Official stuff that needs to be done before moving on K-1

[Nich-Nick 3,354]

Reminder to anyone who keeps a UK bank account open that will have over $10k in US dollars or multiple accounts that total over $10k--

There is an IRS form TD F 90-22.1 that must be filed each year with the Dept of Treasury disclosing your financial interest in a foreign bank account. Even if it's in someone else's name but you have signatory authority over the account you should report it. It's due each year in June (??). I don't remember the due date, and I'm too lazy to look it up. I've got one of the forms sitting here on my desk filled out, but it doesn't have the due date on it. It isn't mailed with the tax return....it's a separate thing from taxes. You report the name/address of the bank and the maximum value of the account during the calendar year reported. You could flll out 2009 report now.

Edit: Ok, I got unlazy. The due date is June 30 and here's the form with instructions.

http://www.irs.gov/pub/irs-pdf/f90221.pdf

Edited February 19, 2010 by Nich-Nick

[doghandler 2]

A P85 is 4 page form you fill in to reclaim your tax back for the financial year end, providing you are entitled to it that is.

Link can be found here guys - http://search2.hmrc.gov.uk/kbroker/hmrc/fo....jsp?formId=766

That's the one.

Additional advice: complete and return P85 along with all 3 parts of your P45 from your last job (and Part 1a of any other P45's if you have had more than one job this financial year (6 April 2009 to 5 April 2010). The most recent P45 is the most important, if you don't send it, they will write to you asking for it (a bit like an RFE!). Don't worry if you haven't kept any previous P45's, if you have them, your claim will go quicker.

Basically, you will only get a rebate if you have actually paid too much tax this year. If you think you may have paid too much tax during any previous tax year (you can ask for a review going back 6 years), then state than in an accompanying letter and ask for those years to be reviewed as well, but you will also be required to submit the previous years P60's. Always bear in mind that there may be some years where you have underpaid tax, if you have and the sum is under £50, HMRC will not ask you to repay that, if it is over £50, they will.

HMRC's processing times are, not unlike USCIS, totally random. You can wait a good few months.

If you haven't paid too much tax, still complete and return the P85 as it lets HMRC know you are now not liable to pay any UK tax, unless or until you return to the UK and inform them on a P86. If you don't send in a P85, computer generated letters will be sent to your old UK address periodically asking what you are doing. But that in itself is the least of anyone's worries if you can't be bothered with the P85. Nothing bad happens.

[doghandler 2]

Reminder to anyone who keeps a UK bank account open that will have over $10k in US dollars or multiple accounts that total over $10k--

There is an IRS form TD F 90-22.1 that must be filed each year with the Dept of Treasury disclosing your financial interest in a foreign bank account. Even if it's in someone else's name but you have signatory authority over the account you should report it. It's due each year in June (??). I don't remember the due date, and I'm too lazy to look it up. I've got one of the forms sitting here on my desk filled out, but it doesn't have the due date on it. It isn't mailed with the tax return....it's a separate thing from taxes. You report the name/address of the bank and the maximum value of the account during the calendar year reported. You could flll out 2009 report now.

Edit: Ok, I got unlazy. The due date is June 30 and here's the form with instructions.

http://www.irs.gov/pub/irs-pdf/f90221.pdf

Big thanks for this info Nich-Nick. I did not know this, and do need to know this! Saved me a good few research man hours. Grateful.

[Closed account 1]

Thanks for the great info. i will definately be seeing if i can get any tax rebate, as regards to bank accounts. I opened a HSBC account awhile ago as they have told me i can transfer part of my credit history across to the states, if i have an account here they can switch it straight across to a us bank account and as i have credit cards and overdraft facilities with them they would allow me to have the same in the states. I'm still keeping a uk account so that i can keep my credit history here aswell.