Over 40's Moving Back and Catching Up
Aug 16th 2013, 7:51 am
#8176
BE Forum Addict
Joined: Feb 2010
Posts: 2,606
Re: Over 40's Moving Back and Catching Up
Breath easy. Definately NO TAX $$ or ££ involved in you moving money from US to UK.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
These FBAR and FATCA are merely reports to IRS by US citizens to declare that the USC holds overseas financial accounts. (For IRS to track money laundering or tax evasion of those found with a foreign account and not reporting for income tax)
I say merely but there is a requirement to make the report and penalties if a required US person fails to report. (please read IRS documentation for "who must file" and exceptions)
FBAR Example, if someone has equaivalent $200,000 in a UK account then FBAR report is required because account is over $10,000.
FATCA example: If a unmarried individual filing USC lives outside US and has $200,000 maximum in UK account then FATCA report not required because rules are that only report if more than $200,000 at end of tax year or more than $300,000 at any time during the year.
FATCA rules depends where you live and your IRS tax filing status.
Live abroad, Married filing a joint income tax return, then threshold is more than $400,000 at end of tax year or more than $600,000 at any time during the year.
The threshold amounts are less if you live in US and have overseas accounts.
(Threshold amounts can change annually so check IRS for your year)
The reports themselves are not too bad, just all details of your foreign accounts and the need to do them fully, accurately and timely.
Aug 16th 2013, 12:32 pm
#8177
The Kwisatz Haderach
Joined: Aug 2008
Location: North Wales
Posts: 8,080
Re: Over 40's Moving Back and Catching Up
Have you looked to see if you can leave reviews on www.tripadvisor.com
Aug 16th 2013, 3:58 pm
#8178
BE Enthusiast
Joined: Oct 2011
Location: UK
Posts: 745
Re: Over 40's Moving Back and Catching Up
FBAR is separate from IRS, it is filed by June 30th of following year with Dept of Treasury and can be done online. Allow a bit of time for online because need to apply and get approval before you can actually send it. http://bsaefiling.fincen.treas.gov/E...ndividual.html
Last edited by J.JsOH; Aug 16th 2013 at 4:01 pm.
Aug 16th 2013, 4:12 pm
#8179
BE Enthusiast
Joined: Oct 2011
Location: UK
Posts: 745
Re: Over 40's Moving Back and Catching Up
I did get tripped up in the first year back on an assumption that as there is a Foreign Earnings Exclusion for US tax then there was no need to report it on my filing. Wrong, it must be reported then deducted on a later line of 1040 - result is same bottom line but IRS want to know you earned it. I refiled when I realised it.
Aug 16th 2013, 8:31 pm
#8180
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Thread Starter
Joined: Aug 2010
Location: US
Posts: 4,224
Re: Over 40's Moving Back and Catching Up
Out of the blue..Can you take a ferry from Dover to Belgium?
Anyone been to Belgium?
Cheers
Anyone been to Belgium?
Cheers
Aug 16th 2013, 9:16 pm
#8182
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Thread Starter
Joined: Aug 2010
Location: US
Posts: 4,224
Aug 16th 2013, 9:20 pm
#8183
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,217
Re: Over 40's Moving Back and Catching Up
Not from Dover, the ferries to Ostend now sail from Ramsgate.
http://www.aferry.co.uk/ramsgate-ostend-ferry.htm
http://www.aferry.co.uk/ramsgate-ostend-ferry.htm
Aug 16th 2013, 10:00 pm
#8185
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Joined: Aug 2009
Location: Back home now in my home town in England U.K. after 36 years in U.S. now retired and loving it,
Posts: 3,208
Aug 19th 2013, 10:03 am
#8186
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Joined: Aug 2009
Location: Back home now in my home town in England U.K. after 36 years in U.S. now retired and loving it,
Posts: 3,208
Re: Over 40's Moving Back and Catching Up
We've had them in all three houses in England, but they're special ones for shavers. They don't take a regular plug. Not sure if hairdryers come with special plugs as I don't use one.
The Canadian ones were just regular plugs but with GFIs, so safe. A lot of down sides in the UK are from excessive attempts to eliminate every risk.
Bev
The Canadian ones were just regular plugs but with GFIs, so safe. A lot of down sides in the UK are from excessive attempts to eliminate every risk.
