Tesco
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Another superb update, thank you! All very useful information …
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Tesco reacted to a post in a topic:
Informing HMRC in USA
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Visa medical will let you know the earliest date. Got mine a week and two days before the interview. The minimum was 7 days. So if you had a Wednesday interview for example, the earliest would be the previous Wednesday for medical.
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Walker-X reacted to a post in a topic:
London CR1 / IR1 Appointment Updates
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Trying to reschedule an interview today. I see that the appointment website is down though.
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Crazy Cat reacted to a post in a topic:
January IR1 Appointments
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Cancelled the first, now rescheduling.
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Trying to book an IR1 appointment for January, but on the U.S. Embassy website there are no appointments at all showing. Only 10th /12th December are available. Is it perhaps due to the new year, as in the past there’s usually 4 to 6 weeks of appointments showing to book. Thanks in advance.
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All standard with APIS data being captured and transferred to CBP at check in. Nothing to worry about.
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Just awaiting January appointments to come Online. Then to sale the house and make the move. Hopefully it will be sold quickly!
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Good luck with the move -)
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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.