago, Yorkshirepom said:

driving licence for bike and car can i just swap these over as my old uk one as expired

I didn't swap my Australian one over.  I just wrote to the DVLC and said I'd lost my UK licence, and they sent me a new one.  That was in 2015, no idea if that still works.

46 minutes ago, Yorkshirepom said:

car and bike insurance is best to get copies of my years of no claims before I leave to help on get insurance cover when back in uk 

Yes, definitely

46 minutes ago, Yorkshirepom said:

when i get back to uk i intend to move in with parents till I find a place of my own think I read on uk site for moving personal items back I need something of where iam going to live does this intail a letter from parents that i intend to live with them?

No, the removalist company just wants to know where to deliver your stuff.  And you can change the address after it's been picked up.  Are you using Seven Seas/Movecube?

 

[Marisawright]

One more financial consideration:  your credit rating.   You've been away from the UK for too long, so you won't have one, and that's going to be a problem.  Credit ratings are like religion over there!   You'll have trouble getting loans or phone contracts, and even renting a property, because you've got no credit rating.  

If you can stay with the folks until you 've found a job, then landlords will be happy about taking you on.  If you need to find a place before then, you may have to pay six months' rent upfront. 

This is a good site about all things financial in the UK:

https://www.moneysavingexpert.com/

[Yorkshirepom]

thanks for the advise marisawright with regards to credit rating not a issue as got enough in bank to buy a property outright till get some credit history built up 

with regards to the supa you say to have it paid as a pension each month when turned 60 is this best to be paid into a uk bank or keep my au bank account open  

[Amber Snowball]

Just to say, you can change addresses for most Australian government departments on the my.gov.au site and it’s helpful as they can contact you on there but the only one you can’t change online from overseas is medicare and if there is an Australian address they will send your new card there when it’s due. You have to phone them to put a uk address in and that’s a pain at the best of times much less with a large time difference so if possible try and change that medicare address whilst you are in Australia, could you use a relatives address? Or if you speak to them they might suspend your account or something maybe.

I gave up and just put my sons Australian address in the end.

The ato and Centrelink etc all accepted an overseas address on the online portal.

 

[Marisawright]

2 hours ago, Yorkshirepom said:

with regards to the supa you say to have it paid as a pension each month when turned 60 is this best to be paid into a uk bank or keep my au bank account open  

It's possible your super fund won't even agree to pay it into a UK bank account.  It'll cost nothing to keep your Australian bank account open so I would do that, to be on the safe side.

If they will pay it into a UK bank account, it's convenient and you won't even have to think about it.

If they pay it into an Aussie bank account, you can choose to transfer it when the exchange rate is good, so that might be an advantage if you can be bothered.

[Melbpom]

4 hours ago, Amber Snowball said:

Just to say, you can change addresses for most Australian government departments on the my.gov.au site and it’s helpful as they can contact you on there but the only one you can’t change online from overseas is medicare and if there is an Australian address they will send your new card there when it’s due. You have to phone them to put a uk address in and that’s a pain at the best of times much less with a large time difference so if possible try and change that medicare address whilst you are in Australia, could you use a relatives address? Or if you speak to them they might suspend your account or something maybe.

I gave up and just put my sons Australian address in the end.

The ato and Centrelink etc all accepted an overseas address on the online portal.

 

Keep your Australian mobile sim active on a spare phone because if you need login to MyGov you will need the code that is sent to your phone.

[Amber Snowball]

3 minutes ago, Melbpom said:

Keep your Australian mobile sim active on a spare phone because if you need login to MyGov you will need the code that is sent to your phone.

I don’t have that double authentication set up so log in without it. It does keep telling to set it up but I ignore it. I’m not sure if you can deselect that option once it is in place though so good idea on the sim.

I was on a pay as you go sim in Australia so no international roaming option on it, it just didn’t work outside of Australia and then I lost the whole phone on the flight back to the uk anyway!

[RandL]

1 hour ago, Melbpom said:

Keep your Australian mobile sim active on a spare phone because if you need login to MyGov you will need the code that is sent to your phone.

You can download the myGov Code generator app onto your phone and use that as your two-factor authentication , it works via internet access , not depended on your phone number, you have to change that in your preferences on the myGov login.  I  use that here in the UK .

[Marisawright]

8 hours ago, Melbpom said:

Keep your Australian mobile sim active on a spare phone because if you need login to MyGov you will need the code that is sent to your phone.

Not likely to need to log in to MyGov for anything after his last tax return, though, assuming he doesn't owe any tax.

Edited January 23, 2022 by Marisawright

[Amber Snowball]

43 minutes ago, Marisawright said:

Not likely to need to log in to MyGov for anything after his last tax return, though, assuming he doesn't owe any tax.

I’m currently trying to opt out of bowel and cervical screening without much luck via my gov. 
asking my son to have a go in case it’s because I am outside of Australia.
It’s comforting to be able to access it.

