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Forum: USA
May 4th 2018, 9:48 pm
Replies: 21
Views: 1,768
Posted By nun

Re: UK pension lump sum and taxation

OK you seem to be describing a final salary/defined benefit company pension where you get a lifetime income. If so then you can use the treaty to claim that 25% is tax free in the US....so you'll...
Forum: USA
May 4th 2018, 4:44 am
Replies: 21
Views: 1,768
Posted By nun

Re: UK pension lump sum and taxation

File an US Individual 2002 with HMRC through the IRS. This will set things in the UK so that no tax is due or withheld at source.....assuming this isn't a Government pension.
Now you just have to...
Forum: USA
Nov 10th 2017, 2:36 pm
Replies: 4
Views: 601
Posted By nun

Re: W-8BEN request from my bank

US citizens or residents don't file W-8BEN. I assume this is a request from your UK bank.
Forum: USA
Nov 9th 2017, 3:24 pm
Replies: 3
Views: 2,464
Posted By nun

Re: Tax treatment & reporting of U.K. SIPP to IRS

There is some discussion about the status of a SIPP under the treaty. Some professionals say that it needs to have at least 50% employer contributions to qualify as a pension under the treaty, some...
Forum: USA
Oct 26th 2017, 5:16 pm
Replies: 12
Views: 2,373
Posted By nun

Re: Paying National Insurance while living in the USA

You can just ask HMRC to send you an annual bill and then send them a foreign bank draft or wire them the money.
Forum: USA
Oct 26th 2017, 5:14 pm
Replies: 17
Views: 3,584
Posted By nun

Re: Tax questions from US taxpayer beneficiary of UK SIPP

If you can treat the SIPP as a pension plan under the tax treaty then there will be no tax until you take income and which point you'll have to pay US tax. If you treat it as a foreign trust then...
Oct 15th 2017, 3:56 pm
Replies: 12
Views: 2,994
Posted By nun

Re: US/UK dual Citizen capital gains tax

Actually the UK get's first bite of the cherry because of the Treaty. The resourcing of the US capital gains to the UK is so that you can claim what are US gains as UK gains on your US taxes and so...
Forum: USA
Oct 14th 2017, 2:51 pm
Replies: 6
Views: 684
Posted By nun

Re: Do you have to pay tax on moving large sums of money UK-US?

There's no tax on moving money between the UK and the US.

If your wife is a US resident then she is liable to US income tax on her worldwide income. She must pay US taxes. If she has a business...
Forum: USA
Oct 8th 2017, 4:56 pm
Replies: 18
Views: 1,177
Posted By nun

Re: Question about Self Employment taxes

Agreed. If your company is just yourself then the best approach is to just file as a "sole proprietor". No need for incorporation or to pay for professional advice.....I did that and do my taxes...
Forum: USA
Oct 6th 2017, 5:45 pm
Replies: 18
Views: 1,177
Posted By nun

Re: Question about Self Employment taxes

That's about right in my experience. Don't worry too much about it, you have plenty of time after the 1st of the year to make the final payment for the previous year. Don't forget to pay quarterly...
Forum: USA
Sep 28th 2017, 2:52 pm
Replies: 17
Views: 1,318
Posted By nun

Re: Health coverage for a returning UK/US citizen.

If you are a US citizen then you must use that citizenship on US official documents.

What are the circumstances of your return to the US, do you have a jobs and how old are you both?
Sep 28th 2017, 12:41 pm
Replies: 31
Views: 5,955
Posted By nun

Re: Managing US IRA from the UK

Vanguard have told me that there's no restriction on withdrawals and have even told me that non US citizens who invoke the treaty will get 0% withholding. US citizens will have to deal with the usual...
Sep 27th 2017, 5:52 pm
Replies: 31
Views: 5,955
Posted By nun

Re: Managing US IRA from the UK

Unless there has been a policy change Vanguard will allow you to manage your accounts with them form overseas. They will not allow you to open a new account without a US address.
Forum: USA
Aug 3rd 2017, 2:47 am
Replies: 5
Views: 972
Posted By nun

Re: Question For USA residents with US social security

How may years of US SS tax payments do you have?
Forum: USA
Jul 14th 2017, 10:51 am
Replies: 15
Views: 1,109
Posted By nun

Re: Double Taxation?

If you are a US tax resident then you must pay US tax on your worldwide income. It does not matter if you are working for a UK or US company, the IRS will require you to pay US payroll and income...
Forum: USA
Jun 28th 2017, 9:00 pm
Replies: 36
Views: 2,565
Posted By nun

Re: Cost of living for retirees: USA vs. UK

I've done the calculations and it really depends on where you live and how you live.

I live in MA on a retirement income of around $30k a year. I would need to spend far more than that in London,...
Jun 22nd 2017, 3:23 am
Replies: 15
Views: 2,201
Posted By nun

Re: 401k cashing out problems

Please read Article 17 of the tax treaty.
Jun 22nd 2017, 3:18 am
Replies: 15
Views: 2,201
Posted By nun

Re: 401k cashing out problems

Generally 401k withdrawals are taxed by the IRS as income. However, this is a situation where the treaty can be used to modify the IRS code for a UK resident and non US citizen. If the OP takes out...
Forum: USA
Jun 19th 2017, 2:34 am
Replies: 19
Views: 1,399
Posted By nun

Re: Healthcare for retired mum

MA does not include assets in MassHealth applications, just income. I was on MassHealth for over a year as I did not have enough income to qualify for ACA, even though I had assets that put me in...
Forum: USA
Jun 12th 2017, 11:46 am
Replies: 12
Views: 1,446
Posted By nun

Re: Retain UK-based ISA in the US?

The ISA has no meaning to the IRS.....to them it doesn't even exist. So they look through it to the underlying investments.

A cash ISA is just an interest bearing account and the US tax is simple....
Forum: USA
Jun 10th 2017, 12:04 pm
Replies: 18
Views: 1,506
Posted By nun

Re: Should I sell my house/ISAs/kitchen sink etc. before moving to the US

I'd definitely sell the house before you move to the US. It just makes things simpler and you won't be working against a clock to get the US capital gains tax allowance or have to deal with exchange...
Forum: USA
Jun 10th 2017, 4:30 am
Replies: 6
Views: 585
Posted By nun

Re: Occupational Pension

The situation is different for government pensions.
Forum: USA
Jun 5th 2017, 6:50 pm
Replies: 17
Views: 1,377
Posted By nun

Re: Tax questions

Having over $10k in a UK bank account is not an issue as long as you file the informational forms ie FBAR with the US treasury. I had to do that recently when my mum's estate was in probate.
...
Forum: USA
Jun 5th 2017, 6:23 pm
Replies: 7
Views: 403
Posted By nun

Re: Bobsmyuncle - Tax questions

If you have foreign accounts over $10k you must tell the US Treasury using an FBAR form.

There will be US tax due on any interest on your UK accounts from the time you became US resident.
...
Forum: USA
Jun 5th 2017, 11:35 am
Replies: 68
Views: 5,006
Posted By nun

Re: To 401k or not 401k

It needs a bit of forethought about the amount of tax the will be due, but the 401k to ROTH rollover isn't too complicated, especially if you use something like Turbotax.

Doing it as a UK resident...
Showing results 1 to 25 of 1000
 


 
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