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bigduckontax
bigduckontax, Accountant
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I have been working abroad in various countries since 1998.

Resolved Question:

Hi, I have been working abroad in various countries since 1998. Between 2002 - 2006 I worked in Moscow, and opened an Account there. After I left I kept the account open, and sent some of my salary there. Now I wish to move the money back to the UK. The funds are in USD and EUR, so I want to send the funds to a broker, convert them to GBP and then the funds will be sent on to my UK bank account.
My question is will I have any problem with this? The plan is to send up to 200k sterling to my UK Account - will questions be asked? The money is coming from an Account in my name to an Account in my name.
When I left the UK I never spoke to anyone or told anyone - I just left.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Firstly, when you originally left the UK did you complete a Form P85 and send it to the Inland Revenue as it was then? If you did not then you should do so immediately, but of course now to HMRC. Fortunately there is no time limit as to its submission, it is available on the web and can be filed on line. Quote the date you left in 1998. On receipt HMRC will classify you as non resident and you will find dealing with that Department much easier. On your eventual return you should advise HMRC of your repatriation and they will apply the split year procedure, one part non resident and one part resident. As regards ***** ***** movement of money you should warn your UK bank of the incoming funds and their source to preclude any money laundering inquiries a large transfer might attract. There are no UK tax consequences pursuant to such a transfer. I do hope that you have found my reply of assistance. Please don't forget the P85, very important.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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