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danielcm90
Joined: 14 Apr 2014
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 Posted: Mon Jun 02, 2014 11:36 am Post subject: Korean EPIK Tax (for UK only) |
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Hello!
I have been accepted to the EPIK program for this year, Fall 2014. After searching and looking at some posts regarding the tax situation, I need clarification on just what to do before I go.
Now of course I don't want to pay both UK and Korean tax, but I was under the impression I have a choice, well if that's the case yes....I'll go with paying Korean tax simply due to its rate.
Now, am I still required to tell HM Tax and fill out a form...eg P85 or some sort of certificate of residence...bearing in mind that this job is still under the £15,000 tax threshold so I'm a bit unclear on the situation...
Anyone who has been through this please guide me! |
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Lucas
Joined: 11 Sep 2012
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| Posted: Mon Jun 02, 2014 3:27 pm Post subject: |
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Yeah, I filled out the P85 or whatever number the form is. Be careful though; tell them you are leaving the country for 1 year.
Don't let them check the box to say that your emigrating as this will affect things such as being on the electoral role I think.
If you are not already on the electoral role, do it before leaving the UK.
One year in Korea can turn into 2-3-4 years. At some point you'll want to go back to the UK, get a mortgage ect.
http://www.moneysavingexpert.com/travel/cheap-travel-money
If you haven't - get a UK credit card like the clarity, build up your credit rating, pay it off in full every month.
Also make sure you cancel any DD before leaving the UK. |
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danielcm90
Joined: 14 Apr 2014
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| Posted: Tue Jun 03, 2014 2:38 am Post subject: |
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| So I don't need to fill out a certificate of residency then or anything like that? |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Jun 04, 2014 3:31 pm Post subject: |
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| So I don't need to fill out a certificate of residency then or anything like that |
That is the Pxx form or whatever it's called I think.
Go you your local tax office - book an appointment, speak to someone face to face. Explain that you're going to Korea for 1 year and that you'd like the form that states that you'll be leaving the country for a set amount of time, if that is the path that you'd like to follow - but be aware that this COULD affect things like electoral role, which then could directly affect you if/when you return to the UK.
I was a long time ago that I did it, so I don’t want to give you any old/bad advice.
If you used a recruiter, ask them - footprints?
If you want to be super up to date, you should also tell student loans that you're leaving the country - the monthly repayment is tiny on the amount you'll earn..... |
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