Financial Advisor Suggestions
Jan 9th 2019, 12:09 pm
#1
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Joined: Jan 2019
Posts: 13
Financial Advisor Suggestions
Hi there
I'm after some help. I'm in the process of moving from the UK to PA to join my US citizen husband. My visa application has just been approved and I'm now sorting out finances etc. in the UK while waiting for the next stages.
Can anyone suggest a good joint US/UK financial/tax advisor based in the UK, that I could use. I'm in the Midlands and would prefer to meet someone face to face, but appreciate that the majority may be in London
Any suggestions would be greatly appreciated
Thank you in advance!
Sandra
I'm after some help. I'm in the process of moving from the UK to PA to join my US citizen husband. My visa application has just been approved and I'm now sorting out finances etc. in the UK while waiting for the next stages.
Can anyone suggest a good joint US/UK financial/tax advisor based in the UK, that I could use. I'm in the Midlands and would prefer to meet someone face to face, but appreciate that the majority may be in London
Any suggestions would be greatly appreciated
Thank you in advance!
Sandra
Last edited by SJDiamond; Jan 9th 2019 at 12:12 pm. Reason: spellimg mistake
Jan 9th 2019, 2:15 pm
#2
Lost in BE Cyberspace
Joined: Jun 2011
Location: Los Angeles
Posts: 6,159
Re: Financial Advisor Suggestions
I can't suggest anyone however it may help if you can outline your finances a little.
I don't mean numbers but if you have a pension, investments, a rental, a bank account outside the US that you'll be keeping, those sort of things.
You may not even need an advisor.
In the meantime, only if you wish, you can read up on FBAR, FATCA and UK/US Tax treaty and tax credits if you have some time.
I don't mean numbers but if you have a pension, investments, a rental, a bank account outside the US that you'll be keeping, those sort of things.
You may not even need an advisor.
In the meantime, only if you wish, you can read up on FBAR, FATCA and UK/US Tax treaty and tax credits if you have some time.
Jan 9th 2019, 3:28 pm
#3
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Re: Financial Advisor Suggestions
Hi there
Thanks, good points and thank you for getting back to me!
I have a house I'm tryjng to decide whether to rent or sell, as we may be back in 6 years, so were planning on keeping our options open in the UK. I have a some shares in one company, and a company pension that is due to start paying out in December, when I turn 50. Standard bank accounts in uk, that I plan to use for any UK transactions including managing rental costs/income. I'm just clearing out my ISAs
Sandra
Thanks, good points and thank you for getting back to me!
I have a house I'm tryjng to decide whether to rent or sell, as we may be back in 6 years, so were planning on keeping our options open in the UK. I have a some shares in one company, and a company pension that is due to start paying out in December, when I turn 50. Standard bank accounts in uk, that I plan to use for any UK transactions including managing rental costs/income. I'm just clearing out my ISAs
Sandra
Jan 9th 2019, 3:43 pm
#4
Lost in BE Cyberspace
Joined: Jun 2011
Location: Los Angeles
Posts: 6,159
Re: Financial Advisor Suggestions
Has your US husband been living with you in the UK for a while, and if so has he been doing his US taxes every year?
Jan 9th 2019, 3:47 pm
#5
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Re: Financial Advisor Suggestions
No he's been in the US all the time and I've been in the UK, its a long story....but yes he's been paying his taxes.
Jan 9th 2019, 5:13 pm
#6
Forum Regular
Joined: Sep 2017
Posts: 56
Re: Financial Advisor Suggestions
Hi Sandra,
I as yet haven't found a good US/UK advisor and my US one gave me advice which was wrong - its complicated. In terms of your house one thing to remember is the US will tax you on a gain over $250K if only one partner has lived in it or $500K if both partners have lived in it (which doesn't look like your situation) - the IRS has a good sheet on tax on selling a house. The crucial thing to remember is the calculations are always done in $ . So you may have a larger of smaller $ taxable gain based only on the change in exchange rates. With the poor exchange rate now is a good time to sell in terms of US tax gains but with Brexit selling a house can be tough and you need to decide if you want to keep a UK property. You can also have a $ gain when you pay off your mortgage to watch out for -. The UK CGT rules have also changed for people who move abroad and are less favourable.
I as yet haven't found a good US/UK advisor and my US one gave me advice which was wrong - its complicated. In terms of your house one thing to remember is the US will tax you on a gain over $250K if only one partner has lived in it or $500K if both partners have lived in it (which doesn't look like your situation) - the IRS has a good sheet on tax on selling a house. The crucial thing to remember is the calculations are always done in $ . So you may have a larger of smaller $ taxable gain based only on the change in exchange rates. With the poor exchange rate now is a good time to sell in terms of US tax gains but with Brexit selling a house can be tough and you need to decide if you want to keep a UK property. You can also have a $ gain when you pay off your mortgage to watch out for -. The UK CGT rules have also changed for people who move abroad and are less favourable.
Last edited by Wirksworth; Jan 9th 2019 at 5:39 pm.
Jan 9th 2019, 5:30 pm
#7
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Joined: Nov 2012
Posts: 902
Re: Financial Advisor Suggestions
The opposite. The pound has collapsed - foreign currency mortgage gains are common.
Jan 9th 2019, 5:38 pm
#8
Forum Regular
Joined: Sep 2017
Posts: 56
Re: Financial Advisor Suggestions
Sorry Sandra, Cook County is correct, I got things the wrong way round re the impact of the weak £ and have edited my post accordingly
Jan 10th 2019, 9:52 pm
#9
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Posts: 13
Re: Financial Advisor Suggestions
Thank you all so much for your advice.
I've managed to find a US/UK tax advised in London. I'll try her then look at the suggested reading
Thank you again!
Sandra
I've managed to find a US/UK tax advised in London. I'll try her then look at the suggested reading
Thank you again!
Sandra
