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Prevođenje - umjetnost & poslovanje » Getting established »
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Moving (back) to the UK
Thread poster: Mirella Biagi
Hervé du Verle
Hervé du Verle  Identity Verified
Local time: 13:11
Member (2004)
English to French
+ ...
Revenue and bank account Jan 20

As stated in other posts, you should not have any problem setting up your activity back in the UK, unless the current government has other ideas, one day.
I would strongly advise to use Wise (or a similar well established financial institution); you will receive your payments in any currency and then change it to Sterling, before moving it back to your UK account, with significantly lower fees.
I guess or suggest that you systematically separate taxes from work fees on your invoices,... See more
As stated in other posts, you should not have any problem setting up your activity back in the UK, unless the current government has other ideas, one day.
I would strongly advise to use Wise (or a similar well established financial institution); you will receive your payments in any currency and then change it to Sterling, before moving it back to your UK account, with significantly lower fees.
I guess or suggest that you systematically separate taxes from work fees on your invoices, if you are not already doing so. (you can set apart the amount of taxes received in a distinct "jar" in Wise. At the end of the year you will declare the amount of income (only) that you effectively received in your UK bank account (unless you insist to do extra work and calculate all the 'financial expenses' that you would deduct from your income) for a similar end result.
Now, others could tell you better than me, but living now in Canada, all invoices sent to international clients are free of sales tax. That's easy, but I would think it is not the case in the post-Brexit UK. ▲ Collapse
 
Kathryn Britton
Kathryn Britton
Ujedinjeno Kraljevstvo
Local time: 18:11
Italian to English
No need to be VAT registered Jan 20

We did the same thing. The only thing I would add is that you don't need to be VAT registered - you can be but there is no obligation (and it comes with its own cost) https://www.gov.uk/guidance/vat-how-to-work-out-your-place-of-supply-of-services "If you’re in the UK and the place of supply of your service is in an EU country, you do not pay UK VAT."
 
Tom in London
Tom in London
Ujedinjeno Kraljevstvo
Local time: 18:11
Member (2008)
Italian to English
Yearly or monthly? Jan 21

Hervé du Verle wrote:

...... At the end of the year ......


I find it much better to do all my invoicing on the last day of the month, and all my accounts and book-keeping on the first day of the following month.

This makes life so easy when 05 April rolls around and it's time to start filling in the Self-Assessment form.

It also enables me to keep track of everything on a monthly basis instead of just forgetting about it and facing a nightmare every January (when everyone has to submit their tax return and pay the tax)-

Incidentally: why does the UK tax year end on such a weird date? Nobody really remembers. It goes back to medieval times and then when the calendar changed from the Julian to the Gregorian. Then in 1800 it was found that there had been a leap year miscalculation in the Julian Calendar, so it was adjusted again.

This strange date persists because changing it would probably be impossible for all sorts of fiscal and bureacratic reasons.


[Edited at 2025-01-21 09:11 GMT]

Rachel Waddington
 
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Moving (back) to the UK


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