Tesco
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Tesco reacted to a post in a topic:
Informing HMRC in USA
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If you use a CPA they may question your address change for your 2024 IRS tax return, especially if you file jointly. By far the easiest option is to just have your post forwarded. Any U.S. employer will have no interest or understanding of a P45. Ultimately just sign up for an HMRC account and view income and deductions.
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Pleased that you’re getting somewhere with this now. The P45 really shows earnings from April 6th and the final tax code and tax paid. Do you have an HMRC account? Handy for this sort of thing, as it’s in real time with your employer, so all up to date earning etc will be documented. I understand you wanted to get this sorted ASAP so you can then ascertain how much you can transfer to the U.S. hope your are starting to find your feet and settle. Oh btw, it’s the December 31st exchange rate used for form FinCEN114. You may use the average exchange rate for uk sourced income, or the spot rate for the day if a single transaction.
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apnzz reacted to a post in a topic:
Informing HMRC in USA
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Melancholic Mage reacted to a post in a topic:
Informing HMRC in USA
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SRT stands for Statutory Residency Test. It’s a series of tests HMRC makes to consider if you are still UK resident for taxation. For example if you work outside the UK for an average of 35 hours a week, then you’re a non UK resident straight away. You’ll only then be taxed on UK income. MFJ means Married filling Jointly, your US husband will know what to do with the annual 1040 As for FinCEN114, if all your assets are over $10k, then you need to file. Pensions are a little murky, but generally if a private pension then it’s reportable. Company pensions are not held in your name and therefore not normally reportable. Hope this helps and that you’re settling in ok…
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As an employee, your former employer is obliged to send you a P45, (3 parts). This can be emailed to you, (password protected) soon after your final payment. You should be able to do a rough estimate of your tax liability from worldwide income to the date your left the UK, (providing you meet HMRC's SRT as a non resident). Your UK earnings will have no impact on the IRS return for 2024, as you only became a 'U.S. Person' on arrival, (unless you voluntarily opted to file MFJ with your U.S Spouse). As such however, you now declare your worldwide income to Uncle Sam, to include FinCEN114 if you hold more than $10,000 outside the U.S, even for a day (simple form).
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Tesco reacted to a post in a topic:
Transferring Your Money to the USA - Atlantic Money
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tunaqueen25 reacted to a post in a topic:
The London Embassy Thread
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Melancholic Mage reacted to a post in a topic:
The London Embassy Thread
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These forms can catch people out. The fines and penalties for failure to file can be life changing. The rule of thumb is if you have a total of under $10k in non US assts then you’re fine. Yes this does include pension funds owned by you. If you have any trusts then your file form 3520, (complicated and beyond the scope of this topic). Not sure of your age, but the pension funds grow tax deferred. Don’t take an HMRC hit for nothing.
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Absolutely astonishing, thank you very much!
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The US authorities will need you to report any foreign bank accounts on an annual basis. Take a look at those forms I mentioned, (you can Google them). You US accountant will know what to do though. Once a UK bank knows you’re a US resident, the balances are reported to the IRS. The Treasury form is straight forward, and is only needed if you have over $10,000 in non US bank deposits or retirement savings.
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OldUser reacted to a post in a topic:
UK Bank Accounts/TorFX Transfer
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Wishing you well for next Tuesday, will be here before you know it! Keeping UK accounts is best, as you’ll not be able to open another in the future as a UK non resident. The banks will report you to the IRS under FACA, once you become a US resident. (They cross reference with Treasury form FinCEN114 and IRS form 8938, (if threshold exceed)). Your CPA will know what to do when you file your 1040 for 2024.
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It’s easy to transfer from your UK bank to the US, but not visa versa. To transfer from a US account the UK, you must present yourself before the banking officer at a local branch and then they will set up the ‘wire’ it’s a bit like banking of the 1980’s (have a well know major US bank too). Wise uses peer to peer transfer, so no international transaction per se. If you transfer from your UK account to the US with Wise for example, then the funds are simply credited to you from their US bank to your own, (same in reverse). Credits to the UK are made within seconds, to the US about a day. It uses ACH, so once set up it’s a dream to use. For international banking, I’ve found Wise to be invaluable. Another important note is the massive savings with exchange rate and fees against traditional banks.
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Tesco reacted to a post in a topic:
Mobile Phone Contract Query
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Some network providers block their app from overseas. If you can do it from your CC or Debit Card that would circumvent. Be carful and check their T&C’s with regards the time period to make and receive a text or phone call. It can catch you out, (as it did me). You then loose your number. So make sure you use the number and make a note on your calendar to do so. We loose much more then just a number, WhatsApp authentication, MFA etc.
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Think about getting a Sim only contract, they’re very inexpensive. You can then have MFA for your UK banking and other apps. Change to a local relatives address as they won’t allow you to have a contract with a Stateside address.
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Tesco reacted to a post in a topic:
Mobile Phone Contract Query
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We’re both in the UK. House sell stalled,(really want it sold first) and job pushed back. All these little things that add to the move! As it’s over 6 months out, didn’t want the chance of the process timing out.
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Had to push back to the Spring sadly…
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gerrardaisle reacted to a post in a topic:
Trying to anticipate what I’ll need from GP. Should I ask about a letter regarding my anxiety?
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tunaqueen25 reacted to a post in a topic:
Immunizations Requirements
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Have a look at Norse Airlines, (used to be called Norwegian). Flying from London Gatwick to several U.S. hubs. I see one into Orlando for around £180, although I did see one for £80 the other day! Aer Lingus have good prices with the actual U.S. POE being Dublin, then an internal onward flight.
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It depends on the cabin, (Y Class). If you’re going to fly a cheap no frills airline, then often fares will remain constant. Depending where your final POE will be, some flights are as low as £80.