Cross border working

Cross_border_worker

Hi.
I'm due to start working in Dundalk, Ireland in March. I will continue to live in N.Ireland and pay my bills in sterling.
To date i have opened a southern bank account with bank of ireland, for my wages to get paid into. My plan is to transfer my wage into my N.I bank of ireland account to pay bills and to live off that money.
Today €1=£0.85, so basically this means, my €1000 wage will only be worth £850, this is right isn't it?

Is anyone else out there a cross border worker that works in the south of Ireland but lives in the North, that could offer up some sound advice and experience of the process? Any hints or tips that anyone has would be great.

I believe i'll be paying tax in the south and the north at the same time, but at end of year i do a tax return to claim tax back. Is this correct? Does that mean i can be classed as self employed?

Are there any incentives/schemes run by either government that i can avail of?

Please forgive my ignorance on this topic, it's totally new to me.
If anyone can offer any info at all, that would be great.

Many thanks

ballyblack

https://forums.moneysavingexpert.com/showthread.php?t=6055356

donkeyDragon

Hi,

Use Transferwise app to transfer your wages from ROI to NI banks, its probably the most cost effective way to do it.

You will be taxed wholly in ROI, depending on the sector you work in you will likely be required to send a self assessment to HMRC every year, but the tax you pay in ROI will generally be higher than UK.

If your married you will be taxed as a single person in ROI and will have to make a claim every year to get the married tax credit, use one of the accountants in the border regions to manage this, there are some that specialize in this field.

If you have kids there are a whole other can of worms to be opened, but with a bit of work, it will work to your advantage.

Regards.....

qwert_yuiop

Will you be an employee or a contractor? If contracting long term, it’s worth setting up as a company in the Irish republic. The tax advantages are great.