Moving abroad is an exciting adventure filled with new opportunities, cultures, and experiences. However, before you can fully embrace your new life overseas, there’s a lot to organise. From sorting out your finances to making sure you’ve packed everything you need, the key to a smooth transition is thorough preparation.
To help you get started, we’ve put together the complete checklist of what you need to do before you leave the UK.
1. Finalise Your Financial Affairs
One of the most important steps when moving abroad is to get your financial affairs in order. This includes everything from your bank accounts to your tax obligations.
- Inform Your Bank: Notify your bank that you’re moving abroad and update your contact details. Consider setting up international banking services if you’ll need to access your UK accounts while overseas.
- Cancel or Update Direct Debits: Review any direct debits or standing orders. Cancel any unnecessary payments and update the rest with your new information.
- Set Up International Payments: If you have financial commitments in the UK, such as a mortgage or loan repayments, set up international payments to ensure these are managed smoothly.
2. Review Your Tax Status
Moving abroad has significant implications for your tax status. It’s essential to understand these before you leave.
- Check Your Residency Status: Determine your residency status using the Statutory Residence Test (SRT). This will affect your tax obligations in the UK.
- Inform HMRC: Notify HMRC of your move by completing the P85 form. This helps HMRC understand your new status and ensures you’re taxed correctly.
- Consider Non-Resident Status: If you’ll be living abroad long-term, consider applying for Non-Resident status to reduce your UK tax liability on overseas income.
- Understand Double Taxation Agreements: Check if your new country has a double taxation agreement with the UK to avoid paying tax on the same income twice.
3. Plan Your Health Care
Healthcare systems vary greatly from country to country, so it’s essential to plan ahead.
- Get Health Insurance: Arrange for health insurance that covers you in your new country. Consider both local and international options to find the best coverage.
- Register with a GP: If possible, register with a local GP or healthcare provider before you leave.
- Bring Medical Records: Request copies of your medical records and any prescriptions you need. This will be invaluable when setting up healthcare in your new country.
4. Sort Out Your Accommodation
Whether you’re renting or buying, sorting out accommodation before you move is crucial.
- Research Neighbourhoods: Look into the best areas to live in your new city, considering factors such as transport, schools, and amenities.
- Arrange Temporary Accommodation: If you haven’t secured long-term accommodation yet, arrange temporary housing for your arrival.
- Ship or Store Belongings: Decide what you’ll take with you and what you’ll leave behind. Arrange for international shipping or storage for larger items.
5. Review Your Legal Obligations
Moving abroad involves a lot of legal paperwork, both in the UK and your new country.
- Check Visa Requirements: Ensure you have the necessary visas or permits to live and work in your new country. Apply well in advance, as processing times can be long.
- Update Your Will: If you have significant assets in the UK, update your will to reflect your new situation.
- Register with Local Authorities: Find out if you need to register with any local authorities upon arrival.
6. Manage Your Property
If you own property in the UK, you’ll need to decide how to manage it while you’re away.
- Renting Out Your Property: If you plan to rent out your UK home, ensure you comply with all legal requirements, including informing your mortgage provider and arranging landlord insurance.
- Selling Your Property: If you’re selling your home, consider the timing and potential tax implications, such as Capital Gains Tax.
7. Prepare for the Move
With all the paperwork done, it’s time to focus on the move itself.
- Pack Smart: Create a packing list and organise your belongings. Remember to include any important documents, electronics with chargers, and personal items that will help you settle in.
- Plan Your Travel: Book flights and arrange transportation from the airport to your new home.
- Notify Important Contacts: Inform friends, family, and any essential contacts (such as your GP, dentist, and solicitor) of your move.
8. Say Your Goodbyes
Moving abroad is a big life change, so take the time to say goodbye to your loved ones.
- Host a Farewell Gathering: Whether it’s a small family dinner or a big party, take the time to see your friends and family before you go.
- Stay Connected: Exchange contact details and make plans to stay in touch. It’s easier to adjust to your new life when you know you have support from home.
9. Tie Up Loose Ends
Before you leave, make sure you’ve completed all the necessary tasks to avoid any issues later on.
- Cancel or Redirect Subscriptions: Cancel or redirect subscriptions such as magazines, streaming services, and delivery services.
- Redirect Your Post: Set up mail forwarding to ensure you don’t miss any important correspondence.
- Check Your Phone Plan: Arrange for an international phone plan or switch to a pay-as-you-go option.
10. Enjoy the Adventure Ahead
Moving abroad is an incredible opportunity to experience a new culture, meet new people, and expand your horizons. While there’s a lot to organise, remember to enjoy the process and embrace the excitement of your new adventure.
Final Thoughts
Preparation is the key to a smooth transition when moving abroad. By following this checklist, you’ll be well on your way to starting your new life overseas with confidence and peace of mind. If you need help navigating the tax implications of your move, get in touch with Ex Pat Tax. We’re here to help you manage your financial journey, so you can focus on enjoying this exciting new chapter in your life.