Uk/USA Tax specialists

gabbiadini1

gabbiadini1

Winger
Hi. I’ve recently got my green card for the USA. I still have a 15 yr old son here in England as well as a lot of responsibilities, so am still back and forth.
I’m panicking about tax and other financial things, mainly where and when I need to be paying it.
I work in music and therefore tour worldwide so I haven’t simply upped sticks to the USA.
Is anyone who gets on here a uk/USA tax specialist, or can anyone put me in touch with anyone that may be able to help me?
Many thanks in advance.
 


When do you go?

I can give you a run down of things. It's not a daunting as it sounds from a tax perspective.
 
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Wild Card said:
When do you go?

I can give you a run down of things. It's not a daunting as it sounds from a tax perspective.
Click to expand...
Well I already have the green card. I’m currently back and forth between the 2 countries. I’ll drop you a pm. Many thanks!
Wild Card said:
When do you go?

I can give you a run down of things. It's not a daunting as it sounds from a tax perspective.
Click to expand...
Hi. Tried to drop you a pm, but your inbox is full….
 
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You will likely need professional advice maybe in both countries separately (self declared dual experts be wary of) but the more you can find out / do yourself the better it will work out and the less it will cost you not to mention understanding what they tell you. As always the internet is your friend (even message boards) but it is full of shyte also.

Here's SOME things that are undeniably true in the US and will apply to you

As a green card holder you are a 'US person' in their speak and taxed as a resident even if you never set foot in the country (not sure how Rishi's wife got round that).
If you had it before 1 Jan then it will apply for last year which tax year just finished (although you can get split year which will help you a bit). UK and US tax years do not align which can be a pain.

Your tax return is due April 15 (you can easily get an extension to Oct - I often do - but you still have to pay any tax you think you will owe by April).
All your world wide income is reportable and taxable although you can get credits for foreign tax. Almost everything you think is tax free in the UK will not be once you report it.

If you have foreign (to them) bank accounts / investments you have to report them all unless they are less than (I think) $10,000 IN TOTAL. Twice - once on your tax form and once on what used to be called an FBAR.

If you have earnings / income (in or out of the US) for this year that you are not paying US Tax at source on then again (subject to some pretty low limits) you have to pay estimated payments throughout the year. First one for 2024 will be due in April 2024 also. There is a safe haven provided you pay 100% of your previous years tax which may help you your first year.

If you are resident in a state with a state tax you may get to do all that over again although once you do your IRS return state return should be simple. They may be more aggressive about collections though (certainly in CA).


In the UK don't believe everybody who tells you you can spend 182 days there. See the Statutory Residence Test - it is explained quite well. Unless you pass the overseas work test which if you have a full time job is fine otherwise not you will be subject to the ties. You are going to have at least two - your son and 90 days in the UK in previous years (presumably). If you have a home 'available' to you that is another one. Those will reduce your days a lot.
 
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sanjose_boro said:
You will likely need professional advice maybe in both countries separately (self declared dual experts be wary of) but the more you can find out / do yourself the better it will work out and the less it will cost you not to mention understanding what they tell you. As always the internet is your friend (even message boards) but it is full of shyte also.

Here's SOME things that are undeniably true in the US and will apply to you

As a green card holder you are a 'US person' in their speak and taxed as a resident even if you never set foot in the country (not sure how Rishi's wife got round that).
If you had it before 1 Jan then it will apply for last year which tax year just finished (although you can get split year which will help you a bit). UK and US tax years do not align which can be a pain.

Your tax return is due April 15 (you can easily get an extension to Oct - I often do - but you still have to pay any tax you think you will owe by April).
All your world wide income is reportable and taxable although you can get credits for foreign tax. Almost everything you think is tax free in the UK will not be once you report it.

If you have foreign (to them) bank accounts / investments you have to report them all unless they are less than (I think) $10,000 IN TOTAL. Twice - once on your tax form and once on what used to be called an FBAR.

If you have earnings / income (in or out of the US) for this year that you are not paying US Tax at source on then again (subject to some pretty low limits) you have to pay estimated payments throughout the year. First one for 2024 will be due in April 2024 also. There is a safe haven provided you pay 100% of your previous years tax which may help you your first year.

If you are resident in a state with a state tax you may get to do all that over again although once you do your IRS return state return should be simple. They may be more aggressive about collections though (certainly in CA).


In the UK don't believe everybody who tells you you can spend 182 days there. See the Statutory Residence Test - it is explained quite well. Unless you pass the overseas work test which if you have a full time job is fine otherwise not you will be subject to the ties. You are going to have at least two - your son and 90 days in the UK in previous years (presumably). If you have a home 'available' to you that is another one. Those will reduce your days a lot.
Click to expand...

Same good advice there @gabbiadini1
 
sanjose_boro said:
You will likely need professional advice maybe in both countries separately (self declared dual experts be wary of) but the more you can find out / do yourself the better it will work out and the less it will cost you not to mention understanding what they tell you. As always the internet is your friend (even message boards) but it is full of shyte also.

