Tax question and sterling exchange question

gary the great

Tax
I’m from Ireland and I am in the UK to work. Unfortunatly its not working out for me (hence my previous post) I now want to return back home to Ireland. I have a NI number and have been paying tax on my salary the last 3 months. Will I be entitled to get this tax back as I won’t have reached my tax free allowance by the time I go home?
Can I claim this back straight away or do I have to wait until the end of the year? Any help would be appreciated!!

I have about 4k sterling in an English bank account. I know I will lose a lot of it through charges and exchange rates etc so what I was thinking of doing was going over to Wales, buying a car I near Holyhead, bringing it back on the boat, Vrt’ing it and then selling it on. Therefore this could potentially earn me money and I wont lose a fortune on exchange rates and charges?

pow wow

gary the great wrote:

Tax
I’m from Ireland and I am in the UK to work. Unfortunatly its not working out for me (hence my previous post) I now want to return back home to Ireland. I have a NI number and have been paying tax on my salary the last 3 months. Will I be entitled to get this tax back as I won’t have reached my tax free allowance by the time I go home?
Can I claim this back straight away or do I have to wait until the end of the year? Any help would be appreciated!!

I have about 4k sterling in an English bank account. I know I will lose a lot of it through charges and exchange rates etc so what I was thinking of doing was going over to Wales, buying a car I near Holyhead, bringing it back on the boat, Vrt’ing it and then selling it on. Therefore this could potentially earn me money and I wont lose a fortune on exchange rates and charges?

You will get some if not all of the tax back. Once you have left the job, fill out a P50 form and send it in along with your P45 from your employer. You can download the P50 form from www.hmrc.gov.uk

Re bringing the money back to Ireland, for the sake of it being less hassle I'd just move the money back. I only pay around 8 pounds in charges for transferring amounts up to 10k out of my English account to my Irish one. An exchange rate is as broad as it is long and I really wouldn't factor it into your calculations too much. If you want the money in Ireland it's easier just to transfer it through the bank.

stepbar

gary the great wrote:

I have about 4k sterling in an English bank account. I know I will lose a lot of it through charges and exchange rates etc so what I was thinking of doing was going over to Wales, buying a car I near Holyhead, bringing it back on the boat, Vrt’ing it and then selling it on. Therefore this could potentially earn me money and I wont lose a fortune on exchange rates and charges?

Not a bad idea me thinks. However....

4 000 British pounds = 5 923.49891 Euros (google). I dont think you would be charged anymore than 50eur to send it back. For that amount you might be able to get a better rate but as ever shop around.

gary the great

Its not really the charges i care about but the crap exchage rate that i will get!

fintan

Surely the cost, risk and time involved in buying a car and selling it would far out weigh any transaction costs involved in exchanging sterling for euros?

I think your worrying about the exchange rate too much, yes what you will get in the bank will be at a much larger spread than the money markets, however for an amount like £4,000GBP your only talking £20 / £30

gary the great

OK fair enough, but i just saw the idea of buying a car also making me some money as well as saving me some exchange costs.

I didnt realise the charges and rates would be so cheap