Reply to: Checking Out

[Fred Bloggs]

We established residency in Arizona in September 2019 and made our first US hire at the same time. But we maintained operations in the UK, and spent significant time in the UK over the summer. Came back for Christmas with family here and to finally wrap things up here in the UK.

It's pointless to maintain operations in the UK if you can't serve UK clients without having to deal with the idiocy of HR and IR35. One job we bid on, we were told our employees would have to go through an umbrella rather than be employed by us. On another, we were told they'd be determined inside even if they owned less than 5% of the company. Sheer lunatics, can't be bothered any longer.

Very sad. Welcome to the UK. "The world's newest third world country". That message needs to be displayed at every UK airport so arrivals understand exactly where they have arrived.

[eek]

We established residency in Arizona in September 2019 and made our first US hire at the same time. But we maintained operations in the UK, and spent significant time in the UK over the summer. Came back for Christmas with family here and to finally wrap things up here in the UK.

It's pointless to maintain operations in the UK if you can't serve UK clients without having to deal with the idiocy of HR and IR35. One job we bid on, we were told our employees would have to go through an umbrella rather than be employed by us. On another, we were told they'd be determined inside even if they owned less than 5% of the company. Sheer lunatics, can't be bothered any longer.

HMRC have done a really good job of scaring large companies away from personal service companies while screwing small consultancies at the same time.

[WordIsBond]

Did you complete the paperwork before the investment amount increased from $500K to $900K ?

We established residency in Arizona in September 2019 and made our first US hire at the same time. But we maintained operations in the UK, and spent significant time in the UK over the summer. Came back for Christmas with family here and to finally wrap things up here in the UK.

It's pointless to maintain operations in the UK if you can't serve UK clients without having to deal with the idiocy of HR and IR35. One job we bid on, we were told our employees would have to go through an umbrella rather than be employed by us. On another, we were told they'd be determined inside even if they owned less than 5% of the company. Sheer lunatics, can't be bothered any longer.

[adubya]

Good luck WiB!

I was wondering about that too. I vaguely recall the minimum increased to $900k or even $1.8m (depending on location and sector), but I thought that was back in 2018 or 2019.

November 2019 from what I can see.

[jamesbrown]

Good luck WiB!

Did you complete the paperwork before the investment amount increased from $500K to $900K ?

I was wondering about that too. I vaguely recall the minimum increased to $900k or even $1.8m (depending on location and sector), but I thought that was back in 2018 or 2019.

[adubya]

EB-5 Investor visa.

We could have done it without that due to Mrs WIB being an American, but we were told this would actually be faster. I could retire but having too much fun with work, and I'll be hiring and expanding, so spending the $500K will be easy.

We do not plan to return except for holidays.

Did you complete the paperwork before the investment amount increased from $500K to $900K ?

[ladymuck]

EB-5 Investor visa.

We could have done it without that due to Mrs WIB being an American, but we were told this would actually be faster. I could retire but having too much fun with work, and I'll be hiring and expanding, so spending the $500K will be easy.

We do not plan to return except for holidays.

Gizzajob!

[WordIsBond]

I will miss you WordIsBond - Your posts were always well thought out and creative. I m happy that you managed to move to the US but can you share a bit more of the story?

For example how did you get a work permit in the US given that H1B visas are very hard especially with all the current unemployed? And what work area you are in? And some market colour on what sort of comp you managed to secure?

Remember that dividends takes from the UK company when outside for five years are tax free in the UK So make sure you last for five years

I always felt attached to the UK because I bought a few properties - Thats what kept me there - But the UK has been in decline for years now and BoJO has only made it worse. Instead of becoming the singapore of europe we are facing years of more taxes and poorer infastructure

EB-5 Investor visa.

We could have done it without that due to Mrs WIB being an American, but we were told this would actually be faster. I could retire but having too much fun with work, and I'll be hiring and expanding, so spending the $500K will be easy.

We do not plan to return except for holidays.

[saptastic]

I'm done with trying to run a business in the UK. Pension AE. IR35 nonsense. On and on.

I have the option and am taking it. Relocating to America by March.

It's unfortunate for my UK employees, who don't have the same flexibility, but I'm out of patience with this. That's four full-time jobs (including mine) and two part timers gone. Bad for the economy, bad for tax revenue. Too bad, but HMG can at least claim they've been "fair." I'll retain one as a foreign employee here of my new company in America, and convert one contractor in America to an employee. I'll have no problem scaling up with new employees.

There's some things I'll miss about the UK but I'm too old to want to mess with the stuff this regime says you have to do. I was making employer contributions to employee SIPPs before AE came in but it's just more hassles. Everything is more hassles. I'm out.

Best of luck to all my friends here.

Good Luck WIB - let us know if the US is the place to be. Your posts were always detailed and gave good advice....

[lecyclist]

I've also enjoyed your posts WordIsBond. On several occasions over the years, your posts have stimulated my own investigations. Best wishes

[NowPermOutsideUK]

If you actually have the option of going, I suggest you wait until travel restrictions are lifted, and then go travel. Drive across the country. You might discover that there are 3000 miles between LA and NY and most of it is places with no instability and little societal tensions, with no burning cities and no armed groups in government buildings.

If you choose to go to a city that has been run by Democrats for decades, choose the area you will live carefully and you'll be fine. If you go someplace where there's not a one-party dictatorship, you likely won't have any problems at all.

The vast majority of the country has less crime than London.

I will miss you WordIsBond - Your posts were always well thought out and creative. I m happy that you managed to move to the US but can you share a bit more of the story?

For example how did you get a work permit in the US given that H1B visas are very hard especially with all the current unemployed? And what work area you are in? And some market colour on what sort of comp you managed to secure?

Remember that dividends takes from the UK company when outside for five years are tax free in the UK So make sure you last for five years

I always felt attached to the UK because I bought a few properties - Thats what kept me there - But the UK has been in decline for years now and BoJO has only made it worse. Instead of becoming the singapore of europe we are facing years of more taxes and poorer infastructure

[WordIsBond]

No idea what that means but I'm sure it's a compliment

I'm sure.

[WordIsBond]

I would like to make the move as well but just seems like such a disaster in the USA right now. Social unrest everywhere. Crime is insanely high everywhere. Sure you can't beat the economic opportunity but I don't know.

Where are you planning on going? Are you worried at all about how unstable it is right now? (both coronavirus and societal tensions) They have had armed groups taking over government buildings and burning down city centers in recent months.

If you actually have the option of going, I suggest you wait until travel restrictions are lifted, and then go travel. Drive across the country. You might discover that there are 3000 miles between LA and NY and most of it is places with no instability and little societal tensions, with no burning cities and no armed groups in government buildings.

If you choose to go to a city that has been run by Democrats for decades, choose the area you will live carefully and you'll be fine. If you go someplace where there's not a one-party dictatorship, you likely won't have any problems at all.

The vast majority of the country has less crime than London.

[WordIsBond]

Good luck with the move.

I do have to point out though that pension Auto Enrollment doesn't cost us any more than our previous voluntary contribution to our staff pensions and it takes at most 5 minutes a month on admin. You must have been doing it wrong if that was yoiur reason for throwing in the towel

I either had to take several hours figuring out how to set it up or pay someone £450 to do it. For nothing. No benefit to me or my staff. No, this was not a major factor, it was just an example of what the government does over and over.

[WordIsBond]

I'm envious, best of luck

out of interest which state are you moving to?

Scottsdale AZ in winter. Probably somewhere around Lancaster PA in summer, need to be within an hour or so of a major airport.

One does not live in AZ in the summer if one can avoid it.