UK Rental - Taxes and Immigration
#1
Forum Regular
Thread Starter
Joined: Oct 2017
Posts: 30
UK Rental - Taxes and Immigration
Hi all,
I've been reading various threads, most recently the very useful comments by Pulaski and others in the following: UK rental income. Is it taxed?
I've done what I set out to do and will hopefully be on my way to Texas in March or April. I'm now desperately trying to put my affairs in order and discovering some very uncomfortable truths that I must deal with.
I've been reading various threads, most recently the very useful comments by Pulaski and others in the following: UK rental income. Is it taxed?
I've done what I set out to do and will hopefully be on my way to Texas in March or April. I'm now desperately trying to put my affairs in order and discovering some very uncomfortable truths that I must deal with.
- I wont have a UK pension unless I can make voluntary contributions over the next 23 years. I need to see if I can do this with the limited income I'll have. My wife cashed in her US pension to help us buy a house 7 years ago and, at 34 & 39 years of age, this makes me very nervous. Any thoughts? Any advice or critique will be appreciated. I'm very much into my harsh realities so feel free to say whats on your mind. My current thoughts are simply to work my butt off and keep things steady and predictable for the next 30 years.
- I seem to have inadvertently exposed myself to capital gains tax in the US. I became a permanent resident in March 2018 and I'm now thinking about selling the house in the UK. Any thoughts on this? Its my only property and we are living in it.
- I would really like to keep the property and rent it out but there is a whole mess of regulations I cannot seem to grasp. Can anyone layout a step by step of things I need to look at or steps I need to take? I get that theres a personal allowance in the UK (for now) and that my rental income will be taxed in the UK and US. I also understand that I can make some major deductions for my US taxes that will help offset most of my expenses.
- Finally, can anyone put me in touch with an accountant or adviser that is familiar with US/UK taxes and immigration. My chosen occupation means that I wont be able to manage this by myself until I get my bearings in the US which will take a few years.
#2
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: UK Rental - Taxes and Immigration
The larger problem is the foreign currency gain on repaying any Sterling mortgage. Hopefully you are filing jointly to maximise excess foreign tax credits.
#3
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,660
Re: UK Rental - Taxes and Immigration
You won't have a UK pension (or at least not much of one, unless you make voluntary contributions ) but you will have a US pension if you intend working from hereon in ........