Finance is the thing that is very important when you are relocating to another location and if it about relocating to London than you should better know all the rules and regulations. If you are in London you should be aware of the how to use a Bank account, open a bank account and Tax laws.
Here are some important things that you should know about Finance before moving to London.
How to open a Bank Account?
If you are moving or relocating to London whether for short duration or permanently, a UK bank account obviously is required. While wandering through the streets or shops of the London, you may need money to buy something or if not than there are many other situations where you need money. While living here you have to pay your Utility bills, rent, mortgage charges, phone bills, and much more. This means you need every banking service that is necessary for these daily transactions.
You can contact your Bank to know if they have branches worldwide, so they can arrange to set up a UK account for you. If you have your bank account in JPMorgan Chase & Co. or Bank of America or any other bank that have worldwide branches, then they can definitely help you to set up UK account.
Some of the Independent British retail banks are:
- HSBC Bank
- Lloyds Banking Group
- Royal Bank of Scotland Group
- Barclays Bank
- Standard Chartered Bank
You can contact these above banks to open an account or you can choose from other banks also such as Abbey National Treasury Services Plc, Adam & Company Plc, ANZ Bank (Europe) Limited, Axis Bank UK Limited, ICICI Bank UK Plc, and much more. In UK, there are many bank to choose from and most of them offer enticements for opening an account.
Document required opening a Bank Account
Well! To open a bank account you will have to provide documents related to your identity proof and address proof. You have to be sure that you are using different documents for ID proof and address proof. The valid documents are:
- Your Passport copy (as ID proof)
- Photocard driving licence (as ID proof)
- Utility billed issued within last three months (as Address proof)
- Credit card statement (as Address proof)
Also if you are not permanent resident of UK, you can still open an account. You can submit hostel/landlord owner or friend address proof on temporary basis.
Tax is something that we can’t get rid of even if you are in London. Here the taxes are collected by HM Revenue and Customs which is a UK Tax and Custom authority. The Tax system in London is not so complicated, only you have to determine that which country’s law are applicable to you. It might happen that still your home country’s Tax law are applicable.
The most important thing that you should know is the UK Tax year tenure is from 05 April to 04 April while many other countries have tenure from 01 January to 31st January. You can choose services of an Accountant or can fill the Tax returns yourself.
Methods to pay Tax in London
- Online payment: You can use this option and pay your tax on Online Tax payment portals using your Debit/Credit card.
- Debit Card: You can fill Council Tax direct debit form application and connect your debit card with Tax returns. Your tax amount will be automatically deducted from once they are due.
- By Cheque: You can use cheque to pay the Tax. All the cheques are payable to the City of London at the below address:
The Chamberlain of London, City of London
PO Box 270, Guildhall
London, EC2P 2EJ
You must write your Name, address and Council tax account number on the back of the cheque.
- Bank Standing order: You can use this option as well. You can Call 020 7332 1882 to get a standing order form.
So now as you know all the preliminaries that are required to set-up Finance in London, You can freely relocate to London and enjoy the wonders of this awesome city.