About Us
Services
Address
Business Hours
We are committed to delivering the highest level of professional competence and expertise at a cost effective price. Whether you are a company, partnership, sole trader or a sub-contractor, we are here to help you with your accounts, self assessment, etc.
- Corporation Tax
- Personal Tax
- RTI Payroll
- Self Assessment
- VAT Returns
Please feel free to visit or contact us during the following times:
*Please contact us if you require an out of hours appointment
© 2024 Branagans Accountancy Services Ltd | Company Number: 5965462 | VAT Number: 917 8490 87
Get in Touch: 01709 327 215
Latest News
Keep up to date with the latest developments
August 2024 | Planning to retire overseas? What You Need to Know
If you plan to retire overseas, it's crucial to consider how to manage your pension once you leave the UK. One option is to keep your pension in your UK pension fund and have the income paid into a sterling bank account, then transfer it to a local account in your new country. However, this method can incur fees and expose you to currency exchange fluctuations, which can be advantageous if the pound is strong or detrimental if it is weak.
One other option is to move your entire pension overseas, so it is being held and paid out in the currency that you are using in the country you have retired to. This removes the problems associated with currency exchange fluctuations, but you need to be sure that any pension you transfer your pension to is recognised by HMRC, otherwise it can prove costly.
HOW DO I KNOW IF HMRC RECOGNISES MY OVERSEAS PENSION SCHEME?
HMRC releases a list of Recognised Overseas Pension Schemes on the first and the 15th of the month, or the following workday if these days fall on a weekend, and it is important to check that any scheme you are looking to move your pension to is on this list. The list changes all the time though, so keep a close eye on these changes. You can set up an alert to make this easier.
If your UK pension is not moved to a Qualifying Recognised Overseas Pension Scheme (QROPS) then you could be liable to a tax charge of up to 40% of the money being moved. So, it is vital to take advice to ensure you don't get this wrong because your entire retirement could be negatively impacted if you do.
LET US HELP YOU
Pensions can be complicated, and when you add in the additional complication of moving that pension overseas and making sure you don't fall foul of the transfer rules, this complication reaches another level. But we are here to help, so please get in touch with us on 01709 327 215 or via email at info@branagans.co.uk.
Our Blog
