durham_lad

You should also notify HMRC that you are leaving, filing a P85 with them.

There is a Wiki entry on this

Taxes When Leaving The UK : British Expat Wiki

ting6524

I thought we will file P85 once we paid last year tax. We have not submit the account yet. Our accountant in UK always submit in January next year

durham_lad

If you have any interest being paid on savings accounts you could immediately start getting that paid to you gross. Have you asked your accountant about the correct procedure to follow when you become non-resident in the UK?

ting6524

Nope, just told we will be out of country. How do you get interest to be pay gross and what about our existing isa? Can we get double tax relief when we submit taxes both in UK and US as my husband contribute to private pension in UK, hence we will get tax relief back.

Pulaski

If you don't close it, your ISA is fully taxable in the US.

ting6524

But isa is tax free in UK? can the US tax the saving we have prior to coming over here. We paid taxes in the UK on those income and saving?

durham_lad

From the day you become resident in the US and non resident in the UK all interest paid on UK savings accounts, including ISA's are taxable in the USA, but not taxable in the UK.

Interest prior to arrival in the USA is not taxed.

durham_lad

Telling HMRC you have left via form P85 will do that. You could also file form R85 for each bank account, sending those forms directly to the banks.

Owen778

I doubt you will get tax relief back, since all your income will be taxable by the US, not the UK. You will maybe want to open US retirement plans, such as a self-employed 401k, and not contribute to the UK plan further, but a CPA can advise you better.

You need to find a knowledgeable CPA, as you have been trying to do. It might take a few days for them to get back to you, but at least you're not trying to do this in March or early April, when all of them would be completely overloaded.

Bear in mind that if you will later have to return to the UK, the best financial pathway for you may be different to that for someone who is seeking permanent residency.

Orangepants

Reg Davies is a CPA in Charlotte, might be able to help - he is from the UK so possibly knowledgeable about both sides - has a good reputation.

JRD Financial Services - [email protected]

ting6524

We are not going to settle in USA as our visa is E1, which is trading between UK & US. Hence not sure whether our tax return is going to be complex or not.

Pulaski

As a US resident it makes no difference in the short term your tax return will be the same, though you may want to tidy up (liquidate) some investments in the UK if simplicity is one of your goals. There may be different tax planning in the medium and long term if you intend to return to the UK eventually, as compared to someone settling in the US permanently.