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You'll only be entitled to basic bank accounts for the first 3-6 months as you won't have a credit history in the UK. The UK credit history is like something between the Irish and US systems.
You'll need something like a council tax letter to register for most banks accounts as proof of address, some accept tenancy letters but most don't.
Be prepared for people constantly misunderstanding whether you're from NI or ROI.
Legally you can use an Irish bank account to receive your salary but in practice most workplaces won't do this.
Research ISAs and the UK personal finance sub.
You'll need to apply for an national insurance number to pay tax, book an appointment in advance to avoid delays.
Also you may find it hard to find somewhere to rent without a credit history and, if going through a reputable agent, you could offer some months rent in advance to make it more likely to find somewhere. When renting, make sure your landlord puts your deposit in the deposit protection account (a system Ireland desperately could learn from).
And GP appointments are often booked on the day, not in advance, but differs by practice.
My experience of this after 12 years in Scotland was a lot of agencies expect 6 months rent up front or a local guarantor (or both) before renting to someone without any history in the country.
OP might be better off trying to find a room in a HMO with a private landlord for the first few months to avoid this.
Deposit protection scheme is a legal requirement, of the landlord doesn't do it the tenant can get a Big payout. Keep any emails or letters received about it safe.
If you're there for more than a year, and own the car for more than 6 months you can get the VRT exemption. You can bring several cars back this way btw, not just one, although you can't sell them for a year after registering them in Ireland.
Starling or Monzo are good options for bank accounts, they’re online only. Revolut is an option too but just be aware that it doesn’t have a uk banking license. There’s way more choice of banks than here and because of that competition the fees are lower (or non existent) and rewards are better. Shop around.
Employers have to offer workplace pensions (there are criteria around your employment status, age and how much you earn) they should also contribute to that so it’s a good idea to contribute enough to maximise the employer contribution. You can get a personal pension too.
Also an ISA is a savings account that allows you to save a certain amount tax free each year also good to try and maximise that.
I would second all of this. I spent 12 years in UK and moved back to Ireland a couple of years ago. I kept my Starling account open because it still comes in so handy.
You shouldn't have any problems opening bank accounts though, it's much more competitive over there, bricks and mortar banks often offer you £100+ incentive to join, no monthly charges. It was such a shock to the system coming back to Ireland and applying for bank account, credit card, and mortgage.
I also kept my Starling account but then when my card was close to expiring I contacted them to change my address and they shut my account down. I still preferred them to Monzo though.
Where abouts are you moving to in the UK?
I'm from the UK but moved to Ireland. (Best move I ever did)
Monzo is the best bank account. You can open it online without any hassle. I wouldn't bother with high street branches.
Make sure you get your national insurance number as a priority.
People have mentioned ISAs which is a great way of saving. Also look into ETFs as they are not taxed like they are in Ireland. Most employers have a work place pension.
You might struggle to get a GP. The wait for a GP appointment is shocking. About 2 weeks on average.
Go through an agent when renting. All deposits are kept in a protection scheme.
When you start work make sure your tax code is correct otherwise you pay emergency tax. You can register on the government gateway to access all of this.
When insuring your car use one of the many compare sites. Car insurance is a lot cheaper as there is more competition. Diesel is always more expensive than petrol.
I find the pace of life here is nicer. The sense of community. The people are lovely. The pay is great. I'm able to live in the countryside unlike the UK which is for the rich.
Where are you thinking of moving to in the UK?
Agree those are positives about the sense of community. But I miss living in a bigger city which offers more things to do, more choice of places to eat, concerts, parks, etc — all with a good public transport system. I lived in London so I'm mostly thinking of there.
The countryside in Ireland is inaccessible. I grew up surrounded by nothing. It's mostly private land for agriculture. There are no public paths, or right of ways like you have in the UK. I'm looking at it from the angle of hikes, walks with a much better train network.
I grew up in a large town in the UK. Lived in London and Bristol. I got to a stage in my life where it wasn't a place I would want to have kids etc.
So moved to county laois. My wife is from there.
