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Basic Tax Differences UK/US

Basic Tax Differences UK/US

Old Dec 9th 2009, 2:53 pm
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Default Basic Tax Differences UK/US

Hello Pete

Was wondering if this topic was could be live.
Need to find out the basics of taxation matters before I decide to move from the US from the UK

Cheers
De
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Old Dec 9th 2009, 7:14 pm
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Default Re: Basic Tax Differences UK/US

De, I moved your post to the correct place: your own thread.
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Old Dec 9th 2009, 10:20 pm
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Default Re: Basic Tax Differences UK/US

There is:-

Federal income tax

State income tax

State sales tax (sales tax can be different from county to county in a State), some States don't have a sales tax.

Property taxes

and all sorts of deductions from earnings for example, social security, workman's comp, unemployment comp and all except social security different from State to State.

I've been here 3 years and I can't figure it out.
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Old Dec 9th 2009, 10:35 pm
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Default Re: Basic Tax Differences UK/US

Workman's Comp Insurance & Unemployment Insurance should be paid totally by the employer, not withheld from wages.

FICA covers the Social Security withholdings:
http://en.wikipedia.org/wiki/Federal...utions_Act_tax

Here's somewhere to start
http://en.wikipedia.org/wiki/Tax_wit..._United_States


There are also property taxes (similar to council tax, yes?), sales taxes in most states (vary even by city) and probably dozens more.
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Old Dec 9th 2009, 10:56 pm
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Default Re: Basic Tax Differences UK/US

And, to add to the list, should you be self employed:

- (Federal) Self Employment Tax
- (State) Franchise Tax

Plus, depending on the nature of your business, no end of fees for permits, licenses, etc.
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Old Dec 10th 2009, 2:38 pm
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Default Re: Basic Tax Differences UK/US

Don't forget city tax, possibly for where you live and where you work.
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Old Dec 10th 2009, 3:19 pm
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Default Re: Basic Tax Differences UK/US

and you phone bill has 9 taxes added ..
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Old Dec 10th 2009, 3:20 pm
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Default Re: Basic Tax Differences UK/US

And the BE USA forums tax. PM me your banking information once you get settled and I'll take care of it for you.
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Old Dec 10th 2009, 3:35 pm
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Default Re: Basic Tax Differences UK/US

Originally Posted by deyoung69 View Post
Hello Pete

Was wondering if this topic was could be live.
Need to find out the basics of taxation matters before I decide to move from the US from the UK

Cheers
De
Relating to?

In the US people file their own tax returns. This is done yearly before April 15th, IIRC. There are so many tax rules and regulations that an entire profession has formed around tax filing, so putting all the info you might need in one post will be tough.
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Old Dec 10th 2009, 4:29 pm
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Default Re: Basic Tax Differences UK/US

Originally Posted by Ray View Post
and you phone bill has 9 taxes added ..
Hey, one of those taxes helps pay my wages!
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Old Dec 10th 2009, 4:41 pm
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Default Re: Basic Tax Differences UK/US

Originally Posted by Ray View Post
and you phone bill has 9 taxes added ..
Is it still 9, now that they've got rid of the one to pay for the Spanish American war?
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Old Dec 10th 2009, 5:06 pm
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Default Re: Basic Tax Differences UK/US

Originally Posted by anotherlimey View Post
In the US people file their own tax returns. This is done yearly before April 15th, IIRC. There are so many tax rules and regulations that an entire profession has formed around tax filing, so putting all the info you might need in one post will be tough.
So do higher rate tax payers and self-employed people over here in the UK. And the last time I heard from my accountant I think he wasn't quite starving yet .
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Old Dec 10th 2009, 5:43 pm
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Default Re: Basic Tax Differences UK/US

The big difference is in the US until you fill out your tax return you don't really know what income tax you have to pay for the tax year. In the UK most people don't have to worry about it as tax is deducted under PAYE and that is the end of it.
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