British Expats

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British Expats (https://britishexpats.com/forum/)

- Moving back or to the UK (https://britishexpats.com/forum/moving-back-uk-61/)

- - FBAR? (https://britishexpats.com/forum/moving-back-uk-61/fbar-800914/)

britwhore

Jun 21st 2013 11:11 pm

FBAR?

Hi All,

Just wondering if any of the returning expats have filed their FBARS? I think deadline is June 30th.

J.JsOH

Jun 22nd 2013 8:15 pm

Re: FBAR?

Yes, I filed mine at beginning of the calendar year. It is something I can get done and out the way before the chore of tax filing starts up.

britwhore

Jun 22nd 2013 8:53 pm

Re: FBAR?

It seems pretty straightforward. I don't think I need a specialist to do it right?

Also do you put the amount in dollars or pounds?

Thanks for your help. First year filing!

larrabee

Jun 22nd 2013 9:40 pm

Re: FBAR?

Dollars.

Quote:

In the case of non-United States currency, convert the
maximum account value for each account into United States dollars.
Convert foreign currency by using the Treasury's Financial Management
Service rate (this rate may be found at www.fms.treas.gov) from the last
day of the calendar year.

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

Do make sure you read the rest of the instructions and you should be able to complete it yourself.

britwhore

Jun 23rd 2013 4:01 am

Re: FBAR?

Thanks :)

jemima55

Jun 23rd 2013 4:20 am

Re: FBAR?

Yes, groan!

Brigette

Jun 23rd 2013 5:38 am

Re: FBAR?

Ah the dreaded FBAR! I'm just a tad closer now in making a decision about US citizenship...SMH

britwhore

Jun 23rd 2013 9:14 am

Re: FBAR?

Quote:

Originally Posted by Brigette (Post 10770802)

Ah the dreaded FBAR! I'm just a tad closer now in making a decision about US citizenship...SMH

Don't do it!!!!!!!!!!!

Celticspirit

Jun 23rd 2013 12:38 pm

Re: FBAR?

Quote:

Originally Posted by britwhore (Post 10770922)

Don't do it!!!!!!!!!!!

I have opened an HSBC ACCOUNT in the UK but will not transfer $$$ until after June 30. So next year I will no doubt have to hire an international tax attorney for FBAR.
They give one 60 days to deposit $$$. I have already received an ATM card cheque book and credit card without a money deposit in the UK??? Feels WEIRD.

britwhore

Jun 23rd 2013 8:54 pm

Re: FBAR?

I'm not sue if it matters if it's after June 30th. I believe they go from Jan to Dec which is why this FBAR is for last year (2012) Can anyone comment on this?

larrabee

Jun 23rd 2013 9:02 pm

Re: FBAR?

Quote:

Originally Posted by britwhore (Post 10771267)

I'm not sue if it matters if it's after June 30th. I believe they go from Jan to Dec which is why this FBAR is for last year (2012) Can anyone comment on this?

Correct! See...... you have the FBAR down already!;)

windsong

Jun 23rd 2013 10:13 pm

Re: FBAR?

Quote:

Originally Posted by britwhore (Post 10769352)

Hi All,

Just wondering if any of the returning expats have filed their FBARS? I think deadline is June 30th.

What is FBARS? Is this something else I have to file every year for the USA - in addition to US tax returns?

larrabee

Jun 23rd 2013 10:32 pm

Re: FBAR?

Quote:

Originally Posted by windsong (Post 10771319)

What is FBARS? Is this something else I have to file every year for the USA - in addition to US tax returns?

Quote:

Who Must File an FBAR

United States persons are required to file an FBAR if:

The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

http://www.irs.gov/Businesses/Small-...nts-%28FBAR%29

This applies whether or not you are actually living in the US, if you are a "US person."

larrabee

Jun 23rd 2013 10:38 pm

Re: FBAR?

FBAR stands for- Report of Foreign Bank and Financial Accounts.

FAQ here.

http://www.irs.gov/Businesses/Small-...quirements#FR4

jemima55

Jun 24th 2013 1:10 am

Re: FBAR?

Quote:

Originally Posted by windsong (Post 10771319)

What is FBARS? Is this something else I have to file every year for the USA - in addition to US tax returns?

You may have to fill one in, with your tax return, when you move back to the UK.

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