10 Essential Things to Know About Financial Planning Before Relocating to the North East

Thinking of Relocating?

Whether you're drawn by stunning coastline, thriving cities like Newcastle and Durham, or lower living costs, the North East is an increasingly popular choice for both families and businesses looking to relocate.

But before you make the move, careful financial planning is crucial.

Here are 10 need-to-knows to make sure your relocation is smooth, cost-effective, and fully tax-compliant.

1️⃣ Cost of Living Is Lower—but Plan Carefully

✅ Housing, transport, and everyday expenses are typically cheaper than London or the South East.

✅ But regional variations mean it's wise to budget carefully for your target town or city.

✅ Work with an advisor to compare real costs, avoid surprises, and plan your finances confidently.

2️⃣ Stamp Duty and Property Costs

✅ North East property prices are some of the most affordable in England.

✅ But you’ll still need to budget for Stamp Duty Land Tax (SDLT) on purchases.

✅ If you're selling elsewhere and buying here, plan for timing and tax to avoid cashflow issues.

3️⃣ Business Rates and Incentives

✅ Considering moving or expanding a business?

✅ The North East offers competitive business rates and incentives.

✅ Some Enterprise Zones or local councils offer grants, rate relief or start-up support.

✅ Always check eligibility and plan applications in advance.

4️⃣ Personal Tax Planning

✅ Moving region doesn't change your UK tax rates—but can affect allowances, claims, and structuring.

✅ Selling a home? Mind Capital Gains Tax (CGT) if it's not your main residence.

✅ Renting out your old home? Income tax will apply.

✅ Early advice = big savings.

5️⃣ Business Relocation Tax Implications

✅ Relocating your company or opening a branch?

✅ Understand implications for VAT registration, PAYE, corporation tax, and local employment costs.

✅ Employee moves may require tailored tax support to avoid surprises for staff.

6️⃣ Inheritance Tax (IHT) and Wealth Planning

✅ Moving can be a good moment to review your estate planning.

✅ Lower house prices might mean less IHT exposure, but don’t neglect planning if you have other assets.

✅ Trusts, gifts, and wills should be reviewed for your new circumstances.

7️⃣ Pensions and Retirement Planning

✅ Check how relocation affects pension contributions, company schemes, or planned retirements.

✅ Consolidating plans or using local advisers can simplify things.

✅ Remember: tax relief rules remain UK-wide—but advice is essential for optimising them.

8️⃣ Education, Childcare and Family Budgeting

✅ Moving with children? Budget for new schools, uniform costs, transport.

✅ Don’t overlook childcare costs—they vary regionally.

✅ Local government support or tax-free childcare may help.

9️⃣ Local Networks

✅ The North East has an excellent network of accountants, tax specialists and business advisers.

✅ Building a local relationship ensures advice tailored to local regulations, grant options, and contacts.

✅ The Tax Faculty offers locally-based, highly personalised support.

🔟 Plan Early for a Stress-Free Move

✅ The single best tip: start planning early.

✅ Good financial planning prevents costly mistakes and maximises savings.

✅ Whether you’re an individual or a business, the right advice pays for itself many times over.

How The Tax Faculty Can Help

At The Tax Faculty, we’ve built our reputation on providing the highest-quality tax advice and accounting services—tailored specifically to each and every client.

✅ Personal tax planning

✅ Business relocation advice

✅ Self Assessment and compliance

✅ Company structuring and accounting

✅ Wealth and estate planning

📞 Get in touch today and see why we’re the North East’s trusted choice for tax and financial planning.