[Amber Snowball]

@Yorkshirepom I bought evidence of my no claims back as some insurers recognise overseas years. I am insured with Admiral who were happy to accept it. A few others do too.

[Yorkshirepom]

21 hours ago, Melbpom said:

Keep your Australian mobile sim active on a spare phone because if you need login to MyGov you will need the code that is sent to your phone.

i will have to hand that back as its a works phone but thanks for the tip melbpom

[Yorkshirepom]

12 hours ago, Amber Snowball said:

@Yorkshirepom I bought evidence of my no claims back as some insurers recognise overseas years. I am insured with Admiral who were happy to accept it. A few others do too.

thanks for that amber snowball thought that would work both ways as was advised when i moved hear

[Cup Final 1973]

You’ll also need to remove yourself from the electoral roll so you’re not fined for not voting!  If you’ve already made a will you’ll need to inform your solicitor to cancel it as it’s no longer valid once you move overseas.

[Amber Snowball]

4 hours ago, Cup Final 1973 said:

You’ll also need to remove yourself from the electoral roll so you’re not fined for not voting!  If you’ve already made a will you’ll need to inform your solicitor to cancel it as it’s no longer valid once you move overseas.

Good point about the electoral register.

I must admit I have a will for both countries as I have assets in both so thought I’d hedge my bets!  

They both say the same thing.

[Cup Final 1973]

According to the solicitor who drew up our will here, a will made in a country in which you are no longer resident is not valid.  We still have an Australian bank account with a reasonable amount in it but it simply forms part of our estate.

[Yorkshirepom]

On 24/01/2022 at 21:46, Cup Final 1973 said:

You’ll also need to remove yourself from the electoral roll so you’re not fined for not voting!  If you’ve already made a will you’ll need to inform your solicitor to cancel it as it’s no longer valid once you move overseas.

nice one cup final will add to the do list total forgot about electoral roll will not a problem don't have one

[JetBlast]

On 23/01/2022 at 16:42, Marisawright said:

Use a company like Wise to transfer the money, it will be cheaper than asking your banks to do it.  No tax payable.  

The OP has a HSBC account - They will transfer it for free.

[RandL]

4 hours ago, JetBlast said:

The OP has a HSBC account - They will transfer it for free.

nothing is for free , i would check the exchange rate your are getting with HSBC, i  also have HSBC accounts and the actual amount arriving in your other currency account was always better with wise or OFX

[DIG85]

On 25/01/2022 at 07:22, Cup Final 1973 said:

According to the solicitor who drew up our will here, a will made in a country in which you are no longer resident is not valid.  

That's sounds like BS to me.

[FirstWorldProblems]

1 hour ago, DIG85 said:

That's sounds like BS to me.

It's not, but it's not entirely accurate.  The country you move to would have to recognise the jurisdiction of the country where you made the will.   The will would need to comply with local law, which can differ on things like succession.  You'd need to consider the type and location of your assets too.

When asked, my solicitor said that it would be best to go to a solicitor in your new country, take your current will and essentially get it "translated" to work locally.  She reminded me that inheritence can sometimes turn ugly and so even if you can't imagine that scenario with my own heirs, we shouldn't leave anything to good faith or chance.

[DIG85]

8 hours ago, FirstWorldProblems said:

It's not, but it's not entirely accurate.  The country you move to would have to recognise the jurisdiction of the country where you made the will.   The will would need to comply with local law, which can differ on things like succession.  You'd need to consider the type and location of your assets too.

When asked, my solicitor said that it would be best to go to a solicitor in your new country, take your current will and essentially get it "translated" to work locally.  She reminded me that inheritence can sometimes turn ugly and so even if you can't imagine that scenario with my own heirs, we shouldn't leave anything to good faith or chance.

Whether the new country recognises the jurisdiction of the country where you made the will is a different matter from whether the will is still valid in the original country. A will drawn up in E&W does not cease to be valid merely because the testator has left the country. A will would cease to be valid if a new will was drawn up (regardless of where the new will was drawn up) or if the testator marries.

It does of course make sense to have wills drawn up in each country so that UK assets can be disposed under UK law and Australian assets under Aus law.

Edited January 26, 2022 by DIG85

[rammygirl]

On 25/01/2022 at 03:16, Amber Snowball said:

Good point about the electoral register.

I must admit I have a will for both countries as I have assets in both so thought I’d hedge my bets!  

They both say the same thing.

So have we and they both reference each other too.

[Parley]

4 hours ago, DIG85 said:

Whether the new country recognises the jurisdiction of the country where you made the will is a different matter from whether the will is still valid in the original country. A will drawn up in E&W does not cease to be valid merely because the testator has left the country. A will would cease to be valid if a new will was drawn up (regardless of where the new will was drawn up) or if the testator marries.

It does of course make sense to have wills drawn up in each country so that UK assets can be disposed under UK law and Australian assets under Aus law.

But you have contradicted yourself. You said the latest will is the only valid will and supercedes all previous wills, so how can you have more than one?