Tax implications and legal stuff.

Last activity 31 January 2016 by TerryMMM

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TerryMMMGuest28 January 2016 21:16:52

214245

Right then, things are moving fast for me now. I've got my dream house near Veliko Tarnovo and I should be living there permanently by the end of June.

But I'm wondering about what to do in respect of keeping a bank account and other such stuff in Britain.

I am not keeping a house in Britain at all but for the sake of a savings account, a credit card, HMRC, DVLA and all those sorts of people is it best (and is it legal) to give them the address of one of my kids Manchester and have my mail forwarded there?

The HMRC bit in particular concerns me. Does anybody know if there are likely to be any changes in my tax status? I will be receiving a pension in the UK from a former employer and which falls below my current tax threshold, and I will not be receiving an income from employment in either the UK or Bulgaria.

Any comments would be greatly appreciated.

Terry.

happyneetMember29 January 2016 05:32:35

Morning, i too am in receipt of a company pension and a state pension with no intention of working either here or the UK. I have kept UK bank account without any problems, but i know not all UK banks allow this. I pay UK tax as normal. I also have a Bulgarian bank account,where i transfer money across as and when needed. This works for me.
Enjoy the adventure and a safe move . Be happy .

yuill familyActive member29 January 2016 08:08:51

Hi,
As far as I am aware any pensions you earn the tax authorities will be aware of and if you at anytime earn above the tax threshold, such as receiving state pension on top of your private pension they are informed and will tax any income over the threshold.
If I were you I would write to them and inform them of your intentions and give them your kids address for correspondence. You have nothing to loose, and will have peace of mind. For the rest I see no reason to worry as long as you give a contact address.
Hope this helps.

Regards Sylvia

tefpetMember29 January 2016 11:01:33

can I visit terry
I also a place near vt I want doing up and unable to stay too long for medical reasons
may agency is Fine living so keep in touch with them for cheaper places to invest in Regarding your monies I can only give you one bank in uk worth banking for transfers recently, it is Halifax as they only charge nine pounds for trfs as other it is 24pounds
Also I have been to Bullbank and opened account for online banking. which you can go anywhere with
both euros and Levs
peter

tefpetMember29 January 2016 11:04:02

Also check on your pension to transfer, as the tax do take a percentage and it does ask if you collecting it abroad

TerryMMMGuest31 January 2016 09:51:37

214245

Thanks Sylvia, that was my plan anyway. However I was just concerned about someone telling me later that I shouldn't have done that,

TerryMMMGuest31 January 2016 09:54:20

214245

Thanks for that Peter.

I've been using a company called Moneycorp who do cheap and efficient money transfers. I used them to transfer the money to buy my house and the whole thing went very smoothly.

See you for a beer sometime once I have moved over there.

Terry

TerryMMMGuest31 January 2016 09:56:18

214245

Thanks for your reply Happyneet ... I'll follow your advice to the letter.

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