Hi All,
We're soon to be packing things up in London and heading to Australia indefinitely. We have a few loose ends to close off and obviously want to be as tax efficient and informed as possible.
Note: I'm happy to be referred to a specialist in taxation etc and to pay for professional advice if necessary so please dont hesitate to send me recommendations.
We (wife and I) both hold dual nationality of Aus and UK.
Ltd company specific
1. I have a limited company to close down - Fairly clear on the Entrepreneurs relief route. Is it best to let my Ltd company accountants handle this for continuity etc, or are there cheaper options?
2. I have also recently been made aware of the ability to pay a £30k tax free termination payment. My wife is a co-director and employee so was considering exploring this as an option (dont tell the wife!)... and whether this can be taken to the extreme of bringing on my kids as employees and paying them out as well. I've done my own version of the maths and it would seem to result in a net £7k improvement.. but assume this raises a few red flags somewhere. Happy to discuss with my accountants as part of step 1, I suppose any advice would be appreciated.
General (personal) tax
3. Having declared and paid all the tax in the UK to get the money out of the company, do i need to declare anything further in Aus? Also, are there any timing issues with different tax years i need to be wary of in terms of commencing employment in Aus that would subject the entire amount plus new earning to a higher rate of tax?
4. We also own a single property in the UK that we intend to keep and rent out. We are relocating to Aus so there are no delusions about it being our permanent residence, although we may move back at some point if all is not greener on the other side. The house is in joint names and will obviously be earning income for us in the UK. Do I need to declare this income in Aus in its entirety, or only the net difference after mortgage and any management fees and other deductions are subtracted?
5. What deductions are permitted? ie repairs/maintenance etc? Do I need to consider UK or Aus taxation law for the deductions? I presume this depends whether the whole rental income is required to be declared in Aus or only the net income?
6. Is there a more tax efficient way to arrange the ownership of the property in the short term to minimise tax, that may also be beneficial in the long term re inheritance tax etc. Perhaps some kind of trust arrangement if they are still viable?
Appreciate any advice or recommendations!
Thanks
We're soon to be packing things up in London and heading to Australia indefinitely. We have a few loose ends to close off and obviously want to be as tax efficient and informed as possible.
Note: I'm happy to be referred to a specialist in taxation etc and to pay for professional advice if necessary so please dont hesitate to send me recommendations.
We (wife and I) both hold dual nationality of Aus and UK.
Ltd company specific
1. I have a limited company to close down - Fairly clear on the Entrepreneurs relief route. Is it best to let my Ltd company accountants handle this for continuity etc, or are there cheaper options?
2. I have also recently been made aware of the ability to pay a £30k tax free termination payment. My wife is a co-director and employee so was considering exploring this as an option (dont tell the wife!)... and whether this can be taken to the extreme of bringing on my kids as employees and paying them out as well. I've done my own version of the maths and it would seem to result in a net £7k improvement.. but assume this raises a few red flags somewhere. Happy to discuss with my accountants as part of step 1, I suppose any advice would be appreciated.
General (personal) tax
3. Having declared and paid all the tax in the UK to get the money out of the company, do i need to declare anything further in Aus? Also, are there any timing issues with different tax years i need to be wary of in terms of commencing employment in Aus that would subject the entire amount plus new earning to a higher rate of tax?
4. We also own a single property in the UK that we intend to keep and rent out. We are relocating to Aus so there are no delusions about it being our permanent residence, although we may move back at some point if all is not greener on the other side. The house is in joint names and will obviously be earning income for us in the UK. Do I need to declare this income in Aus in its entirety, or only the net difference after mortgage and any management fees and other deductions are subtracted?
5. What deductions are permitted? ie repairs/maintenance etc? Do I need to consider UK or Aus taxation law for the deductions? I presume this depends whether the whole rental income is required to be declared in Aus or only the net income?
6. Is there a more tax efficient way to arrange the ownership of the property in the short term to minimise tax, that may also be beneficial in the long term re inheritance tax etc. Perhaps some kind of trust arrangement if they are still viable?
Appreciate any advice or recommendations!
Thanks
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