bringing sterling home

Found answer on : http://www.askaboutmoney.com/showthread.php?t=65033

Hi Guys,

Im currently contracting in the uk. I have set up my company as a UK registered company. I have some cash build up (taxed paid on it etc) and its sitting in my account over here.

I am building a house at the moment and would like to bring smoe cash home (20k), can anyone recommend the best way for me to do this and how should i convert this to euros.

Someone recommended i strike a deal with the bank before lodging etc, others say for me to bring it home in cash etc

Any tips

Easiest way to take it home is to spend it. Ie use a UK debit/credit card instead of an irish debit/credit card to fund purchases. There is a limit to how much you can deposit at anyone time over which the banks must notify the revenue. I think this is €10,000. Not sure why you set up a uk registered company if you are contracting. The problem with this is that if you spend more than a year contracting in the same company, you basically get treated as a normal employee, losing out on all the contracting benefits( the IR35 Rule I believe). I spent some time contracting in the UK when based in Ireland, and I could claim my expenses, hotel accommodation, etc. I actually worked out that it was cheaper to do this than to rent accomodation in the UK, (I was working in london), and all of these expenses got deducted from my profits, thus reducing my tax liability.

on a side issue a bit but is there stamp duty on UK debit and credit cards?

Thankfully No. Well I've only got a Debit card and stamp duty was the reason I got rid of one of my credit cards over here.