When it comes to working abroad, there are many financial, legal and personal factors to consider. It’s important to ensure you take a balanced approach to all elements, while still maintaining the appropriate ties with the UK.
In this article, we’ll be discussing the factors to consider when working abroad, such as tax implications, legal requirements, healthcare coverage, and financial planning. We’ll offer valuable insights to those seeking to maintain a stable situation while working in another country.
Financial planning and budgeting
Firstly, you’ll need to consider the cost of living and currency fluctuations depending on the destination you’re headed to. It’s important to draw up a budget that factors in accommodation, food, travel and other daily expenses so you can keep your finances under control.
This is particularly crucial as you’ll be earning in a foreign currency, so you’ll also need to keep an eye on exchange rates. These are constantly changing – for example, the amount you pay for Euros with GBP today may fluctuate considerably by tomorrow.
Whilst you’re working abroad, you could consider opening a fixed-rate savings account. This ensures your interest rate won’t change for the duration of your term, and you can rest assured knowing exactly what you’re getting back on your investment.
Legal requirements and documentation
It’s crucial to comply with legal rules and regulations depending on wherever it is you’re working abroad. For instance, you’ll need to obtain the relevant work permits and visas, if required. Your employer will also need to be notified of your intention to work abroad so they can calculate the PAYE tax depending on your chosen country.
If you’re travelling for work for a long period, it’s important to update any legal documents, such as wills and powers of attorney, to reflect your international circumstances. Plan for as many details as you can in advance of your trip so you’re well-prepared for anything that could crop up.
Healthcare coverage and insurance
The last thing you need while working abroad is an issue that occurs that you weren’t initially prepared for. That’s why it’s vital to take out suitable healthcare coverage and insurance so that you’re well-protected for any unexpected occurrences.
The price of your insurance policy is dependent on the provider, what you need covering, the length of coverage required and the country you’ll be working in.
It’s best to remain registered with your current GP in the UK so you can utilise the services of our National Health Service (NHS). This is particularly important, just in case you need healthcare access upon your return home.
