Working abroad: money matters

Understand the financial implications of working and earning abroad with our simple guide

Working abroad checklist: before you leave

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• Inform your tax authorities of your plans to work abroad. Tax forms for UK residents leaving the country.
• Inform your mortgage provider that you will be out of the country. If you plan to rent out your home while you're away, let them know.
• Open an international bank account to help you access and transfer your money.
• Find out about the tax and social security system in the country you're going to.
• Get advice on the legal status of your will in the country you're going to.
• Find out if you need to take out medical, personal injury or other insurance in the country you're going to.

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Working abroad: common questions

You have two main options for getting a foreign salary paid into your account:

Open a Premier International Account before you go

Lloyds TSB international accounts offer easy access to your money while abroad. You can use your debit card in many outlets, just as you would in the UK. You can also have a foreign salary paid into your International Account.

Get a local bank account once you arrive

You can get your salary paid into a local bank account — but be aware that opening a local bank account in a foreign country is a long process. You'll generally need a local address, a social security number, identity documents and knowledge of the local language to deal with bank staff and fill in forms.

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Not always. It depends on whether you're still considered to be resident in your home country for tax purposes.

If you're a UK resident working abroad, these are some of the points the tax authorities will consider when determining your residency for tax purposes.

• Does your employment abroad last at least an entire tax year?
• Do you spend less than 183 days in the UK in any tax year?
• Do you average less than 91 days a tax year over a maximum of 4 consecutive years?

Determining your residency can be complex. Make sure you discuss this with your tax advisor.

You'll still need to fill in a UK tax return while you're working abroad, and pay UK tax on income earned in the UK — for example, from renting out your house while you're away.

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Usually, yes — you'll need to pay tax on any salary you earn or income from other sources within that country.

If you end up paying tax on the same income in 2 different countries, you may be able to claim for tax relief — this depends on whether the countries have a tax treaty.

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If you're a Lloyds TSB international account customer you can get personal tax advice through our partners. For more details, call 0800 876 6555.

Get more information on tax abroad from:

• Directgov
• Her Majesty's Revenue and Customs

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If you want easy access to your savings abroad, it's well worth using our money transfer service to send them overseas.

You can keep your savings in an International Savings Account — these offer good rates of interest and security against exchange rate fluctuations for UK expatriates.

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This information is based on our understanding of current law and tax authority practice and may be liable to change, which could be with retrospective effect. This information is for general information purposes only. No liability can be accepted for the effect of any subsequent legislation of change of official practice. If you require tax advice you should consult your own professional advisers, and not rely on the information contained within this booklet. The greatest care has been taken to ensure accuracy but the Bank cannot take responsibility for omissions or errors. Tax levels or relief are those currently applicable and may change. The value of any tax relief depends on the individual circumstances of the investor/customer.