|
|
Post by jazz81 on Aug 10, 2022 18:44:39 GMT
Hi All
Is there any benefit in taking part salary in KSA and part in UK. I am thinking of taking full salary in KSA and then send it to UK whenever required. Can some one please advise
|
|
swan
Senior Member
Posts: 209
|
Post by swan on Aug 10, 2022 19:04:14 GMT
You need to read the current currency and exchange rate policy.
We had part salary in SAR kept in Kingdom, and part sent straight back to the UK. Meant we had no transfer fees to pay, and we never kept more than we needed in Kingdom. The percent was changeable month by month, so when the school fees came in, we kept more in Kingdom that month. Personally, given the number of times the banking system went down, I wouldn't keep more than required in SAR.
|
|
|
|
Post by jazz81 on Aug 10, 2022 19:37:48 GMT
Thank you swan for your response. Did you have to pay any taxes on the UK salary |
|
swan
Senior Member
Posts: 209
|
Post by swan on Aug 10, 2022 20:31:27 GMT
Nope.
You wouid be liable for UK tax if you didn't stay out of the UK for one full tax year tho.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Aug 11, 2022 6:55:18 GMT
Get your salary out of KSA asap, aramco spot rates are favourable and with the strong USD makes sense to convert to Sterling immediately. Get an offshore bank account opened before you come here and use that.
Tax residences is complex and you ought to seek expert advice as it depends on circumstances. It’s only a couple of hundred ££ and we’ll worth doing IMO.
There are residency tests which may apply and you don't want a situation where if the job doesn’t work out…you go back to Britain and then pay a six figure tax bill to HMRC (yes, this does happen!)
|
|
|
|
Post by jazz81 on Aug 12, 2022 8:41:26 GMT
Thank you @mcshane and swan for your reply. |
|
|
|
Post by jazz81 on Sept 3, 2022 8:10:44 GMT
Is there any recommendation for offshore account?
|
|
jsam
Senior Member
Joining in March 2023
Posts: 152
Job Status: Aramco Employee
Member is Online
|
Post by jsam on Jan 18, 2023 5:29:13 GMT
Would you all recommend SABB for opening an account in KSA?
|
|
|
|
Post by kyle1639 on Jan 19, 2023 5:52:36 GMT
Would you all recommend SABB for opening an account in KSA? I have a sabb account and have had no issues. You will quickly be advanced to their premium account with no fees due to the salary. |
|
|
|
Post by lotusgal on Feb 14, 2023 10:01:56 GMT
Hi jazz81 I'm in the process of opening up an International Bank Account with Lloyds Bank as the others eg Santander, Barclays and HSBC seem to only offer Premium accounts and have asked for a salary of £100,000 or assets of £500,000. The Lloyd's account does have a monthly fee of £7.50/$10USD but you can open the account with a minimum of £1. For me, this seems to be the better option, but I would suggest doing a bit of research or just popping into you local branch to find out more. 😊 |
|
|
|
Post by aj83uk on Mar 22, 2023 14:57:11 GMT
o all,
Thank you for the wealth of knowledge.
I spoke to a tax specialist in London and also confirmed it on a government website, as long as you are not in the UK for more than 90 days in a year, you don't pay tax on your foreign income. There are some exemptions, such as for an emergency etc.
I am flying out to Dhahran from London at the end of April, wish me luck!
|
|
|
|
Post by kyle1639 on Mar 23, 2023 4:35:23 GMT
o all, Thank you for the wealth of knowledge. I spoke to a tax specialist in London and also confirmed it on a government website, as long as you are not in the UK for more than 90 days in a year, you don't pay tax on your foreign income. There are some exemptions, such as for an emergency etc. I am flying out to Dhahran from London at the end of April, wish me luck! My tax accountant made me aware that you need to spend one full tax year as a non resident (less than 90 days in the UK) earning overseas to not be liable for the tax. So if you left in May 2023 and returned January 2024, you'd be liable for UK tax on your earnings. Just something to be aware of. |
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Mar 23, 2023 5:16:05 GMT
Yes, 100% needs to be a full tax year living outside the UK( 6 April - 5 April). Consider if you decide to quit before a full year, split year treatment will apply and you will be taxed by HMRC on your Saudi income. This will be a LOT of money. If you come back after a few months crossing a tax year and declare you are non-resident, It's quite complex and they may look back 3 years, apply certain tests to determine if you really did move domicile (family ties etc). You may also have tax to pay HMRC. Also do not forget that capital gains made whilst resident in Saudi must still be paid to HRMC, unless you are non-resident for 5 years. Get expert advice on your particular situation, somethings are worth paying for! This isn't a bad chart from kpmg: assets.kpmg.com/content/dam/kpmg/pdf/2016/01/statutory-residence-test-flowchart.pdf |
|
|
|
Post by lotusgal on Mar 23, 2023 10:23:20 GMT
Hi @mcshane - this is extremely helpful, going to make sure I download this chart for reference.  |
|
|
|
Post by aj83uk on Mar 23, 2023 10:28:07 GMT
Thank you, really helpful.
|
|
