Moving to US from UK Tax question
 

Hi all. I'm moving to The US from the UK this year. I'm self employed and will soon be informing the tax man that I'm shutting down my business here. I'm aware that I need to fill out a p85 form. I was wondering if anyone on here has moved to the US and has gone through this process as a self employed person. It may all be relatively straight forward, but would greatly appreciate any useful pointers or information on things that I should be aware of. Thanks!

Re: Moving to US from UK Tax question
 

Hopefully someone will be along to answer your question.

Just curious...on what basis (visa) are you moving? Are you setting up a business in the U.S?

Re: Moving to US from UK Tax question
 

I'm moving there on a spouse visa. No set plans with regards work as yet, but will more than lightly involve property refurbishment!

Re: Moving to US from UK Tax question
 

Good luck!

Where you headed?

Re: Moving to US from UK Tax question
 

I'm not sure about the process of moving from the UK to the US as a self employed person, but there are a few things to do.

1) P85 is a good start
2) If you own ISAs realize that they will not be US tax free.
3) Sell any UK investment funds that you own outside of UK pension plans as these will be taxed heavily by the IRS...they are called Passive Foreign Investment Companies (PFIC)
4) Make sure you have US medical insurance
5) If you are going to be doing something like property refurbishment understand the state and local laws and certification you will need.

Re: Moving to US from UK Tax question
 

Thanks Hotscot, we are moving to Fort Lauderdale, Florida. Thanks for the info Nun!