Relocation can be a financial minefield for you and your employees, but it doesn’t have to be that way. With our cost estimates and management services, you can be confident of your budgets and your people can be sure they have the correct financial arrangements in place.
Our experts can provide you with a detailed cost projection or estimate, giving you the information you need to assess whether an assignment or relocation is commercially viable. This can be undertaken as part of your planning process and prior to an employee being approached, as appropriate.
We work closely with you and your team to determine the appropriate relocation package for each relocation and estimate cost implications for the relocation as a whole.
We tailor this calculation to suit specific corporate guidelines and requirements, and depending on your preferences and individual circumstances, key cost areas to consider include:
- Removal of household goods
- Home search
- Temporary accommodation
- Managed sale
- Home leave
- Legal fees
- Settling-in allowances
- Estate agent fees
- Familiarisation visits
- Mortgage fees
- School search
- Mortgage valuation fees
- Return flight costs
- House rental fees
- Medical insurance
- Cost of living allowances
COMPENSATION, BENEFITS AND TAX MANAGEMENT
For UK domestic relocations, existing UK arrangements may be sufficient, or there may be benefits associated with the relocation which need to be taken into consideration.
However, if you’re relocating people to the UK from abroad, then taxation affairs can become more complex. Salaries, allowances and benefits may be subject to taxation in more than one jurisdiction and appropriate advice can save you and your employees a lot of time and effort.
We will provide you with access to expert advice on:
- National Insurance contributions
- Income Tax
- Tax equalisation
- Social security
- Tax liability
- Shadow payroll
We look at each relocation as a whole, to understand the cause and effect of every financial and legal decision made. Together with our Tax Advisers, we make sure all the information provided is relevant and adheres to current legislations in all jurisdictions.
COST OF LIVING ALLOWANCE (COLA) REPORTS
Our COLA reports are designed to help you identify the difference in cost of living between your employees’ current and new locations, and determine Cost of Living Allowances and overall compensation packages for relocating personnel.
Each report is tailored to the individual circumstances of each employee and their family and takes into account the employee’s current remuneration and living costs. The results indicate whether the ‘Cost of Living’ is higher or lower in your employees’ new location.
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