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Chris Said:

Do you believe in the Denticare system for Australia?

We Answered:

No not at all, it is a bad idea

Kenneth Said:

Renting our UK property out and moving overseas. TAX ?

We Answered:

Hi!

You should register to join the NRL scheme with forms NRL1. This allows you to get your rents paid gross to you, so your letting agent will not withhold any tax at source. They are obliged to do this by law but when the NRL1 is prcessed, they get a letter (NRL8) sent to them. If your house is jointly owned, you will both need to do a form.
http://www.hmrc.gov.uk/cnr/nr_landlords.…

You will more than likely have to do a Self Assessment tax Return at the end of the year. You will have to declare your rental income on it but you can have allowable expenses which can reduce the taxable rental income. You cannot use the mortgage repayments, only the mortgage interest. Agentcy fees and insurance are both deductible too. See the Property Income Manual for the full list of expenses.
http://www.hmrc.gov.uk/manuals/pimmanual…

The rates of Income Tax are the same so any profit after expenses would be taxable.

If you had employment income aswell as rental income in the year of your departure, you may owe tax for that year, as you only get one personal allowance and it may have been used in your tax code. Your Self Assessment Return will give the overall tax bill at the end of the year. Total income over allowances would be taxed at the 20% and 40% bands.

Sorry it's long but I think it covers everything!!! :o)

Ann Said:

Why do so many Americans like the idea of tying health insurance to employment?

We Answered:

I think that most are used to having someone else pay for their health insurance. It is difficult to change an entrenched system.

I think this system is harmful to our economy. It would make a lot more sense to have a government funded insurance program for catastrophic health risks and to have people pay directly for their ordinary medical expenses.

Lori Said:

how much does it cost to raise a baby?

We Answered:

The costs of raising a baby to age 18 costs between $125,000-$250,000 and that's not including college tuition! In your baby's first year alone, you can easily spend between $9,000-$11,000 (for diapers, formula, baby furniture, clothing, baby gear, etc.)

Two things that can save you money right off is deciding to use cloth diapers, using 2nd hand items and breastfeeding.

If you go back to work right away, childcare can cost as much as $3,000-$4,500 in your baby's first year, not to mention the higher insurance premium for adding an additional person. If you can stay home with your baby, you can save money. Read more below:


Pregnancy
Don't forget about the delivery! It easily costs between $5,000-$8,000 for a normal vaginal delivery, up to $12,000 for a cesarean delivery and much more if there are complications. If you are covered by insurance, it may cover most of the cost.

more on infant budgeting
If you plan to use disposable diapers, plan on spending between $1,600-$2,300 by the time your baby is potty-trained. Expect your baby to go through at least 7-8 diapers a day on average and spending $80-$130 a month on diapers alone (especially in the first few months, when changes are more frequent.) Cloth diapering can be just as expensive as disposables if you use a diaper service. If you launder them yourself, you can save money. It is estimated that cloth diapering cost approximately $800-$1,100 by the time your baby is potty-trained (without the diaper service.)

For formula (up until your baby is one-year-old), expect to spend between $1,000-$2,300- depending on whether you use powder in a can or ready-to-pour liquids. Plan on spending at least $40 a week on infant formula. You can really cut your costs dramatically by breastfeeding for a year or more.

Juanita Said:

Is there a PI Insurance policy that allows pay by the month?

We Answered:

Not for a mortgage broker!

Julia Said:

Things to do before making final move to Australia?

We Answered:

Don't panic! Pay your bills off as quick as you can, then you will know more about a date on booking that airfare! You shouldn't need to pay for an adviser/accountant, but then again I am not sure on your situation, eg) do you have a business, are you a big family, can you do your tax return from Aussie etc...

Ok when you arrive in Australia there is 7 main things to get sorted first (apart from accommodation of course)
See http://www.immi.gov.au/living-in-austral… Note, in Australia when you are applying for a bank account, medicare card, driver license etc, anytime you have to produce ID, it's on a 100 point basis, so have as much ID on you as poss, and originals (especially birth certs), if you don't have them on your now for you and your family, apply for them before you leave.

and info on settling here, Beginning a Life in Australia http://www.immi.gov.au/living-in-austral…

and Everyday Life in Australia Q & A's see http://www.immi.gov.au/living-in-austral…

Good Luck with it all