lovesonsofthundet
New member
Looking for advice for how to manage UK income whilst living overseas for the foreseeable.
I am very fortunate in that my partner has a secured a post in Sri Lanka that will take care of our family as long as we choose to stay there. I myself have negotiated with my UK employer to remain working for them remotely, on a part-time basis. I am now grappling with the uncertainties of how to set up for this and save my earnings in the most tax efficient way.
Q1. Should I continue to work as an part-time employee, or as a part-time contractor? Does it make any difference? I notice many of my UK based colleagues/associates are private contractors with their own ltd companies. As an individual worker (ie. not employing others) I never understood the benefit of this vs. being directly employed, other than being able to switch between projects more easily, and have more favourable notice terms. Can anyone shed any light what else the benefits may be?
Q2. Also, considering I will no longer be a tax resident (I will be making this P85 declaration to HRMC soon), and since I will be on a spouse visa apparently I'm not allowed to work in my new country of residence. So I'm wondering whether I need to pay income tax in my new country of residence for my UK earnings?
Q3. Savings and investments. UK Private pension I will continue to contribute, this makes sense as is tax free anyway. Likewise, I'll top up my state pension too for good measure. But for medium term savings - are you allowed to continue to save using existing UK ISA even though non-resident? Is offshore accounting/investing worthwhile in this case?
Does anyone have any similar experience or advice that could help?
I am very fortunate in that my partner has a secured a post in Sri Lanka that will take care of our family as long as we choose to stay there. I myself have negotiated with my UK employer to remain working for them remotely, on a part-time basis. I am now grappling with the uncertainties of how to set up for this and save my earnings in the most tax efficient way.
Q1. Should I continue to work as an part-time employee, or as a part-time contractor? Does it make any difference? I notice many of my UK based colleagues/associates are private contractors with their own ltd companies. As an individual worker (ie. not employing others) I never understood the benefit of this vs. being directly employed, other than being able to switch between projects more easily, and have more favourable notice terms. Can anyone shed any light what else the benefits may be?
Q2. Also, considering I will no longer be a tax resident (I will be making this P85 declaration to HRMC soon), and since I will be on a spouse visa apparently I'm not allowed to work in my new country of residence. So I'm wondering whether I need to pay income tax in my new country of residence for my UK earnings?
Q3. Savings and investments. UK Private pension I will continue to contribute, this makes sense as is tax free anyway. Likewise, I'll top up my state pension too for good measure. But for medium term savings - are you allowed to continue to save using existing UK ISA even though non-resident? Is offshore accounting/investing worthwhile in this case?
Does anyone have any similar experience or advice that could help?