MONEY MATTERS

LTD COMPANY INFORMATION

Why pay more tax than you need to. Lisa Underwood from Charterhouse Group International explains. "Unless you are planning on staying in the UK permanently, you will probably choose to be employed by a company on a contract basis or work for a recruitment comapny as a temp. Using a limited company is an accepted way for temporary workers from countries such as Australia and New Zealand to make the most of their money whilst working in the UK, and can result in a substantial increase in income. The method involves receiving payments via a limited companyrather than directly from a client's  or recruitment company's payroll. Traditionally limited company services have been popular with those in teaching, medicine and IT but it is your personal circumstances that determine its worth to you, not your occupation.

For more information visit http://www.charterhouseint.com.au

MONEY EXCHANGE - SENDING IT FROM THE UK

One aspect of the UK experience for travellers that has changed over the last few years is the new focus on sending money home. While there have always been the lucky few who might have managed to save a few pounds and get a flying start when they return home, there are now more and more people from down under who are making big money in UK jobs market as they find career opportunities unfolding across the UK and Europe. The old mentality of ‘spend every penny on backpacking’ has been replaced somewhat by the prospect of being able to arrive back home with enough sterling to put a deposit on a house.

Travellers are now more likely to acquire a company sponsored work permit and spend several years more in the UK than they had originally planned. This eventually leads to the acquisition of assets in property, equity, shares and cash savings. When the time comes to return to your country of origin, these assets have to be transferred somehow and the theory is that the old backpack will be too full of travel trinkets to be able to accommodate a suitcase full of fifty pound notes (yes I am serious... there are Anzsaf’s earning huge money here in Banking, Property, Finance, Law, Marketing, Media, Stocks and Sport).

The easiest way to get the money home is to go straight through your bank, however there are more cost-effective options if you are prepared to shop around. There are organisations that specialise solely in Foreign Exchange, offering more competitive rates than the banks (or they wouldn’t get any business) as well as better customer service since they have the personnel to individually look after each client.

BANKING IN THE UK

It is incredibly difficult to open a UK bank account when you arrive, however there are companies on this site that have taken all of this away, and the process is now very simple!  It is HIGHLY RECOMMENDED you do this BEFORE YOU ARRIVE!

A few useful titbits about banking in the UK.

It’s quite difficult and costly to send money home to pay off credit cards or overdrafts. The sooner you start banking on location in the UK the better.

A Switch facility is the same as eftpos or a debit card and can be used all over Europe, North America and many parts of Asia and Africa. They are attached to your main account and automatically take funds from your account when you have made a purchase.  Make sure you ask for this when you open your account. Pin numbers have just been phased in for these cards now.

If you are used to paying for everyday shopping/groceries/retail etc. with cheques, you’ll find it’s a real pain here. You will need a cheque guarantee facility on the back of your account card, which may take a while to obtain depending on your credit rating. Best bet – ditch the cheques for everything except bill paying.

Internet banking is available and well used here. However it still take 3-5 days to transfer funds electronically unless you are using the same bank.