As the world becomes more globalized, you may find yourselves living and working abroad as expats. At some point, you may decide it’s time to return home to the UK. What does the journey entail? What are the key steps you should take when planning to move back home, especially with a full household? Let’s delve into this comprehensive guide on what to expect and what to consider in your planning.
Planning Your Move
Your journey home begins with adequate planning. As the saying goes, failing to plan is planning to fail. You must start your preparations early, considering every aspect of your move, from packing your property to settling your tax obligations both abroad and at home.
When you are living abroad, there are numerous factors to consider before making a move back home. It could be that you’ve been away for many years, or maybe it’s a more recent move. Regardless, there are logistical considerations, as well as personal, emotional and financial aspects to think about.
Consider the time of year you’re planning to move. If you have children, coordinating the move with the school year can mitigate disruption to their education and help them transition smoothly. Furthermore, remember to notify your landlords, both overseas and in the UK, of your planned move date.
Sorting Your Tax Obligations
Tax obligations are a crucial part of your move. It’s essential to understand what the tax implications are when you move home from living abroad. This includes knowing what taxes you’ll need to pay, when and how.
Upon your return, you become tax-resident again in the UK, meaning that your worldwide income could be subject to UK tax. However, the ‘Statutory Residence Test’ will help establish your tax status. It’s advisable to consult with a tax professional to discuss your circumstances before your return.
While abroad, it’s crucial to ensure that you’ve met all your tax obligations in the host country before leaving to avoid any potential legal complications.
Transferring Your Property
Moving your property is another significant step in your returning process. This includes your household belongings, cars, and possibly pets.
When moving your household goods, consider if it’s more cost-effective to ship items back to the UK or to sell them and replace them upon your return. Remember to account for shipping time; some items may take weeks or even months to arrive.
If you’re planning to bring your car, be aware of the regulations related to importing vehicles. For instance, your car will need to meet UK vehicle standards and you’ll need to pay VAT and duty on it.
Managing Your Finances
Your financial planning is an essential part of your move. This includes closing bank accounts, settling any outstanding credit, and re-establishing your financial footprint back in the UK.
You should check whether your credit history is still valid in the UK. In some cases, if you’ve been living abroad for several years, you may need to rebuild your credit history from scratch.
If you have savings and investments abroad, consider the tax implications of transferring them back to the UK. Seek financial advice to ensure you make the most financially savvy decisions.
Reintegrating Into Life in the UK
The final critical step in your journey home involves reintegrating into life in the UK. This might mean finding a new home, re-enrolling your children in school, and potentially finding new employment.
Remember, you’re not just returning to a country, but you’re coming back to a life that may have changed during your time away. From renewing your driving license to reconnecting with your local NHS provider, there are various administrative tasks to handle.
The emotional aspect of moving back home should not be overlooked as well. It can be a challenging time, so consider seeking support from friends, family, or professionals to help you manage this transition.
Bringing a full household back to the UK after living abroad is a multifaceted process that requires careful planning and preparation. While it can seem daunting, knowing what to expect can make the process more manageable and less stressful. Remember, it’s not just about moving your physical belongings but also about transitioning your entire life back to your home country.
Organizing Your Legal Affairs and Estate Planning
A crucial part of moving home after living abroad involves organizing your legal affairs. This stage entails updating your will, considering your estate planning, and possibly dealing with capital gains issues.
If you created a will while residing abroad, it might be prudent to revise it upon your return to the UK. Different countries have varying laws surrounding wills and estate planning. Therefore, it is wise to enlist the services of a legal professional in the UK to ensure that your will is valid under UK law.
Moreover, your estate planning may need to be revised. Consider the implications of inheritance tax and whether your move back home alters this. If properties or assets are held overseas, it might be necessary to consult with an international estate planning professional to ensure all bases are covered.
If you’ve sold property or assets while abroad, there may be capital gains tax implications. It’s advisable to consult with a tax professional to understand the potential consequences and necessary steps to comply with UK laws.
Keeping Up with the News and Events
Staying informed about news and events in the UK during your time abroad can facilitate your transition home. The more you are aware of what is happening in your home country, the easier it will be to reintegrate into life there.
Regularly keeping up-to-date with news in the UK can help you understand any significant changes that have occurred during your time abroad. This might include legislation changes, alterations in the cost of living, or socio-economic shifts.
Consider subscribing to UK publications and news outlets to stay informed. You can also leverage the value of social media and online forums to gain insights about the current situation in the UK.
In Conclusion: A Fresh Start Back Home
Returning home after living abroad is not just about physically moving your belongings but involves a complete transition of your life. You’re relocating not just yourself, but your family members, your possessions, and your entire life back to your native land.
As with any significant life change, good planning and organization are key. From sorting out your tax obligations to transitioning your finances, from shipping your property to reintegrating into UK life, each step requires careful thought and consideration.
Connecting with professionals such as tax planners, legal advisors, and financial planners early in the process can make the journey smoother. A client portal could be beneficial to consolidate all the different aspects of your move under one umbrella, streamlining the process.
Remember, it’s not just about moving back home, it’s about returning to a lifestyle that may have changed during your time abroad. But with careful planning, your journey home can lead to a fresh start and exciting new chapter in your life.
Returning to the UK after living abroad can be a daunting experience, but it also marks the beginning of a new journey. With the right planning and support, you and your family can make a smooth transition back to your home country and start to enjoy the familiar comforts and new opportunities of home living.
