Finance / taxation / healthcare?
Jun 19th 2017, 4:33 pm
#1
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Joined: Jun 2017
Posts: 12
Finance / taxation / healthcare?
Hi all,
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
2. I know that Stocks and Shares ISAs are a tax minefield in the US so I'll cash that in and move it to a cash ISA pre any move Stateside. My understanding is that I can retain a UK-based ISA account and it will continue to accrue interest tax free in the UK but will be subject to tax on the interest in the US - does that sound correct? Basically, I want to retain some financial clout in the UK should things not work out and also because the exchange rate is pitiful at the moment.
3. I've always been under the PAYE tax system in the UK and hence I have never filed a tax form in my life. I've heard horror stories about the IRS but I'd love to know just how onerous filing a tax return will be - bearing in mind that I will have to report my UK accounts as well. The tax returns aspect fills me with dread.
4. Do I need to tell HMRC that I'm leaving - what are the pros and cons? I'm reluctant to relinquish my National Insurance number. Speaking of which, if I set up a plan to continue to pay contributions will this be enough to secure NHS services in the event that I came back to live in the UK or is it mainly just to secure a state pension?
5. I won't have a job when I move there but my partner can get me insured on her policy at her workplace - is that a good idea and will that provide comprehensive cover?
Thanks so much for any help or advice any of you can give.
J.
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
2. I know that Stocks and Shares ISAs are a tax minefield in the US so I'll cash that in and move it to a cash ISA pre any move Stateside. My understanding is that I can retain a UK-based ISA account and it will continue to accrue interest tax free in the UK but will be subject to tax on the interest in the US - does that sound correct? Basically, I want to retain some financial clout in the UK should things not work out and also because the exchange rate is pitiful at the moment.
3. I've always been under the PAYE tax system in the UK and hence I have never filed a tax form in my life. I've heard horror stories about the IRS but I'd love to know just how onerous filing a tax return will be - bearing in mind that I will have to report my UK accounts as well. The tax returns aspect fills me with dread.
4. Do I need to tell HMRC that I'm leaving - what are the pros and cons? I'm reluctant to relinquish my National Insurance number. Speaking of which, if I set up a plan to continue to pay contributions will this be enough to secure NHS services in the event that I came back to live in the UK or is it mainly just to secure a state pension?
5. I won't have a job when I move there but my partner can get me insured on her policy at her workplace - is that a good idea and will that provide comprehensive cover?
Thanks so much for any help or advice any of you can give.
J.
Jun 19th 2017, 4:45 pm
#2
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Finance / taxation / healthcare?
Hi all,
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
2. I know that Stocks and Shares ISAs are a tax minefield in the US so I'll cash that in and move it to a cash ISA pre any move Stateside. My understanding is that I can retain a UK-based ISA account and it will continue to accrue interest tax free in the UK but will be subject to tax on the interest in the US - does that sound correct? Basically, I want to retain some financial clout in the UK should things not work out and also because the exchange rate is pitiful at the moment.
3. I've always been under the PAYE tax system in the UK and hence I have never filed a tax form in my life. I've heard horror stories about the IRS but I'd love to know just how onerous filing a tax return will be - bearing in mind that I will have to report my UK accounts as well. The tax returns aspect fills me with dread.
4. Do I need to tell HMRC that I'm leaving - what are the pros and cons? I'm reluctant to relinquish my National Insurance number. Speaking of which, if I set up a plan to continue to pay contributions will this be enough to secure NHS services in the event that I came back to live in the UK or is it mainly just to secure a state pension?
that is probably the best option. You should check that you moving there creates a "life event" . Changes to insurance can normally only be done during open enrollment or due to a life event.
Jun 19th 2017, 4:57 pm
#3
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Finance / taxation / healthcare?
Hi all,
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
2. I know that Stocks and Shares ISAs are a tax minefield in the US so I'll cash that in and move it to a cash ISA pre any move Stateside. My understanding is that I can retain a UK-based ISA account and it will continue to accrue interest tax free in the UK but will be subject to tax on the interest in the US - does that sound correct? Basically, I want to retain some financial clout in the UK should things not work out and also because the exchange rate is pitiful at the moment.
3. I've always been under the PAYE tax system in the UK and hence I have never filed a tax form in my life. I've heard horror stories about the IRS but I'd love to know just how onerous filing a tax return will be - bearing in mind that I will have to report my UK accounts as well. The tax returns aspect fills me with dread.
4. Do I need to tell HMRC that I'm leaving - what are the pros and cons? I'm reluctant to relinquish my National Insurance number. Speaking of which, if I set up a plan to continue to pay contributions will this be enough to secure NHS services in the event that I came back to live in the UK or is it mainly just to secure a state pension?
5. I won't have a job when I move there but my partner can get me insured on her policy at her workplace - is that a good idea and will that provide comprehensive cover?
Thanks so much for any help or advice any of you can give.
J.
There's a strong chance that I'll be moving to the US at some point next year to be with my American partner which I'll do on a K1 visa. I want to be as prepared as possible.
I have a couple of questions surrounding finances / taxation / healthcare that I hope someone can help me with.
1. Can I retain my UK-based bank accounts? My parents will continue to live in the UK so I can easily use their address for any banking correspondence. Would the accounts be in jeopardy if they somehow found out that I was no longer resident in the UK? Obviously I'm terrified of my accounts being locked!
2. I know that Stocks and Shares ISAs are a tax minefield in the US so I'll cash that in and move it to a cash ISA pre any move Stateside. My understanding is that I can retain a UK-based ISA account and it will continue to accrue interest tax free in the UK but will be subject to tax on the interest in the US - does that sound correct? Basically, I want to retain some financial clout in the UK should things not work out and also because the exchange rate is pitiful at the moment.
3. I've always been under the PAYE tax system in the UK and hence I have never filed a tax form in my life. I've heard horror stories about the IRS but I'd love to know just how onerous filing a tax return will be - bearing in mind that I will have to report my UK accounts as well. The tax returns aspect fills me with dread.
4. Do I need to tell HMRC that I'm leaving - what are the pros and cons? I'm reluctant to relinquish my National Insurance number. Speaking of which, if I set up a plan to continue to pay contributions will this be enough to secure NHS services in the event that I came back to live in the UK or is it mainly just to secure a state pension?
5. I won't have a job when I move there but my partner can get me insured on her policy at her workplace - is that a good idea and will that provide comprehensive cover?
Thanks so much for any help or advice any of you can give.
J.
2. Yes, correct.
3. It will always seem onerous compared with the UK PAYE system, but your finances sound straightforward and it will not be difficult.
4. Yes, complete a P85 because you may have a tax refund. You will not lose your NI number. NI contributions are about your retirement pension, not the NHS. A British citizen ordinarily resident in the UK is entitled to use of the NHS.
5. Make 100% sure that you qualify on your partner's policy. It is impossible to comment on the policy. You/she will have to check the details. However "comprehensive" it is you will still have payments to make in addition to the premium.
