Moving to US with job - financial advice please?

Pippylan

This is my first time posting although I've read the forums for ages and they've been so useful.

There's a possibility that my partner could be offered a job in the US with his company and that we could move our family out there. But I'd like some advice on financial stuff before we go. Two things really:

1) my partner has an underpayment of tax which the taxman is taking off every month via his employer (which is a big hit financially but that's another story!)

What happens to underpayment of tax when you move out of the UK? Will they allow him to pay it off in instalments or take the rest of the amount owed out of his final UK salary?

2) we have a bank loan for another few years. This debt is manageable but it's not feasible for us to pay it off before we go although we would plan to pay it off early anyway.

What happens about UK bank loans when moving out of the country - can we still keep it on and pay every month like we do now or will they expect it to be paid off before we leave?

We're trying to work out whether it would be financially viable to take this job - if it's not worth it then we aren't going to uproot our family.

Any other info about moving out of the UK to the US would be very useful.

thanks

starchild1972

One thing HEALTH & MEDICAL INSURANCE. If the job doesn't offer comprehensive medical for employee AND family then just don't. Nearly £20,000 to get a broken leg seen to and that is BEFORE painkillers and plastering (A friend in Brooklyn fell down some steps...it's expensive). There is no NHS there. If you are ill and can't afford medical you die.

Pippylan

They definitely will offer medical/dental insurance.

bluenoseam

Depends on where in the US you'd be moving, it's a much different state of affairs if you're moving to New York City as it is if you're moving to somewhere like Cleveland, some places have higher prices on things as well as state taxes, so bear that in mind when you're doing the figures - fortunately there's plenty of research material on the internet for stuff like that.

On the bank loan, so long as you keep the account open, it should be possible to pay it, although i would speak to your provider on that front, on top of that it may be worth having a forwarding point for all mail such as a relative to either open or forward your mail over to the states to you. The Tax issue however i would urge you to contact HMRC as a course of priority to find that out AND get some advice with regards to NI contributions, as much as i wouldn't move back to the UK if i'd left for the US it is better to consider that eventuality prior to leaving - cos if you stay there for 20 years, well, you can figure out that's 20 years of missing NI contributions & the implications that could have.

I'm assuming that the company would provide some form of assistance in terms of financial issues arising from any move but along with that i'd check to see if they have practical issue assistance, such as helping with local issues (schooling, medical) which you could benefit from.

Savvy_Sue

bluenoseam wrote: »

on top of that it may be worth having a forwarding point for all mail such as a relative to either open or forward your mail over to the states to you.

I'd recommend an IT literate friend or relative with a scanner. that way they can open your post and get it to you without delay, or cost.