Need planning advice on leaving the UK

[juspitutre]

Hello, hope you're all doing great.

I would like for some advice, just to check that my plan is actually sound and I'm not overlooking anything.
I'm an EU citizen, living in the UK for about 4 years now, thus on the EU pre-settled status.
Currently I'm contracting for a client from EU, which is deemed Inside IR35 in the UK, thus I'm paying about 50% of my gross in taxes (that's about £70k a year).
Since I have EU citizenship, I can move to somewhere in Bulgaria and roughly save £50k a year in tax, which I plan to do. But I would really like to get my settled status, therefore I'm prepared to wait for another year.

So my plan so far is:

• Wait until I have 4.5 years in the UK, close my LTD and move to Bulgaria or Romania.
• After 0.5 years abroad, I should still qualify for settled status (due to 5 years continuous residency, that shouldn't be interrupted by the < 0.5 years abroad).
• When leaving the UK, I do have a Vanguard ISA and SIPP. Need advice what to do with those?
• Regarding NI, I assume I can pay something while I'm abroad?
• Am I correct to assume that if I leave say in June, then I can just tell HMRC that I'm no longer tax resident and It's all good?
• I assume there won't be a problem with most of the UK banks (I think NatWest is ok with foreign residents), but I do plan to pay for a post-box just in case.
• Anything else I'm overlooking?

Thank You

[NotAllThere]

I'd check with an immigration lawyer whether you can leave after 4.5 years and still get settled status. You should also check how long you can be absent from the UK and still retain settled status.

You can continue to pay NI when you're abroad - called voluntary contributions. If you've contributed in the UK long enough it'll be class 2, otherwise the more expensive class 3. Note the laws are changing concerning NI payments and pensions for people resident abroad.

[juspitutre]

I'd check with an immigration lawyer whether you can leave after 4.5 years and still get settled status. You should also check how long you can be absent from the UK and still retain settled status.

Yep, that's the plan, but from what I've read so far I should qualify, if not I can wait a few months extra.
With settled status I can be absent up to 5 years in a row, so it all works out

[mogga71]

May I ask what sort of skillset you have to get a contract that pays that much (ie. saving £50k) in Bulgaria or Romania?

[SueEllen]

May I ask what sort of skillset you have to get a contract that pays that much (ie. saving £50k) in Bulgaria or Romania?

You aren't going anywhere!

[juspitutre]

May I ask what sort of skillset you have to get a contract that pays that much (ie. saving £50k) in Bulgaria or Romania?

Nothing spectacular, just got lucky to land into a fintech role. Basically C++ software engineer. About £150k gross, which makes me pay half in tax inside IR35. Thus moving to Bulgaria for 10% flat rate, I'll save more than £50k overall. Then I can return back and ( hopefully ) afford a mortgage

[mogga71]

Nothing spectacular, just got lucky to land into a fintech role. Basically C++ software engineer. About £150k gross, which makes me pay half in tax inside IR35. Thus moving to Bulgaria for 10% flat rate, I'll save more than £50k overall. Then I can return back and ( hopefully ) afford a mortgage

Cheers. Do you mean you intend to stay at the same gig but just move countries?

[dsc]

Nothing spectacular, just got lucky to land into a fintech role. Basically C++ software engineer. About £150k gross, which makes me pay half in tax inside IR35. Thus moving to Bulgaria for 10% flat rate, I'll save more than £50k overall. Then I can return back and ( hopefully ) afford a mortgage

Is your employer aware you are moving? you'll have to deal with a Bulgarian umbrella and the employer will have to deal with them as well, so make sure everyone is on board with this change. Also I once knew a guy who did the exact same thing and after a year they dropped his salary to accommodate for the fact that he had much lower living costs in Bulgaria. I mean once you are there and the contract gets dropped, you are in a bit of a tulip scenario.

[juspitutre]

Is your employer aware you are moving? you'll have to deal with a Bulgarian umbrella and the employer will have to deal with them as well, so make sure everyone is on board with this change. Also I once knew a guy who did the exact same thing and after a year they dropped his salary to accommodate for the fact that he had much lower living costs in Bulgaria. I mean once you are there and the contract gets dropped, you are in a bit of a tulip scenario.

Yep, all good. I'll open a LTD ( same like here ) and it'll be same wage.
If not only for the perspective of getting the settled status, I would have moved long ago. I wait one more year and that'll be £150k already lost to HMRC. I'll try to push more into a SIPP but still, given how means tested everything is, I benefit like 0 from 50% tax I pay. Feel like a cash cow.

[wattaj]

Yep, all good. I'll open a LTD ( same like here ) and it'll be same wage.
If not only for the perspective of getting the settled status, I would have moved long ago. I wait one more year and that'll be £150k already lost to HMRC. I'll try to push more into a SIPP but still, given how means tested everything is, I benefit like 0 from 50% tax I pay. Feel like a cash cow.

Many companies/agencies do not work with non-UK based companies.

Are you SURE that you know what you're doing?