For many Australians a stint living and working in the UK is often considered as a universal goal. It has become more difficult recently, however, with the discussion around new anti-migrant policies.

If you are planning a move to the UK, you will likely have considered the main aspects e.g. housing, jobs, schools. But have you considered the following important points?

1) Timing is Everything:

There are certain things which need to be done at specific times. Make a list and work your way through it. It is important to note that some things are much easier to sort out before you move. For example, if you own investments or property in Australia, it is worth seeking professional advice on tax impacts in advance.  If you wait until after you have arrived, it can restrict your options.

2) Tax Matters:

Once you arrive in Britain as an Australian citizen, you need to take care of your tax arrangements shortly after moving. If you’re employed by a British company, your British tax will be PAYE (pay as you earn). This means it will be deducted automatically from your salary.

You will also need to determine whether or not you will be an Australian resident for tax purposes. If you have Australian sourced income (e.g. business income, or rental income) you will still need to file a tax return in Australia. Taxes in the UK are paid on a sliding scale on a tax year that runs from April 6th to April 5th. As in point 1, it is often easier to seek advice regarding tax issues relating to your financial planning prior to moving.

3) Your Will and Inheritance: 

This may not be at the top of your list compared to accommodation, finding schools or acclimatising. However they are nonetheless important financial considerations. You may need a separate will in each country as the law regarding inheritance tax is different in each. It is worth seeking professional advice if you are considering transferring recently inherited money.

At Cross Border Financial Planning, we are appropriately qualified and experienced in providing financial advice on moving to the UK. If you would like any assistance with this aspect of your financial planning, do get in touch.