Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-28-2011, 09:19 AM   #41
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,294
Quote:
Originally Posted by Alan View Post
I don't know about earned income in the UK for US citizens.

They tax the HECK out of it


I still have (or maybe I lost them already) over $42K of foreign income tax credits that were paid to the UK gvmt for my one year overseas... I really do not know how much in taxes were paid as I never saw or signed a return... seems that over there they just kind of 'bill' you someway...
__________________

__________________
Texas Proud is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-28-2011, 10:09 AM   #42
Thinks s/he gets paid by the post
 
Join Date: Jun 2010
Location: France
Posts: 1,195
Quote:
Originally Posted by Texas Proud View Post
WAY late to this thread.... but I found a lot of penut butter when I was there... what I could not find (except at one store and they cost a LOT) was Reeces peanut butter cups... every time I came home I would bring back maybe 10 to 15 pounds of it...
Yes, peanut butter is now available in most large French supermarkets. US candies are indeed very hard to find.
Quote:
Originally Posted by Texas Proud View Post
Loved my time in London, but I could not afford to live there with the livestyle that I would want... did not live in any of the smaller towns, but some looked pretty nice... and you could take the train to London...
The towns round London are not cheap either. A single family home with three not very big bedrooms and one bathroom, perhaps 1300 sq ft on a 5000 sq ft plot, in a town such as Hastings, will run north of $500K. The train trip to London is 1 hour 45 minutes and an annual season ticket for a daily commuter is about $6500. Enjoy.
__________________

__________________
Age 56, retired July 1, 2012; DW is 60 and working for 2 more years. Current portfolio is 2000K split 50 stocks/20 bonds/30 cash. Renting house, no debts.
BigNick is offline   Reply With Quote
Old 01-28-2011, 11:30 AM   #43
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by Texas Proud View Post
They tax the HECK out of it


I still have (or maybe I lost them already) over $42K of foreign income tax credits that were paid to the UK gvmt for my one year overseas... I really do not know how much in taxes were paid as I never saw or signed a return... seems that over there they just kind of 'bill' you someway...
Yep it's called PAYE (Pay as You Earn). US does the same, but the US system is so complex and has so many deductions and credits that it's necessary for everyone to file a return. The UK system is far simpler, captial gains, interest etc are taxed at source and the amount of tax withheld from you pay check is simply calculated according to your earned income level. The upshot is that the vast majority of UK citizens never have to do a tax return.

For a middle income family the level of tax in the UK is similar to that in the US. Remember there's no state tax in the UK and real estate taxes tend to be a lot less too. However, the UK has big consumption taxes ie 20% VAT and big duties on gasoline, alcohol and cigarettes.
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 11:37 AM   #44
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by BigNick View Post

The towns round London are not cheap either. A single family home with three not very big bedrooms and one bathroom, perhaps 1300 sq ft on a 5000 sq ft plot, in a town such as Hastings, will run north of $500K. The train trip to London is 1 hour 45 minutes and an annual season ticket for a daily commuter is about $6500. Enjoy.
That's why I'm looking at moving back to where I was born where you can get a nice place for between $200k and $300k

3 bedroom house for sale in Meadhope Street, Wolsingham, Bishop Auckland DL13, DL13
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 12:18 PM   #45
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
Yep it's called PAYE (Pay as You Earn). US does the same, but the US system is so complex and has so many deductions and credits that it's necessary for everyone to file a return. The UK system is far simpler, captial gains, interest etc are taxed at source and the amount of tax withheld from you pay check is simply calculated according to your earned income level. The upshot is that the vast majority of UK citizens never have to do a tax return.
Yes, I remember those days. Each year you get a statement from the IRS showing your exemptions and deductions, tax paid and tax owed. Unless it was a lot either way then they simply adjusted your personal "tax code" for the following year to withhold more or less money.

Charities are tax exempt organizations like over here but instead of giving them money and claiming a deduction you give them less money and they claim the refund.

Quote:
Originally Posted by nun View Post
That's why I'm looking at moving back to where I was born where you can get a nice place for between $200k and $300k

3 bedroom house for sale in Meadhope Street, Wolsingham, Bishop Auckland DL13, DL13
Hi there fellow countryman I was also born in County Durham, not far from Wolsingham, in Seaham and still have lots of family living there.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-28-2011, 12:52 PM   #46
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by Alan View Post

Charities are tax exempt organizations like over here but instead of giving them money and claiming a deduction you give them less money and they claim the refund.



Hi there fellow countryman I was also born in County Durham, not far from Wolsingham, in Seaham and still have lots of family living there.
Yes I just gave some money to a UK charity and I have no UK paperwork to do. The charity simply claims the tax paid on it back at the basic tax rate which is 20%. So a 10 pound charitable gift is worth 12 pounds to the charity.

I was born in N.Yorks, close to Middlesbrough, but I'm thinking of moving back to either Teesdale and Weardale. Beautiful countryside and not as pricey as the Yorkshire Dales.
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 01:04 PM   #47
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
I was born in N.Yorks, close to Middlesbrough, but I'm thinking of moving back to either Teesdale and Weardale. Beautiful countryside and not as pricey as the Yorkshire Dales.
Both our kids were born in Middlesbrough maternity hospital while we were living in Guisborough. We are planning a 6 month stay in Guisborough starting in April and are hoping to get a furnished 3 bed house, with on-suite bathroom for £600 / month. It is very close to the town center and has a regular bus service as we are planning to live there without a car.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-28-2011, 01:52 PM   #48
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by Alan View Post
Both our kids were born in Middlesbrough maternity hospital while we were living in Guisborough. We are planning a 6 month stay in Guisborough starting in April and are hoping to get a furnished 3 bed house, with on-suite bathroom for £600 / month. It is very close to the town center and has a regular bus service as we are planning to live there without a car.
I was born in Guisborough and grew up in Nunthorpe. Used to play rugby against Laurence Jackson.

