Korean Job Discussion Forums

[agbonlahor i love you]

how much money can you legally send back each month or year without having to declare it and therefor having to pay tax?

all help would be appreciated.

cheers

[FreedomOffshore]

If I were you I would go to an HSBC branch in Seoul after contacting
HSBC in Singapore and ask the HSBC branch in Seoul to help you with
setting up an HSBC account in Singapore. Send your money there and
when you return to the U.K. you can draw it out from the ATM with the
debit card they give to you.


Just my opinion, FREEDOM

[sobriquet]

If you pay your tax here as much as you like

[Davew125]

In my first job we were paid in cash and i was sending back over 1000 pounds a month to my HSBC account in the UK and (as far as i know) all is fine. I'm pretty sure that if you are paying tax here then you dont have to pay tax in the UK as well. Probably best to check the inland revenue website though.

[agbonlahor i love you]

thanks for the responses guys. appreciated

[hugekebab]

[janettekrankie]

I recently found out that not only do you have to be out of the UK for the full tax year but you have to be employed too, so I'm looking into extending my contract for a bit. Of course, when you fill in the form to declare yourself a non-UK tax resident, they don't specify this. You do things by the bloody book and you can get burnt - f'ing Britain indeed.

[agbonlahor i love you]

huge kebab, jeanette crankie - thanks for your posts. Basically my problem is as follows. I need to send some money back for bills and a few savings each month - not much just 200 - 300 quid. Anyhow, my bank account doesn't allow me to send money to it internationally, I'm most likely unable to upgrade my bank account to get a ISBN number because my credit refernce is f**ked. SO what i'm planning to do is send the cash to my mom's account then she'll transfer it straight to my basic bank account. My mom is concerned that if in the worst case scenario the snakes at inland revenue decide to see the � coming in from abroad, assume it's an income, then proceed to tax all her ingoings in her bank account. I think i'll ring an accountant aswell - but your input would be appreciated also.

nice one

[sobriquet]

I've never heard of a bank account that won't accept remittance.

[agbonlahor i love you]

[hugekebab]

Basically...

Are you out of the country for a full tax year april to april? if so then you don't have to worry about your income being taxed.

Your mum won't have to worry because she can demonstrate that a. the money is coming from you and b. she is paying off your bills with that money so that's not income.

Either way theres no need to worry too much, the revenue does not have the resources to go through peoples bank accounts; only people under serious investigation would end up having to show their bank accounts to the revenue.

But I'm not an accountant, so for peace of mind get you rmum to go and see an accountant in the UK.

The reason that full tax year is there is because of the non doms taking the piss.

[GB]

Hugekebab is right, you have to be out of the UK for a full tax year. However...this brings in other problems as once you have been out of the country for 1 full year, you are classed as non-resident and this affects your NHS treatment. I found this out, being told I would have to pay to see my family doctor!!!! My medical records had been moved and sent back to the central office and I found I was no longer registered with the family doctor.

This all happened when I returned to the UK last year. The rules are V.complicated to say the least. I have learnt that the less said to officials the better.

[agbonlahor i love you]

hugekebab, GB - thanks for the help. much obliged

[sobriquet]

[shifty]

I'm not from the UK but I would guess that my country's tax rules are similar. As Hugekebab says you have to be specifically out of the country from April to end of March.

If you have other dates you will straddle two seperate tax years. So the tax authorities will have two years to play with.. Let's say you kick off in Korea the 1st of May and head home end of April. It'll mean you're liable for 11 months of Korean income for the one tax year and one month's worth in the subsequent.

This assessment of that April's income can be avoided if you depart again and can prove that you've been out of the country for a certain number of days in the tax year, I think it's about 6 months, though it's counted in days and not months. The first year's dues are anavoidable, unless you can dovetail the Korean stint precisely with the tax year dates.

So the worst case scenario is as stated first and without leaving again in the subsequent tax year.