Two and a Half Years ....
Feb 1st 2015, 11:16 pm
#16
BE Forum Addict
Joined: Nov 2012
Location: Back in the UK!
Posts: 2,404
Re: Two and a Half Years ....
Hello Sally,
By chance I stumbled on this thread, not being a regular reader anymore.
One of the best things that June and I have done since moving back is to have renounced, which we did mid 2014. (Other best things have been a holiday touring south coast and visits to distant pre-USA friends.)
Walking out of the embassy after doing the deed, I had a sense of freedom, freedom to live in my own native country without being considered as an American overseas with a foreign (UK) passport, freedom (after 2014 reporting season) from the increasing complexity of annual paperwork. I could not see how I could forever go on filing that stuff to end of life.
We now have to get through the last FBAR, the last tax filing, plus the extra end-of-USC tax report and we done. Yay, nearly there. I will feel a lot better about being in UK without the US spectre looking over my shoulder.
I dont feel any sense of loss of US access now that we are back fully - if the need arises we can go back as visitors, but so far, no regrets and a rapidly diminishing urge to ever go back.
By chance we lucked in and renounced before the recent price rise but for me it would still be worth the much higher price.
Good luck to you.
John
By chance I stumbled on this thread, not being a regular reader anymore.
One of the best things that June and I have done since moving back is to have renounced, which we did mid 2014. (Other best things have been a holiday touring south coast and visits to distant pre-USA friends.)
Walking out of the embassy after doing the deed, I had a sense of freedom, freedom to live in my own native country without being considered as an American overseas with a foreign (UK) passport, freedom (after 2014 reporting season) from the increasing complexity of annual paperwork. I could not see how I could forever go on filing that stuff to end of life.
We now have to get through the last FBAR, the last tax filing, plus the extra end-of-USC tax report and we done. Yay, nearly there. I will feel a lot better about being in UK without the US spectre looking over my shoulder.
I dont feel any sense of loss of US access now that we are back fully - if the need arises we can go back as visitors, but so far, no regrets and a rapidly diminishing urge to ever go back.
By chance we lucked in and renounced before the recent price rise but for me it would still be worth the much higher price.
Good luck to you.
John
Feb 2nd 2015, 3:33 pm
#17
BE Enthusiast
Joined: Oct 2011
Location: UK
Posts: 745
Re: Two and a Half Years ....
John, it's good to hear you speak so positively of life in the UK now. I expect it just takes a little longer for some to settle in again. Not looking forward to dealing with the tax thing at all. The last 18 years we have used an accountant for our small business and he does our personal as well. From what you have described, it seems so complicated. I would be happy to renounce but OH is American and DD dual, so I think we will just have to deal with it when we get to it
It took me longer to settle partly because of problems specific to us in the first couple years, (work, house, family) and I wasn't able to relax wondering what the next problem would be. We seem to be through the rough now and things are back on even course.
US paper filing is laborious more than complicated. Some will find the paperwork is not a big deal. I can do it, I just particulaly don't like paperwork.
FBAR: a couple bank accounts and it is relatively simple, I complicated it by changing mutiple accounts to follow the best interest rates and that just adds more numbers to be reported.
TAX: if i could have got back to the automated programmes it would be easier but there were some hiccups that Turbotax / TaxAct didn't work with my situation in the past few years and so it became more of a chore.
Positive ? me? lol. I am happier than I think I am, I just forget to say it.
Last edited by J.JsOH; Feb 2nd 2015 at 3:39 pm.
Feb 3rd 2015, 12:38 pm
#18
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,531
Re: Two and a Half Years ....
For me, too, my wife is American and our children are dual citizens, one of whom is settled in the UK and the other in Massachusetts. Most of our savings are tax advantaged US retirement accounts, and I just signed up for my SS and Medicare (another bureaucratic monster) is coming along in a few months. So I don't see any renunciation for me in the future. If we do settle in UK permanently, rather than just maintain a holiday home in the UK, I will resent not really have my knees fully under the table (for instance, being limited in my bank account opening options) and having to do the complex tax thing every year. Living in the US, I've got the 1040, 8938, FBAR etc. down to comfort level routine, but I know that if I have to file UK taxes too it will be a lot of new stuff to learn.... all on a modest retiree income too, which is so stupid!