I've been looking at rentals for around £600 too. My plan is to move back once I ER and rent for a year while I get set and scope out a place to buy.
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 02:01 PM   #49
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
I was born in Guisborough and grew up in Nunthorpe. Used to play rugby against Laurence Jackson
Small world

We lived in Guisborough 79 - 86 and have very fond memories. I have been back many times with work, staying in Guisborough Hall. (Wilton was where the business was). We still have a number of friends in Guisborough itself. (G. Hall was not a hotel while we lived there).

We lived on Hunters Hill and it was a 30 minute walk from the house to the top of Highcliffe so we are looking forward to seeing how difficult that walk is going to be 25 years later.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-28-2011, 02:15 PM   #50
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by Alan View Post
Small world

We lived in Guisborough 79 - 86 and have very fond memories. I have been back many times with work, staying in Guisborough Hall. (Wilton was where the business was). We still have a number of friends in Guisborough itself. (G. Hall was not a hotel while we lived there).

We lived on Hunters Hill and it was a 30 minute walk from the house to the top of Highcliffe so we are looking forward to seeing how difficult that walk is going to be 25 years later.
Yes indeed, small world. My dad worked at ICI Wilton and before that he was an apprentice at Dorman Long. I left the area in 1979 to go to college

I was back recently and rode my bike from Malton, over the Moors stopping for lunch at Blakey Rigg. Riding through Westerdale isn't getting any easier!!!!
Attached Images
File Type: jpeg westerdale.jpeg (24.8 KB, 4 views)
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 04:16 PM   #51
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
Yes indeed, small world. My dad worked at ICI Wilton and before that he was an apprentice at Dorman Long. I left the area in 1979 to go to college

I was back recently and rode my bike from Malton, over the Moors stopping for lunch at Blakey Rigg. Riding through Westerdale isn't getting any easier!!!!
Yep, ICI Wilton was where I worked when we lived there

That was a tough bike ride! The Lion at Blakey Ridge is one of our favorite places to eat. Twice in the last few years when we were over we walked from Rosedale to The Lion for lunch, then back to Rosedale.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-28-2011, 06:25 PM   #52
Thinks s/he gets paid by the post
Htown Harry's Avatar
 
Join Date: May 2007
Posts: 1,516
I am thinking of an old George Bernard Shaw quote about now...
__________________
Htown Harry is offline   Reply With Quote
Old 01-28-2011, 08:16 PM   #53
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
That was a tough bike ride! The Lion at Blakey Ridge is one of our favorite places to eat. Twice in the last few years when we were over we walked from Rosedale to The Lion for lunch, then back to Rosedale.
If I ever miss the N. Yorks Moors I just take a look at this great website where a guy documents his walks.

North Yorks Moors CAM - Archives Index

My ride was doubly tough as I did it on a single speed bike, but it was very enjoyable. I started out in London and took 5 days to ride to Middlesbrough staying in B&Bs each night. ER will see me doing lots more similarly stupid things.

Quote:
Originally Posted by Htown Harry View Post
I am thinking of an old George Bernard Shaw quote about now...
Yeah sorry, this is all a bit parochial
__________________
nun is offline   Reply With Quote
Old 01-28-2011, 09:57 PM   #54
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
Yeah sorry, this is all a bit parochial
+1

Sorry about the thread jack, but it is about retiring in Europe.

Reminiscences over.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-29-2011, 07:04 AM   #55
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Hello Alan and nun - I am happy my question to nun has made the two of you meet. Also being from Europe originally, I love rugby. Small world indeed.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 02-10-2011, 07:01 AM   #56
Recycles dryer sheets
 
Join Date: May 2005
Posts: 130
I never got around to memorizing George Bernard Shaw, what would the quote be??

BTW, I'm life-long cyclist too and it always feels more comfy riding in EU.
__________________
Free_at_49 is offline   Reply With Quote
Old 02-10-2011, 08:02 AM   #57
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by Free_at_49
I never got around to memorizing George Bernard Shaw, what would the quote be??

BTW, I'm life-long cyclist too and it always feels more comfy riding in EU.
I took the quote to be the one about being separated by a common tongue
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 02-10-2011, 10:45 AM   #58
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,150
Quote:
Originally Posted by nun View Post
I took the quote to be the one about being separated by a common tongue
That's the one:

England and America are two countries separated by a common language.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Touring europe by car. jambo101 Travel Information 9 05-14-2009 10:01 PM
Working in Europe larry Travel Information 11 02-16-2009 10:13 AM
Hello from Europe sunflowergirl Hi, I am... 12 03-27-2008 07:35 AM
Retiring to Europe haydee FIRE and Money 42 07-23-2007 10:42 PM
Inexpensive Europe Vacation ferco Life after FIRE 2 02-24-2005 08:06 PM

 

 
All times are GMT -6. The time now is 10:57 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.