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Search: Posts Made By: theOAP
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Feb 10th 2020, 9:31 pm
Replies: 1
Views: 592
Posted By theOAP

Re: Relocating Back to UK

For a US citizen, resident in the UK, US SS can be paid directly into your UK bank account. The exchange rate is the average rate at the time of payment which will be a good rate. It would only be...
Forum: USA
Feb 7th 2020, 4:49 pm
Forum: USA
Feb 7th 2020, 2:33 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

The election to be taxed as a US resident carries over automatically when changing countries unless a revocation is made for a year prior to leaving the US. The revocation applies to the year...
Forum: USA
Feb 6th 2020, 6:11 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

Unfortunately, as of yet, no one has released an app which accurately predicts the future.

Some may live the rest of their lives in the US as a US resident for tax purposes and never acquire US...
Forum: USA
Feb 4th 2020, 1:51 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

On behalf of all those who have contributed, thank you for your kind words.
Forum: USA
Feb 4th 2020, 1:47 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

Good catch, Jasskatten. Brain fade on my part. I used the wrong wording in my reply. I said "......the declaration and the election which commits the taxpayer to the requirement to always file MFJ in...
Forum: USA
Feb 3rd 2020, 8:55 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

Perhaps some clarification may help.

The OP was a dual status alien, but if they file MFJ, they no longer can be treated as a dual status alien. It's not allowed for MFJ. Instead, and as you did,...
Forum: USA
Jan 31st 2020, 1:03 pm
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

I see the OP lists Las Vegas as their residence. I don't know how it is these days, but in the past the wedding chapels on the Strip and the local divorce lawyers all did a booming trade during the...
Forum: USA
Jan 31st 2020, 10:20 am
Replies: 24
Views: 1,307
Posted By theOAP

Re: Taxes: Moved to US on 30th December, do we file separately or jointly?

The words "innocent lamb" and "slaughter" comes to mind. But, there is insufficient information to answer fully.

Generally, in the US filing as married joint equates to definite advantages. When...
Forum: USA
Jan 27th 2020, 4:40 pm
Replies: 1,661
Views: 398,626
Posted By theOAP

Re: UK state pension and USA social security

I always appreciate your thoroughness in analysing a given financial topic. The above full post is an excellent synopsis of the SSA reasoning behind WEP. So, without contradicting the post you made,...
Forum: USA
Jan 9th 2020, 4:13 pm
Replies: 2
Views: 553
Posted By theOAP

Re: Tax deductibility of Vol NIC’s

My initial thought would be no, the contributions are not tax deductible on a US 1040 return, but, I've never been in this situation.

If you are entitled to a standard US 401-type pension and then...
Forum: USA
Jan 8th 2020, 10:10 pm
Replies: 44
Views: 2,610
Posted By theOAP

Re: Will my child need to file taxes in US when old enough

A big +1.

The child has the choice at age 18 to decide about renunciation, and Canada is one of the more favourable countries financially to live in as a US citizen, especially if the child was...
Dec 22nd 2019, 11:40 am
Replies: 7
Views: 829
Posted By theOAP

Re: Tax after 183 days in UK?

Generally, your home in the UK is not included on 8938. Any account you may have in relation to that property, such as funds from the letting or a maintenance fund would be included if you are named...
Dec 17th 2019, 9:02 pm
Replies: 8
Views: 673
Posted By theOAP

Re: UK US Taxes - Should we also be paying UK taxes?

Your tax accountant will have a much better idea of 'residence' status for 2017/18. The 91 day/30 day rule may apply, at best. At worst, 2017/18 would be treated as a 'split year' meaning you would...
Dec 17th 2019, 3:40 pm
Replies: 8
Views: 673
Posted By theOAP

Re: UK US Taxes - Should we also be paying UK taxes?

A general note for anyone curious about filing both US and UK tax returns, and how to best file for the US given the offset of tax years.

Unearned income, no matter from where on the globe,...
Dec 17th 2019, 3:00 pm
Replies: 8
Views: 673
Posted By theOAP

Re: UK US Taxes - Should we also be paying UK taxes?

IMO, you should start with HMRC to solve your current problem, whether you do this on your own or use an accountant. Depending on who is on the other end of the phone, you'll find HMRC much easier to...
Dec 16th 2019, 3:58 pm
Replies: 8
Views: 673
Posted By theOAP

Re: UK US Taxes - Should we also be paying UK taxes?

If you are a permanent resident in the UK you may be required to file a UK Self Assessment tax return, declaring all your worldwide income, if the total of that worldwide income exceeds the personal...
Dec 16th 2019, 3:14 pm
Replies: 7
Views: 829
Posted By theOAP

Re: Tax after 183 days in UK?

IF you are resident in the UK for tax purposes (see SRT test above), you will file a UK Self Assessment tax return and declare all your worldwide income. That means all income from the US as well....
Dec 15th 2019, 8:12 pm
Replies: 7
Views: 829
Posted By theOAP

Re: Tax after 183 days in UK?

The following is the HMRC gospel on residency and tax obligations:
https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt/guidance-note-for-statutory-residence-test-srt-rdr3
...
Forum: USA
Oct 31st 2019, 6:16 pm
Replies: 16
Views: 2,572
Posted By theOAP

Re: Dual Citizenship and taxes

A US/UK dual citizen, self-employed and resident on the arising basis in the UK, must register as self employed with HMRC and file a self assessment tax return paying both UK tax plus UK NICs. Any...
Forum: USA
Oct 30th 2019, 9:14 pm
Replies: 16
Views: 2,572
Posted By theOAP

Re: Dual Citizenship and taxes

Under normal circumstances, I can't think of any situation where a UK resident would pay tax on US SSA.

Under the Totalisation Agreement and the treaty, US SSA benefits are only taxed in the UK. I...
Forum: USA
Sep 23rd 2019, 7:19 pm
Replies: 16
Views: 2,572
Posted By theOAP

Re: Dual Citizenship and taxes

US citizenship.

There's nothing wrong with a USC resident in the UK setting up a UK Limited Company as long as it is established correctly for US tax purposes, and with an understanding of how the...
Forum: USA
Sep 23rd 2019, 3:12 pm
Replies: 16
Views: 2,572
Posted By theOAP

Re: Dual Citizenship and taxes

Taxation for a US/UK dual citizen who is permanently resident in the UK is straightforward. The UK will have first dibs, and will tax worldwide income. The US, due to CBT, will also tax the same...
Forum: USA
Sep 4th 2019, 4:40 pm
Replies: 5
Views: 1,157
Posted By theOAP

Re: Becoming dual US/UK citizenship - property tax implications?

Let's try this one more time.

The OP asked "what is the tax implications when selling a house in the U.K in the future when dual nationality? ". Unfortunately, the OP did not specify whether they...
Forum: USA
Aug 28th 2019, 5:01 pm
Replies: 5
Views: 1,157
Posted By theOAP

Re: Becoming dual US/UK citizenship - property tax implications?

Simple question, but no simple answers.

The most simplistic and therefore incomplete answers are:

For UK tax, provided the house meets the requirements as a main residence, currently, there is...
Showing results 1 to 25 of 1000
 


 
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