Moving to London from Singapore

[boblah]

Hello Everyone,

Hope someone can help me. My company asked me to move to London from Singapore. I am married with 1 child (not yet of school age). Our combined annual salary is around $160,000. The company offer 60,000 pounds gross.

Given the high income tax and cost of living in UK vs SG, I am worried that we will not be able to live decently with this salary. On the other hand, this is a great exposure and experience.

any thoughts? personal experience will be great!

thanks!

[Mockney]

Tax is 40% plus 5% for NI.

You dont say if you are being given an allownace for accommodation or transport. 

So, 60,000 gross, 33,000 net.

Anywhere decent near Loondon ~1000 a month, utilities, broadband etc ~150 a month.  Food ~500 a month.  Transport to and from work could be anything from 100 a month upwards depending on where you live.  If you want a car say a lease is ~350 a month plus fuel at around 1.40 a litre.  You wont use it in London as the congestion charge and parking would kill you. 

I'd stay there

[Outdated]

Mockney's numbers are outdated.

Anything decent in London is now £1500 pcm. Pls check TFL transport prices as they depend on where you travel from / to.

Food for 2 adults and on schooling age is about £60 a week, going up to £100 if you go for Asian food. Utilities / mobile / internet - £100 - £150, depending on whether you can live without Sky HD 

Schooling, health is free. If your child is 3-6 yrs old, you get 15 hrs free of childcare a week.

£60k gross is about £3,200 after tax and NI.

go for the exp and exposure. working in London gives your CV a massive boost.

tbh though, i would ask for an allowance....

[MegaDrop]

That's a big fall in your earnings - S$40k less - would bother me. Will the company pay your costs for moving as well as relocation? I know expats in London who get housing and private schools thrown in. Will your company provide annual taxation accounting services, flights home, insurances, etc? I love London and my natural inclination would be to say go for it, for the experience. Will there be a role for you in the organisation  to return to here afterwards?

[boblah]

hi all,

thanks for the reply. allowance is already included in the 60k and they are only providing relocation to UK and visa.

i think we are better off staying in SG if I look at the numbers but like you said, experience is another discussion point.

thanks again

[Playing the long game.]

The question is not if the salary is not good therefor dont go. This is somewhat shortsighted ( pardon the pun).

The question is if you do go what job experience business contacts and travel you will get being in the head office.
At our office in sgpr several of the locals offered to go to ldn. Only one took it.
The others stayed- too cold- dont like food- moan moan. They stayec and worked hard arse licked the bosses and got nowhere.
The one that went had the choice of a manager in sgp but took the sideways step up  moved to ldn and got opportunities never available in sgp - extra training, worked on projects for VPs andSVPs,  and after two years  was asked to transfer back and lleapfrogged all the losers as he returned as a director the others kow tow and  Doubled the sgp salary in the process.

60K is a good salary but you wont be flush but the experience could be priceless. It depends on the personal circumstances and the job/ company sure but It should be seen as a long term investment.

If you didnt do a degree/ experience would you have your current job?what will give you the next leap forward?

[Old Mike]

You talk of your combined annual salary. I presume this means your spouse also has a career. What will happen to that in London? The trailing spouse has a harder time than the one who is moving for work. Their whole support system is removed.Friends and family vanish. From being an important element of a wider work community, the transition to a stay at home parent can cause a marriage breakdown. It is -2 in London at present.You will all need complete new wardrobes to cope with the cold climate.
Your lifestyle will be totally different from what it is in Singapore.
The child will be cut off from the grandparents. If this is an important factor in your present life, that could be traumatic.Think carefully. Life is not just about money.

[Options]

I moved to london and the company tried to reduce my salary.
Use the tactic of you will go on equalised net salary.

They will reduce it with share options that is ok. A good way of saving so take that.
$160k is £80k gross.

They will say urgetting pension contributions but challenge that it is worthless if only staying in uk for 2-3 years.

It they really want you ask for a one off net payment to move eg £10k.
That will give you a good start to coverclothing flat deposits etc.


At the end of the day it depends on the job offered, experience to be gained and whether they see you as key talent that they want to invest in and the return job to sgp if all goes well.

Good luck.

[Equiv]

Well I was on about $185k in Sg and now get about S$250k in London. After tax the two are roughly equivalent. After rent, council tax, tube fares etc, I certainly don't feel flush with cash. So you are talking from going from a little less than I was on to less than half...unless your wife can earn, it's going to be tough

[Dr. Phil]

Its not a lot is it?
But fear not, the UK Government has recently unveiled its new high speed rail link between London and Birmingham which will allow the majority of citizens to keep in touch with family "up north" and perhaps also to live in cheaper premises outside of London.


http://www.funny-potato.com/images/trains/trains-india/standard-class-train.jpg

[tickledpink]

I'm not a Phil fan, but that was darn funny.

[PrimroseHill]

OMG I wouldn't take £80k. NI contributions are more than 5%. Try 11-13%, income tax is PAYE at 40%. £80k pa gross that means that you will take home approx £4500.
Rental in Zones 1-2 is around £2k per month. Tube fares is approx £90 per month. Council tax is approx £2k pa. Food is expensive unless you buy value stuff or frozen, good food costs here; especially fish.

[in2minds]

I have been offered a good role back in London, one that will be good for my career. I am currently on around S$350,000 including bonus and shares. My offer in London will be around GBP150,000 + bonus (but not as much as here). Whilst that doesn't look a better deal for a better job, what with taxes and all, I would not have a mortgage in the UK, whilst here I am paying S$140K a year for my rent and car. I guess it would even out.

Mmmm, if only taxes were lower, I'd be off like a shot.

[boblah]

thanks!

@in2minds, so you did not get the london role?

@PrimroseHill, were you also based in SG before?

[in2minds]

It's an internal role. I can think about it until the summer. It's mine if I want it. I'm still thinking about it.