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Heidi
Heidi
London, GB
Post #: 15
Heidi and Jaan

As I mentioned above I would be delighted to assist each of you with either UK or US taxes. I haven't heard back from Paul Murphy recently either, IO guess he is busy with other things.

Please feel free to PM me if I can help.

I tried contacting you via email sent from this site, but I never heard back. Can you let me know your contact info? hydra88_at_gmail_dot_com

Thanks
Heidi
A former member
Post #: 2
Hi All,

I work for Deloitte and I know that we have a group of tax experts from the US and UK dedicated to US/UK tax filings and other complex US/UK tax relationships. They are based at 180 Strand. If anyone is interested let me know and I will get you a contact person.


Noura
A former member
Post #: 1
Hi,

I am new to this group and so glad I've found the group. I moved to London last Oct. from NJ. I have filed my 2006 US taxes already. I would like to meet with a tax advisor to dicuss the 2006 UK taxes. If anyone knows anyone, please pass on his/her details. Thanks in advance.

Cheers!
- Rick
Derek and S.
user 3025187
Bellaire, TX
Post #: 1
Well, I figured this is the best place to start. Despite years of doing my own taxes in the states, it's time to hire someone much better at this than I to ensure I do everything right and don't overpay.

Can anyone recommend a good tax group that will assist with both UK & US taxes? I'm aware the first and last tax years one lives in the UK are the most critical as you have the most to gain through deductions.

Also, if there are a number of people interested in this service, we may be able to negotiate group discount with one firm. I have several expats from my company that are also interested.

Thanks,
Paul

Deloitte does our taxes. My husband is the expat and I work in London on local terms. You have to report your foreign earned income if it is above $82,500 or something like that. Also, housing benefits, etc count towards your income now, I think. Anyhow, they do the whole thing for us and it's great!!! There is no way that I could figure all that crap out myself. It's way over my head! Our CPA is based out of Houston. I would suggest finding someone who is near your US homebase or here in London. .
A former member
Post #: 7
Everyone,

I got my tax return to file this week with HMRC I was quite surprised at the results. I am fortunate as the firm i work for agreed to pay KPMG to do my taxes on the critical years (first and last).

I lived in NJ before I came to London and I'm here as an expat (not localized) You much file a US tax return regardless of your situation as Uncle Sam always taxes every penny you earn. It's not a bad thing as you get a tax credit for taxes you have paid in the UK already so you end up with no taxes to repay and if luck a little tax refund.

The surprise for me was on the STATE side. Every state in the union as different rules. NEW JERSEY does not recognize taxes you pay in the UK so I ended up with a hug tax bill for NJ as my pay role department could not deduct the taxes on a pay check by pay check basis. It is very difficult to sever ties with NJ so note to everyone out there.

JUST BECAUSE YOU DO NOT LIVE PHYSICALLY IN YOUR HOME STATE OR DO NOT HAVE PROPERTY THERE DOES NOT MEAN THAT YOU DO NOT OWE STATE TAXES. PLEASE CHECK OR YOU MAY END UP WITH A NASTY SURPRISE ON YOU RETURN HOME.

needles to say and due to a major change in my family situation this year I will not be returning to NJ when I move home.

On the deductions front I saved every single receipt I got for food as you can deduct that from your earnings as well as rent, counsel taxes and utility bills. It really paid off for me. MY suggestion save those receipts or buy everything on you bank/debit card that way you have an instant receipt on you bank statement. I was excited that I got to deduct my yearly tube fare.

Note to mention my tax situation is very simple and straight forward. I would advise when you meet with a tax person treat it like a trip to the doctor. BRING YOUR LIST OF QUESTIONS AND DO NOT STOP UNTIL YOU GET AN explanation YOU UNDERSTANDS AND THAT MAKES SENSE TO YOU.

After all you are paying for a service. Hope this helps some one out there. GO YANKEES!!!!!!
Anthony
user 4334442
Canterbury, GB
Post #: 3
I've used a taxman who's based south of London. He's half the price of a city firm I previously used and just as good (if not better). PM me if you want his details.

EDIT: Just thought I should point out that this person is a specialist in US tax law.
A former member
Post #: 11
just as an FYI, so of the information in this topic isn't completely correct. You should not take it as the truth.

Pensions - you will need to make sure an overseas pension works like a US 401K. Many times, investing into an overseas pension does not defer the taxes on your contributions (i.e. you still have to include it as income in the year earned).

Just be aware that a lot of people on here aren't tax specialists. Read the instructions, or hire someone to do it for you.
Wilber W.
WilberWebb
Group Organizer
London, GB
Post #: 537
A further thread on UK Tax law for expats


http://american.meetu...­
A former member
Post #: 3
I'd be very interested in finding a UK tax advisor, and if there's a group discount - even better!

Having read through this, now I'm starting to panic a bit. I've done my own 1040 tax return and the 2555 form (or whatever number the form is for ex-pats) and filed federal taxes myself for the past 4 years.

I moved here from NYC four years ago and haven't filed state taxes at all in that time. Do I start to hyperventilate now or later??
A former member
Post #: 1
Hi,
I'm a student working part time and I'm glad I found this discussion because it's good to know I'm not the only one worrying about Taxes.

Here's what my research has found so far (although I fit in a funny niche as a low income almost expat)... Please comment on anything I might have missed (though obviously large wage earners with complex investments/properties would need some professional advice).


From the horses mouth... http://www.irs.gov/pu...­

http://www.irs.gov/pu...­
Paraphrased: You must file a return, by April 15th or by your Fiscal Year...

If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). To get this automatic extension, you must file a paper Form 4868 or use IRS e-file...

In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers).

To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months.


http://www.irs.gov/pu...­

If your tax home is in a foreign country and you meet the bona fide residence test or the physical presence test, you can choose to exclude from your income a limited amount of your foreign earned income.

Limit on Excludable Amount

You may be able to exclude up to $85,700 of your foreign earned income in 2007.

You cannot exclude more than the smaller of:

$85,700, or

Your foreign earned income (discussed earlier) for the tax year minus your foreign housing exclusion (discussed later).

If both you and your spouse work abroad and you and your spouse meet either the bona fide residence test or the physical presence test, you can each choose the foreign earned income exclusion. You do not both need to meet the same test. Together, you and your spouse can exclude as much as $171,400.


http://www.irs.gov/bu...­

Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1)

Form TD F 90-22.1 must be filed if you had any financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country.

You do not have to file the report if the assets are with a U.S. military banking facility operated by a U.S. financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year.

You must file this form by June 30 each year with the Department of the Treasury at the address shown on the form. Form TD F 90-22.1 is not a tax return, so do not attach it to your Form 1040.

In addition, you may be liable for filing Form 3520 or Form 3520-A if you made contributions to or received income from a foreign trust or received a gift from a foreign person.



http://www.escapearti...­

For many years the foreign earned income exclusion has been set at a maximum of $80,000 of earned income for those working and living abroad. That exclusion has been increased to $82,400 for 2006, and $85,700 for 2007. To qualify for that exclusion you must live and work abroad for a full calendar year or work abroad for a 12 month fiscal year period and not return to the US more than 35 days during that 12 month period. This change is obviously good for everyone. For partial tax years the exclusion is pro-rated.


UNFORTUNATELY there is no discernable way (besides being of pensionable age) to avoid UK National Insurance... or UK Taxes (unless you're fortunate enough to be a Non Dom)

You can only get a VAT refund if you've bought something in the last 3 months before leaving and if a student (studying for years...) leaving for at least 12 months...

http://customs.hmrc.g...­
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