When you move to London, there are many things you need to know before you start your new life. If you have a family, you’ll need to make sure your kids can adjust well and that the trains are reliable. If you’re an adult, you can join an expat Facebook group to find out about different neighborhoods and how far you should live.
Transfer of Residence Relief
If you are planning to relocate to London from outside the EU, you may be eligible for Transfer of Residence Relief. This relief allows individuals to clear import taxes on household effects when they move to the UK. This benefit is particularly valuable for private individuals, and employers of employees who relocate to the UK.
In order to qualify for this relief, you must have lived outside the UK for at least 12 months, and you must have stayed in a different country for at least six months. You must also provide a list of your belongings and a proof of address that was dated within three months prior to your relocation.
If you are moving to the UK from another country, you must complete a Transfer of Residence form. The form is also required if you plan to bring pets and private motor vehicles to the UK. You can apply online for the relief, but be sure to fill it out before shipping household goods to the UK. HM Revenue and Customs has not set a timeline for processing applications, so make sure you fill out the form early.
If you’ve ever dreamed of relocating to London from the United States, you should know that it is possible thanks to the U.S./UK tax treaty. The treaty, formally known as the Convention between the Governments of the United States and the United Kingdom of Great Britain and Northern Ireland, addresses tax issues related to capital gains and income taxes. By taking advantage of the tax treaty, you can benefit from tax breaks that are not available to U.S. citizens.
As part of the United States-UK tax treaty, Americans who relocate to the U.K. are protected from paying more than they should. In fact, there are over a dozen provisions that apply specifically to U.S. expatriates. Article 17 and the Saving Clause can affect you the most.
Another key benefit of the treaty is the tax credits for expats. A person can accumulate untaxed capital gains in a pension in Malta. However, they must make sure that they pay tax on the income they make in the UK on those days. Additionally, they must remember that they may be subject to tax in other countries if their income is derived outside of the U.K.
Moving to London can be expensive, especially if you live overseas. Depending on your situation, you may wish to consider moving to a cheaper city before relocating to London. The average cost of living in the UK is £417 per person, and it’s possible to save money by relocating to a city that costs less than London.
One of the best ways to save money when moving to London is by reducing your transport costs. The UK has some of the most expensive fuel costs in the world, so taking the tube or bus is a great way to save money on your travel expenses. If you want to travel by car, make sure that you plan your travel route in advance. It’s also a good idea to buy a travel card, as the price for travel is often cheaper.
Changing your habits is another great way to save money when moving to London. Eating out every day means spending money on food and transportation, and it’s a good idea to bring a packed lunch with you instead of eating out. You should also learn to cook if possible to save money in the long run. You can also ask local friends to share their experiences.
Fulfilling a skill shortage
If you’re considering moving to London and are interested in finding a job, there are some things you need to know. The first thing you should know is that you can apply to a number of skills shortage occupations. The shortage occupation list differs depending on the job that you want to do. You can use the ONS occupation coding tool to determine which job codes apply to you.
While there are a variety of job opportunities available, a skill shortage in certain fields will make it more difficult for you to find a job. For example, a skills shortage in software development will make it harder for companies to attract talent. Luckily, London has a number of tech startups that will hire people with experience in software development, computer science, and software. While the demand for these kinds of jobs is growing, it will be harder to find qualified workers.
Many sectors of the economy have been hit by the COVID-19 pandemic, but tourism and hospitality sectors have been the hardest hit. The end of free movement following Brexit and the pandemic has affected the workforce in the sector. One recent study predicts that there will be a 30% decrease in EU employment in the hospitality sector in London by 2021.