In our weekly series, readers can email any questions about their finances to be answered by our experts. William Burrows is international planning director at Titan Wealth International. If you have a question for them, email us at money@inews.co.uk.
Question: I am 73-years old and retired in September 2025. I currently live in Queensland, Australia. I rent out my UK bungalow to friends. I receive the UK State Pension and my private pensions into my UK bank accounts. The rent goes into a different UK bank account to, hopefully, make completing my first Self-Assessment form online easier.
I also have ISAs and regular savings accounts which I set up before my move to Australia. I pay for most day-to-day expenses like grocery shopping, meals out, etc, and holidays with my UK credit card. I have a direct debit in place to pay the full amount each month from my UK account. I have a joint Commonwealth Bank account with my partner and also my own debit and savings accounts with Heritage Bank in Australia.
I have my expenses for renting out the property to hand together with my interest earned ready to complete my first Self-Assessment form online. Will this be straight forward? Can I continue to keep my ISAs when they mature this year? Will I have to pay tax on them? Can I open a new one to transfer them into? Can I continue to have my pensions paid into my UK bank accounts? Is there anything else I need to do?