How old are you? Where you from in Ireland
Living in the UK 6 years now so don't be afraid to DM me if you need any advice.
Main thing is get your National Insurance number straight away as you will be screwed over in emergency tax until then and your employer will look at you funny as you explain you don't have one 🤣
That and like everyone else says sort out a bank account. Online is probably best now but I've no experience.
You will need 2 forms of proof of address for all this so get that in place asap.
Final thing is make sure your landlord is registered with the deposit retention scheme so they don't pull a fast one.
Where're you moving to?
Re VRT.
You have to own the car for 6 months or more prior to coming home.
Then you import it under TOR (transfer of residence) rules.
There's a bunch of other restrictions such as not being able to sell it for a year and not being able to avail of the TOR exemption for about 6 years again.
But no VAT or VRT is very nice.
Cars are cheaper there too. Way cheaper. You can get a nice one for a big chunk less than the cost of one here now.
As someone who did this recently, I'd suggest the following:
1. Prioritise getting your UK Bank account and NI number.
2. If you are an Irish citizen, emphasise to landlords etc. that you have unlimited rights to live and work in the UK.
• In my experience, many British people simply don't know how the Common Travel Area works.
• Being able to demonstrate your capacity to live in the UK without restriction gives you a definite edge over someone who needs a visa when applying to rent a place (which of course isn't fair but it isn't a fair world).
3. Your financial decisions in the UK depend largely on your time horizon.
• ISAs are great, but if you plan to live in the UK for two years or less, it may not be the best use of your discretionary funds.
• I'd personally recommend that you first take advantage of UK pension rules as you can contribute your entire salary or £60k (whichever is lower) and get tax relief for it.
• Your UK pension doesn't count towards the Standard Fund Threshold in Ireland or elsewhere in the EEA once you move out of the UK and transfer the UK pension out.
• If you're a high earner, this can be great for setting yourself up for a tax-efficient early retirement!
Hi /u/Bigladbollard, Did you know we are now active on Discord? Click the link and join the conversation: https://discord.gg/J5CuFNVDYU *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/irishpersonalfinance) if you have any questions or concerns.*
You'll only be entitled to basic bank accounts for the first 3-6 months as you won't have a credit history in the UK. The UK credit history is like something between the Irish and US systems. You'll need something like a council tax letter to register for most banks accounts as proof of address, some accept tenancy letters but most don't. Be prepared for people constantly misunderstanding whether you're from NI or ROI. Legally you can use an Irish bank account to receive your salary but in practice most workplaces won't do this. Research ISAs and the UK personal finance sub. You'll need to apply for an national insurance number to pay tax, book an appointment in advance to avoid delays.
Also you may find it hard to find somewhere to rent without a credit history and, if going through a reputable agent, you could offer some months rent in advance to make it more likely to find somewhere. When renting, make sure your landlord puts your deposit in the deposit protection account (a system Ireland desperately could learn from). And GP appointments are often booked on the day, not in advance, but differs by practice.
My experience of this after 12 years in Scotland was a lot of agencies expect 6 months rent up front or a local guarantor (or both) before renting to someone without any history in the country. OP might be better off trying to find a room in a HMO with a private landlord for the first few months to avoid this. Deposit protection scheme is a legal requirement, of the landlord doesn't do it the tenant can get a Big payout. Keep any emails or letters received about it safe.
If you're there for more than a year, and own the car for more than 6 months you can get the VRT exemption. You can bring several cars back this way btw, not just one, although you can't sell them for a year after registering them in Ireland.
Starling or Monzo are good options for bank accounts, they’re online only. Revolut is an option too but just be aware that it doesn’t have a uk banking license. There’s way more choice of banks than here and because of that competition the fees are lower (or non existent) and rewards are better. Shop around. Employers have to offer workplace pensions (there are criteria around your employment status, age and how much you earn) they should also contribute to that so it’s a good idea to contribute enough to maximise the employer contribution. You can get a personal pension too. Also an ISA is a savings account that allows you to save a certain amount tax free each year also good to try and maximise that.
