K1 in hand - leaving the UK questions
Hello all!
I hope you are all well. I have a K1 and am planning to use it at the end of next month - but am curious to know what actions (and when) are needed on the UK side when moving away. Does anything official need done on the UK side? For example: when (all being well) I successfully adjust status in the US - should I then apply to HMRC to inform them I'm no longer resident? That is just one example. I'm keen to hear about peoples experiences and what they needed to do, or what they chose to do! Thanks! |
Re: K1 in hand - leaving the UK questions
I moved your thread to the General USA forum, since the questions aren't really visa-related...more about what to do once inside the USA.
Thanks, Rene Moderator |
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10116173)
Hello all!
I hope you are all well. I have a K1 and am planning to use it at the end of next month - but am curious to know what actions (and when) are needed on the UK side when moving away. Does anything official need done on the UK side? For example: when (all being well) I successfully adjust status in the US - should I then apply to HMRC to inform them I'm no longer resident? That is just one example. I'm keen to hear about peoples experiences and what they needed to do, or what they chose to do! Thanks! |
Re: K1 in hand - leaving the UK questions
Tax back? For what/when? Dont close your bank accounts? Did you just open a Us account and transfer money across as you needed it? Rather than open an account and transfer everything?
Originally Posted by Orangepants
(Post 10117145)
Fill in the P85 and get your tax back. That's all and dont close your bank accounts!
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Re: K1 in hand - leaving the UK questions
Building credit here in the US will take a long time. Don't close your UK accounts, especially credit cards as you may find they come in handy.
Given the current financial situation you are likely to only be approved for a secured credit card when you come over (I.e you have to give the bank your credit limit for the year, which you can't touch and they give you a credit card with that limit which you still have to pay - it doesn't get paid out of the secured money). I've been here 2.5 years now and although I have a good credit score, the credit history can still cause me to get declined credit cards as they like you to have 2 years or more of credit history. I stupidly didn't get a secured card as soon as I came over so I'm currently at 22 months or something. Having said that, I have got car loans and I did get a mortgage. The mortgage was at a good rate, the cars are not but I will re-finance them soon to a better rate. Start trying to build credit straight away - if your wife-to-be has good credit you could get a new joint card that may help you build credit more quickly. |
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10117237)
Tax back? For what/when? Dont close your bank accounts? Did you just open a Us account and transfer money across as you needed it? Rather than open an account and transfer everything?
|
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10116173)
Hello all!
I hope you are all well. I have a K1 and am planning to use it at the end of next month - but am curious to know what actions (and when) are needed on the UK side when moving away. Does anything official need done on the UK side? For example: when (all being well) I successfully adjust status in the US - should I then apply to HMRC to inform them I'm no longer resident? That is just one example. I'm keen to hear about peoples experiences and what they needed to do, or what they chose to do! Thanks! Just to check, what are you doing for health insurance in the US? Also you should sell any unit trusts and stocks and shares ISAs before you become US resident and be aware of the US tax reporting rules for foreign accounts if you keep your UK bank accounts. |
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10117237)
Tax back? For what/when? Dont close your bank accounts? Did you just open a Us account and transfer money across as you needed it? Rather than open an account and transfer everything?
|
Re: K1 in hand - leaving the UK questions
you might want to consider having a search of past threads on what to do when leaving the UK, this has come up a fair bit and there's also some info in the wiki.
What you do all depends on your own circumstances etc. Things to consider. P-85 - tax Keep UK bank accounts open Sell UK shares to simplify US taxes Proxy voter set up Voluntary NIC's set up Student Loans NHS/Health Trust letter of NHS coverage |
Re: K1 in hand - leaving the UK questions
Originally Posted by Orangepants
(Post 10117332)
Have you worked this tax year in the UK? If you did, you will have paid tax based on working for 12 months therefore you will be eligible for a rebate. I left the UK straight after Uni but I kept my accounts and CC open in the UK for visits/buying gifts/internet purchases and have found it invaluable. You never know when you might need it and once closed you will find it almost impossible to open again without a UK address.
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Re: K1 in hand - leaving the UK questions
Originally Posted by nun
(Post 10117340)
As a K-1 is a non-immigrant visa I would wait until you are married and have applied for a Green card before you tell the UK authorities anything. Until you are set in the US you want to protect your access to NHS. Once everything is set then file a P85 and apply to pay Class 2 voluntary NI payments.
Just to check, what are you doing for health insurance in the US? Also you should sell any unit trusts and stocks and shares ISAs before you become US resident and be aware of the US tax reporting rules for foreign accounts if you keep your UK bank accounts. As for health insurance, I dont know what to do there. I presume I could use travel insurance until I successfully adjust status? As I'm not a legal resident in the US until that time, so I guess officially still resident in the UK for legal reasons? Anyway, once the AOS is done, I'm not sure which insurance provider to go for, will need to compare quotes. Shame I still need to pay for that even when not working, but thats the system. I can look into joining my Fiancé's plan. As for the stocks and shares. I have an ISA shares account, best to cash that in? As for the rules on foreign accounts, I'm not aware of them with regards to US taxes. I presume I must declare my foreign accounts. I'll look into cashing in my stocks ISA then. I also have a cash ISA, no need to cash that in though? I had intended to keep everything in UK and just transfer chunks of cash across as needs dictate. |
Re: K1 in hand - leaving the UK questions
Originally Posted by Bob
(Post 10117523)
you might want to consider having a search of past threads on what to do when leaving the UK, this has come up a fair bit and there's also some info in the wiki.
What you do all depends on your own circumstances etc. Things to consider. P-85 - tax Keep UK bank accounts open Sell UK shares to simplify US taxes Proxy voter set up Voluntary NIC's set up Student Loans NHS/Health Trust letter of NHS coverage |
Re: K1 in hand - leaving the UK questions
You will have to disclose the existence of all foreign bank accounts if your aggregate value, at any time, exceeds $10,000 USD. This is called an FBAR filing and is due June 30 of each year.
But the hassle of re-opening an account in the UK once you have left makes keeping one open well worth it. Even if you only keep a few pounds in there it's good to have at least one account in the UK should you ever need it. As for NHS coverage, US health insurance will need (sometimes) to see a letter saying "I was covered by the NHS for insurance while living in the UK". This is called "credible coverage" and it is necessary for getting your US coverage up and running without any time limits on pre-existing conditions. Not really sure how it is done but some others might have some advice on that. |
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10132431)
Thank you for your post. What is the NHS letter or coverage?
Definitely cash the shares ISA in. You can leave the cash ISA alone, but you will have to pay US tax on any interest. So if you have no plans to return to the UK it's probably better to cash that in too and move the money to the USA. The area I'm most concerned about is your health insurance, you cannot go on your fiance's plan until you are married. So you need to talk about that and find out the details of the plan. What does she do? lots of Americans actually don't have insurance:eek: so check and double check this. |
Re: K1 in hand - leaving the UK questions
Originally Posted by craig_sp
(Post 10132418)
Do you have your UK accounts/cards registered to a family members address in the UK? I would like to leave my accounts open, but would rather not have stacks of mail getting sent to a UK address when I'm not there. I know you can often opt for electronic statements, which I have, but there are always some letters/statements coming from my banks accounts and credit card! But yes, I see the value of keeping the accounts open!
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