Tax Guide for Americans Living in the United Kingdom

 


 

Our UK Phone Number: 020 3129 8742

 

We have been preparing  U.S. taxes for Americans living in the U.K. for over 24 years. This makes us one of the most experienced firms in the business!

 

We'd like to shed light on many questions that we are frequently asked by our clients from the UK. Below we will explain tax concepts that are important to you as an American UK resident and also explain how to report the details of your UK life on our Tax Questionnaire.

Overview of the UK Tax System

1. Who is considered a UK Resident?

2. What is a Domicile?

3. Is Foreign Income Taxed in the UK?

4. What is the UK income tax rate?

5. What is the UK tax year?

6. When is the UK tax due date?

7. How do you account for different tax years between US & UK?

8. What UK tax forms can I expect to receive?

9. Do I have to complete a UK tax return?

10. What other taxes aside from Income Tax should I be aware of?

11. What is the name for UK Tax Declaration document and who must have it prepared? Do you need its copy?

How to Report UK Income on our Tax Questionnaire

1. How do I report income on the Tax Questionnaire

2. How do I report taxes paid on the tax questionnaire

3. How do I report my deductions?

4. How do I report pension contributions?

5. How do I report pension payouts?

6. As I live in the UK my taxes are taken out of my salary automatically but then I also have a deduction taken out for National Insurance. Do I add these together for my income tax or is it just the tax paid and no National Insurance payment?

UK Pension System

1. I have UK ISA account with stocks. It contains a mixture of OEICS, investment trusts and individual shares. Do I have to report it as PFIC and how much would it cost?

2. Social Security in the UK (National Insurance)

3. US - UK Social Security Totalization Agreement

4. Taxation of Social Security Benefits

5. Contributions to Employer Pension Schemes

6. Taxation of UK Pension Benefits

7. Self-Invested Schemes (such as ISA or SIPP)

8. Tie-Breaker Rule to Apply Treaty Benefits

UK Financial Accounts and FBAR/FATCA

1. UK - US FATCA Treaty overview

2. When did UK banks start sending data to the IRS?

3. What searches does a UK bank have to do to comply with US FATCA?

4. Which types of UK financial accounts reported on FBAR / FATCA ?

5. Which types of UK financial assets are not required to be reported on FBAR / FATCA ?

UK Tax Glossary for US Expats

1. Benefits in kind

2. Building society

3. Cash ISA

4. Council Tax

5. Income tax allowances

6. Inland Revenue

7. HM Revenue and Customs (HMRC)

8. PAYE

9. SIPP

10. Self assessment

11. Stamp Duty Land Tax (England, Wales and Northern Ireland only)

12. Stocks and Shares ISA

13. Tax years

14. VAT

15. Unit Trust