Bev
Americans would think it rather odd not to have them, I have never heard of anyone being electrocuted or even getting a small shock, and statistics Im sure would prove no accidents or fires have been had in the bathrooms of America because of electrical sockets in every bathroom, so there perfectly safe,
Bev your last part of your post just about sums it all up really ------ a lot of down sides in the UK are from excessive attempts to eliminate every possible risk, ------- and of course all this over protection and intrusion on our private lives comes from the E.U. regulations that force us and every member country to comply,
did you hear of the latest madness coming from Brussels, the EU is going to introduce an even more ludicrous recycling system starting in 2015 and all the UK councils are to be forced to deliver a total of 5 (FIVE) wheelie bins to each and every household, and each will be a different color, with instructions on what waste goes in what bin
can you imagine having 5 big wheelie bins in the forecourt of your house, you couldn't even get through the freaking door, or worse still what about the millions of terraced houses in the UK without forecourts, try to picture 5 big wheelie bins lined up outside each house in the street, both sides of every street the entire pavements would be completely full of back to back wheelie bins, now what a lovely site for sore eyes that would be have the powers who control us in the EU gone absolutely insane, or it begs the question maybe ---- what are they smoking?Now with the present system in our councils down south where I live we have one green wheelie bin in our forecourts which is collected every two weeks, in it goes all plastic like milk containers etc, and cans and newspapers and cardboard etc etc,
we have a nice weekly regular waste collection where everyone puts out all there black garbage bags of waste, no limit on how many bags,
So to my way of thinking thats a nice simple practical and sensible system that actually works very well, and then along comes crazy EU who just without even trying screws everything up, upstarts and compleat morons I say!!!!
Aug 19th 2013, 10:59 am
#8187
BE Forum Addict
Joined: Sep 2009
Posts: 1,197
Re: Over 40's Moving Back and Catching Up
In all the decades that I lived in the USA everywhere I lived had electric sockets in the bathroom, ----- for the shaver, for the hairdryer, for anything!!!
Americans would think it rather odd not to have them, I have never heard of anyone being electrocuted or even getting a small shock, and statistics Im sure would prove no accidents or fires have been had in the bathrooms of America because of electrical sockets in every bathroom, so there perfectly safe,
Bev your last part of your post just about sums it all up really ------ a lot of down sides in the UK are from excessive attempts to eliminate every possible risk, ------- and of course all this over protection and intrusion on our private lives comes from the E.U. regulations that force us and every member country to comply,
did you hear of the latest madness coming from Brussels, the EU is going to introduce an even more ludicrous recycling system starting in 2015 and all the UK councils are to be forced to deliver a total of 5 (FIVE) wheelie bins to each and every household, and each will be a different color, with instructions on what waste goes in what bin can you imagine having 5 big wheelie bins in the forecourt of your house, you couldn't even get through the freaking door, or worse still what about the millions of terraced houses in the UK without forecourts, try to picture 5 big wheelie bins lined up outside each house in the street, both sides of every street the entire pavements would be completely full of back to back wheelie bins, now what a lovely site for sore eyes that would be have the powers who control us in the EU gone absolutely insane, or it begs the question maybe ---- what are they smoking?
Now with the present system in our councils down south where I live we have one green wheelie bin in our forecourts which is collected every two weeks, in it goes all plastic like milk containers etc, and cans and newspapers and cardboard etc etc,
we have a nice weekly regular waste collection where everyone puts out all there black garbage bags of waste, no limit on how many bags,
So to my way of thinking thats a nice simple practical and sensible system that actually works very well, and then along comes crazy EU who just without even trying screws everything up, upstarts and compleat morons I say!!!!
Americans would think it rather odd not to have them, I have never heard of anyone being electrocuted or even getting a small shock, and statistics Im sure would prove no accidents or fires have been had in the bathrooms of America because of electrical sockets in every bathroom, so there perfectly safe,
Bev your last part of your post just about sums it all up really ------ a lot of down sides in the UK are from excessive attempts to eliminate every possible risk, ------- and of course all this over protection and intrusion on our private lives comes from the E.U. regulations that force us and every member country to comply,
did you hear of the latest madness coming from Brussels, the EU is going to introduce an even more ludicrous recycling system starting in 2015 and all the UK councils are to be forced to deliver a total of 5 (FIVE) wheelie bins to each and every household, and each will be a different color, with instructions on what waste goes in what bin
can you imagine having 5 big wheelie bins in the forecourt of your house, you couldn't even get through the freaking door, or worse still what about the millions of terraced houses in the UK without forecourts, try to picture 5 big wheelie bins lined up outside each house in the street, both sides of every street the entire pavements would be completely full of back to back wheelie bins, now what a lovely site for sore eyes that would be have the powers who control us in the EU gone absolutely insane, or it begs the question maybe ---- what are they smoking?Now with the present system in our councils down south where I live we have one green wheelie bin in our forecourts which is collected every two weeks, in it goes all plastic like milk containers etc, and cans and newspapers and cardboard etc etc,
we have a nice weekly regular waste collection where everyone puts out all there black garbage bags of waste, no limit on how many bags,
So to my way of thinking thats a nice simple practical and sensible system that actually works very well, and then along comes crazy EU who just without even trying screws everything up, upstarts and compleat morons I say!!!!