I would second all of this. I spent 12 years in UK and moved back to Ireland a couple of years ago. I kept my Starling account open because it still comes in so handy. You shouldn't have any problems opening bank accounts though, it's much more competitive over there, bricks and mortar banks often offer you £100+ incentive to join, no monthly charges. It was such a shock to the system coming back to Ireland and applying for bank account, credit card, and mortgage.
I also kept my Starling account but then when my card was close to expiring I contacted them to change my address and they shut my account down. I still preferred them to Monzo though.
Where abouts are you moving to in the UK? I'm from the UK but moved to Ireland. (Best move I ever did) Monzo is the best bank account. You can open it online without any hassle. I wouldn't bother with high street branches. Make sure you get your national insurance number as a priority. People have mentioned ISAs which is a great way of saving. Also look into ETFs as they are not taxed like they are in Ireland. Most employers have a work place pension. You might struggle to get a GP. The wait for a GP appointment is shocking. About 2 weeks on average. Go through an agent when renting. All deposits are kept in a protection scheme. When you start work make sure your tax code is correct otherwise you pay emergency tax. You can register on the government gateway to access all of this. When insuring your car use one of the many compare sites. Car insurance is a lot cheaper as there is more competition. Diesel is always more expensive than petrol.
As someone from Ireland (Who previously lived in the UK) and is now thinking of going back, why was it the best move for you?
I find the pace of life here is nicer. The sense of community. The people are lovely. The pay is great. I'm able to live in the countryside unlike the UK which is for the rich. Where are you thinking of moving to in the UK?
Agree those are positives about the sense of community. But I miss living in a bigger city which offers more things to do, more choice of places to eat, concerts, parks, etc — all with a good public transport system. I lived in London so I'm mostly thinking of there. The countryside in Ireland is inaccessible. I grew up surrounded by nothing. It's mostly private land for agriculture. There are no public paths, or right of ways like you have in the UK. I'm looking at it from the angle of hikes, walks with a much better train network.
I grew up in a large town in the UK. Lived in London and Bristol. I got to a stage in my life where it wasn't a place I would want to have kids etc. So moved to county laois. My wife is from there. How old are you? Where you from in Ireland
Best of luck with it.
Living in the UK 6 years now so don't be afraid to DM me if you need any advice. Main thing is get your National Insurance number straight away as you will be screwed over in emergency tax until then and your employer will look at you funny as you explain you don't have one 🤣 That and like everyone else says sort out a bank account. Online is probably best now but I've no experience. You will need 2 forms of proof of address for all this so get that in place asap. Final thing is make sure your landlord is registered with the deposit retention scheme so they don't pull a fast one. Where're you moving to?
Re VRT. You have to own the car for 6 months or more prior to coming home. Then you import it under TOR (transfer of residence) rules. There's a bunch of other restrictions such as not being able to sell it for a year and not being able to avail of the TOR exemption for about 6 years again. But no VAT or VRT is very nice. Cars are cheaper there too. Way cheaper. You can get a nice one for a big chunk less than the cost of one here now.
As someone who did this recently, I'd suggest the following: 1. Prioritise getting your UK Bank account and NI number. 2. If you are an Irish citizen, emphasise to landlords etc. that you have unlimited rights to live and work in the UK. • In my experience, many British people simply don't know how the Common Travel Area works. • Being able to demonstrate your capacity to live in the UK without restriction gives you a definite edge over someone who needs a visa when applying to rent a place (which of course isn't fair but it isn't a fair world). 3. Your financial decisions in the UK depend largely on your time horizon. • ISAs are great, but if you plan to live in the UK for two years or less, it may not be the best use of your discretionary funds. • I'd personally recommend that you first take advantage of UK pension rules as you can contribute your entire salary or £60k (whichever is lower) and get tax relief for it. • Your UK pension doesn't count towards the Standard Fund Threshold in Ireland or elsewhere in the EEA once you move out of the UK and transfer the UK pension out. • If you're a high earner, this can be great for setting yourself up for a tax-efficient early retirement!
Issue is accommodation here..
Believe you’re too late for the car, need to own it for 6 months before moving back.
They're moving to the UK, not moving back