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UK bank account

UK bank account

Old Oct 6th 2013, 5:51 am
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Default UK bank account

Hey y'all. I have opened up a US business account and I still have my UK Natwest open. There is about £7,000 in that, some of my UK clients pay me in there. Do I just report this normally when it comes to taxes? I would normally ask my accountant but he's away!

Thanks!
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Old Oct 6th 2013, 11:23 am
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Default Re: UK bank account

Originally Posted by amancalledsun
Hey y'all. I have opened up a US business account and I still have my UK Natwest open. There is about £7,000 in that, some of my UK clients pay me in there. Do I just report this normally when it comes to taxes? ....
"Normally"? ..... If it is income then yes, you report it, converted the prevailing exchange rate. If you have that data for the date of receipt, you can convert each transaction, but it is also OK to use an average rate if you received multiple payments over a period of time.
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Old Oct 6th 2013, 11:19 pm
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Default Re: UK bank account

Originally Posted by Pulaski
"Normally"? ..... If it is income then yes, you report it, converted the prevailing exchange rate. If you have that data for the date of receipt, you can convert each transaction, but it is also OK to use an average rate if you received multiple payments over a period of time.
"Normally" as in, "do I declare it in a normal manner". I have every intention of declaring my income. I just wanted to know if I had to do anything to let them know I have an overseas account or whether I can just tell them at tax time. Also wondered if my account in the UK would concern anybody there! I didn't tell Natwest I was leaving, although I did let the HMRC know.

Cheers!
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Old Oct 6th 2013, 11:22 pm
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Default Re: UK bank account

But thanks Pulaski. I've been keeping track of exchange rates at the time of payment into my UK account so that's good news!
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Old Oct 6th 2013, 11:48 pm
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Default Re: UK bank account

Originally Posted by amancalledsun
"Normally" as in, "do I declare it in a normal manner". I have every intention of declaring my income. I just wanted to know if I had to do anything to let them know I have an overseas account or whether I can just tell them at tax time. Also wondered if my account in the UK would concern anybody there! I didn't tell Natwest I was leaving, although I did let the HMRC know.

Cheers!
There is an annual declaration of overseas accounts. Take a look at this thread: FATCA/ FBAR thread
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Old Oct 7th 2013, 12:57 am
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Default Re: UK bank account

Originally Posted by amancalledsun
But thanks Pulaski. I've been keeping track of exchange rates at the time of payment into my UK account so that's good news!
With that amount you will need to fill out a FBAR form. For UK income into my Natwest account for the FBAR I report the highest balance in the account in the year. For tax value the IRS publish the average exchange rate for the tax year. I use that for the tax return. This figure is usually published on the IRS web site late February to early March time.
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Old Oct 7th 2013, 11:09 am
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Default Re: UK bank account

Originally Posted by amancalledsun
But thanks Pulaski. I've been keeping track of exchange rates at the time of payment into my UK account so that's good news!
Hi amancalledsun, if you would like any advice on fluctuation in exchange rates and the effect they can have on you inbox me, enter our vendor forum, or click money transfers on the home page to get more information or discuss this further.

By the way, here at Excel Currencies, we are the new currency partners of British Expats and we now have special offers on for any British expats members and British expats moderators that transfer funds from one currency to another.
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