Re the electricity I agree there is much daft minimizing of risk in the UK, but in the case of electricity, as I understand it, the power of household electricity is much higher in the UK and any electric shock is more dangerous there than in the USA. 220 volts vs 120, or something? (some wise person please elucidate!).
Aug 19th 2013, 3:33 pm
#8188
BE Forum Addict
Joined: Jun 2008
Posts: 1,610
Re: Over 40's Moving Back and Catching Up
Jasper123...I dont know what I would do without the bathroom socket. I would have to end up with big long extention cords into the bedroom.
Five Wheelie binsThat is getting over the top. Time to get rid of the EU and think for ourselves. I would love to know what happens to all this this garbage once the dustbin men pick it up, does it go to 5 different recycle centres. Where I live you have 1 wheelie bin for garbage and then a plastic tray that you put all you jglass and plastic and papers in then it goes to the recycle centre and they then sort it out. The PC in all respects has gone overboard I dont know who is in charge but they need to get rid of them. Must cost a fortune for all those wheelie bins and so ugly standing outside peoples homes. Its time for a revolt....
Five Wheelie bins
That is getting over the top. Time to get rid of the EU and think for ourselves. I would love to know what happens to all this this garbage once the dustbin men pick it up, does it go to 5 different recycle centres. Where I live you have 1 wheelie bin for garbage and then a plastic tray that you put all you jglass and plastic and papers in then it goes to the recycle centre and they then sort it out. The PC in all respects has gone overboard I dont know who is in charge but they need to get rid of them. Must cost a fortune for all those wheelie bins and so ugly standing outside peoples homes. Its time for a revolt....
Aug 19th 2013, 3:43 pm
#8189
BE Forum Addict
Thread Starter
Joined: Aug 2010
Location: US
Posts: 4,224
Re: Over 40's Moving Back and Catching Up
Oh dear NO, I do hope Britain can somehow refuse this, already the big green wheeliebins are an eyesore, ruining many a pretty old house and street.
Re the electricity I agree there is much daft minimizing of risk in the UK, but in the case of electricity, as I understand it, the power of household electricity is much higher in the UK and any electric shock is more dangerous there than in the USA. 220 volts vs 120, or something? (some wise person please elucidate!).
Re the electricity I agree there is much daft minimizing of risk in the UK, but in the case of electricity, as I understand it, the power of household electricity is much higher in the UK and any electric shock is more dangerous there than in the USA. 220 volts vs 120, or something? (some wise person please elucidate!).
The British government wants to cut back on all the wheelies.
Now how does this work? You are penalized for using plastic bags at the shops but encouraged to use them for waste disposal??
If I wish to participate in the recycling I have to drive my items down to dumpsters and drop them or I could pay extra for an additional bin to be collected from the curb. I just put everything in the one bin, cheaper.
On the EU, or whatever it is called, will they ever require all the British soldiers and police to wear the black German uniforms left over from the last war and be done with it?
Aug 19th 2013, 3:55 pm
#8190
BE Forum Addict
Joined: Sep 2009
Posts: 1,197
Re: Over 40's Moving Back and Catching Up
The 220 volts has been in effect way before the EU.
The British government wants to cut back on all the wheelies.
Now how does this work? You are penalized for using plastic bags at the shops but encouraged to use them for waste disposal??
If I wish to participate in the recycling I have to drive my items down to dumpsters and drop them or I could pay extra for an additional bin to be collected from the curb. I just put everything in the one bin, cheaper.
On the EU, or whatever it is called, will they ever require all the British soldiers and police to wear the black German uniforms left over from the last war and be done with it?
The British government wants to cut back on all the wheelies.
Now how does this work? You are penalized for using plastic bags at the shops but encouraged to use them for waste disposal??
If I wish to participate in the recycling I have to drive my items down to dumpsters and drop them or I could pay extra for an additional bin to be collected from the curb. I just put everything in the one bin, cheaper.
On the EU, or whatever it is called, will they ever require all the British soldiers and police to wear the black German uniforms left over from the last war and be done with it?
Sorry if I wasn't clear.
Re rubbish, in my part of the UK you aren't encouraged to use plastic bags for waste disposal--or not plastic bags alone.
You have a pick-up of organic waste every week, which you have put during the week in a special bin with special biodegradable bags.
Then every other week, your recycling--newspapers, glass, etc-- is picked up.
On the non-recycling weeks, your non-organic rubbish is picked up. This may be in plastic bags, but the bags are all meant to be placed in a wheeliebin. Now that there's separate organic waste pick-up, your fortnightly rubbish load is theoretically smaller than before, and also less smelly, so it can wait a fortnight....theoretically.