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spyro25
Joined: 23 Nov 2004
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 Posted: Fri Dec 12, 2008 6:06 pm Post subject: Sending Large amounts to UK - tax and costs |
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I posted in another thread about this but I will make my thread regarding this
does anyone happen to know the best way to send a large amount of money (around 100,000,000won or 1ok won) to the UK? My korean wife would send the money so i wouldn't get hassled by the Korean banks, but i wonder what the limit on sending large amounts is to the UK before they get noticed by the taxman? i would then send just under that limit to different family members every day until the full amount got through. would that be a sensible idea? how much cash can you carry with you through the airport now? i heard it had gone up.
has anyone had experience sending this amount back to the UK? if so can you share your experiences? |
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cheeseface
Joined: 13 Jan 2008
Location: Ssyangnyeon Shi
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| Posted: Fri Dec 12, 2008 7:53 pm Post subject: Re: Sending Large amounts to UK - tax and costs |
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| spyro25 wrote: |
I posted in another thread about this but I will make my thread regarding this
does anyone happen to know the best way to send a large amount of money (around 100,000,000won or 1ok won) to the UK? My korean wife would send the money so i wouldn't get hassled by the Korean banks, but i wonder what the limit on sending large amounts is to the UK before they get noticed by the taxman? i would then send just under that limit to different family members every day until the full amount got through. would that be a sensible idea? how much cash can you carry with you through the airport now? i heard it had gone up.
has anyone had experience sending this amount back to the UK? if so can you share your experiences? |
How long have you been in Korea?
I imagine that just keeping it quite is probably the best way, as in don't ask any questions of the TAX service until they ask you.........
You may need to make a hefty N.I. contribution if you have been out of the country for a long time. |
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spyro25
Joined: 23 Nov 2004
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| Posted: Fri Dec 12, 2008 8:02 pm Post subject: |
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| would i need to do so even if i dont intend to work? i'm going back to do my ph.d.......... |
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spyro25
Joined: 23 Nov 2004
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| Posted: Fri Dec 12, 2008 8:03 pm Post subject: |
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| my fear was that i would try to send a large amount to my account and the amount would get flagged for tax. i wondered if anyone knew of such an amount and what it would be |
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cheeseface
Joined: 13 Jan 2008
Location: Ssyangnyeon Shi
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| Posted: Fri Dec 12, 2008 8:07 pm Post subject: |
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| spyro25 wrote: |
| my fear was that i would try to send a large amount to my account and the amount would get flagged for tax. i wondered if anyone knew of such an amount and what it would be |
Any amount over 10,000 pounds would be flagged as special interest to the authorities. However I'm not sure if that includes the TAX service.......
Good luck in the UK!!! |
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spyro25
Joined: 23 Nov 2004
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| Posted: Fri Dec 12, 2008 9:04 pm Post subject: |
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so would it work if i sent 9000 to each family member in a day, then did the same the next day, until the total amount had gone through?
cheers for the help.... |
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hugekebab
Joined: 05 Jan 2008
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| Posted: Sat Dec 13, 2008 4:35 am Post subject: Re: Sending Large amounts to UK - tax and costs |
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| spyro25 wrote: |
I posted in another thread about this but I will make my thread regarding this
does anyone happen to know the best way to send a large amount of money (around 100,000,000won or 1ok won) to the UK? My korean wife would send the money so i wouldn't get hassled by the Korean banks, but i wonder what the limit on sending large amounts is to the UK before they get noticed by the taxman? i would then send just under that limit to different family members every day until the full amount got through. would that be a sensible idea? how much cash can you carry with you through the airport now? i heard it had gone up.
has anyone had experience sending this amount back to the UK? if so can you share your experiences? |
Depends on how long you've been out of the uk, you need to contact the inland revenue or an accountant; this is not something you should do from word of mouth on dave's (i had some dodgy advice on tax here before which the inland revenue said was incorrect.)
actually just speak to an accountant, maybe notifying the inland revenue isn't such a good idea. |
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