Here's SOME things that are undeniably true in the US and will apply to you

As a green card holder you are a 'US person' in their speak and taxed as a resident even if you never set foot in the country (not sure how Rishi's wife got round that).
If you had it before 1 Jan then it will apply for last year which tax year just finished (although you can get split year which will help you a bit). UK and US tax years do not align which can be a pain.

Your tax return is due April 15 (you can easily get an extension to Oct - I often do - but you still have to pay any tax you think you will owe by April).
All your world wide income is reportable and taxable although you can get credits for foreign tax. Almost everything you think is tax free in the UK will not be once you report it.

If you have foreign (to them) bank accounts / investments you have to report them all unless they are less than (I think) $10,000 IN TOTAL. Twice - once on your tax form and once on what used to be called an FBAR.

If you have earnings / income (in or out of the US) for this year that you are not paying US Tax at source on then again (subject to some pretty low limits) you have to pay estimated payments throughout the year. First one for 2024 will be due in April 2024 also. There is a safe haven provided you pay 100% of your previous years tax which may help you your first year.

If you are resident in a state with a state tax you may get to do all that over again although once you do your IRS return state return should be simple. They may be more aggressive about collections though (certainly in CA).


In the UK don't believe everybody who tells you you can spend 182 days there. See the Statutory Residence Test - it is explained quite well. Unless you pass the overseas work test which if you have a full time job is fine otherwise not you will be subject to the ties. You are going to have at least two - your son and 90 days in the UK in previous years (presumably). If you have a home 'available' to you that is another one. Those will reduce your days a lot.
Click to expand...
Listen to this man as a starter. Then get yourself a tax adviser in the US city and state you are most frequently working / resident in. US tax is not something to have a stab at. I cost myself thousands of dollars in unnecessary city tax trying to do it myself (I'm an accountant but not a US tax accountant...).

If you are working in the UK, have significant assets here before you moved or are resident here more than 90 days a year I'd get an accountant in the UK to advise you too. UK tax isn't as complex as US tax as there isn't the same level of local taxes or deductions that they have, but you still need to make sure you keep yourself right. Wild Card talks a lot of sense, so I'd take him up on his kind offer.
 
Thanks to everyone. Some great advice. It’s really stressing me out no end so I really appreciate it. I think I’m definitely going to go down the professional route and start contacting some people. Thanks again!
 
gabbiadini1 said:
Thanks to everyone. Some great advice. It’s really stressing me out no end so I really appreciate it. I think I’m definitely going to go down the professional route and start contacting some people. Thanks again!
Click to expand...

The poster/posters who suggested local US advisors are spot on. You cannot beat local expert knowledge.

It is possible that you will be classed as dual resistant if the green card classes you as USA resident and you also meet UK residency. Give me a day or so and I will reply on the UK side and fully explain the srt and you can take it from there with an advisor.
 
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Wild Card said:
The poster/posters who suggested local US advisors are spot on. You cannot beat local expert knowledge.

It is possible that you will be classed as dual resistant if the green card classes you as USA resident and you also meet UK residency. Give me a day or so and I will reply on the UK side and fully explain the srt and you can take it from there with an advisor.
Click to expand...
I really can’t thank you enough. I will obviously reimburse you for the time and advice you are giving. I’m extremely grateful
 
sanjose_boro said:
You will likely need professional advice maybe in both countries separately (self declared dual experts be wary of) but the more you can find out / do yourself the better it will work out and the less it will cost you not to mention understanding what they tell you. As always the internet is your friend (even message boards) but it is full of shyte also.

Here's SOME things that are undeniably true in the US and will apply to you

As a green card holder you are a 'US person' in their speak and taxed as a resident even if you never set foot in the country (not sure how Rishi's wife got round that).
If you had it before 1 Jan then it will apply for last year which tax year just finished (although you can get split year which will help you a bit). UK and US tax years do not align which can be a pain.

Your tax return is due April 15 (you can easily get an extension to Oct - I often do - but you still have to pay any tax you think you will owe by April).
All your world wide income is reportable and taxable although you can get credits for foreign tax. Almost everything you think is tax free in the UK will not be once you report it.

If you have foreign (to them) bank accounts / investments you have to report them all unless they are less than (I think) $10,000 IN TOTAL. Twice - once on your tax form and once on what used to be called an FBAR.

If you have earnings / income (in or out of the US) for this year that you are not paying US Tax at source on then again (subject to some pretty low limits) you have to pay estimated payments throughout the year. First one for 2024 will be due in April 2024 also. There is a safe haven provided you pay 100% of your previous years tax which may help you your first year.

If you are resident in a state with a state tax you may get to do all that over again although once you do your IRS return state return should be simple. They may be more aggressive about collections though (certainly in CA).


In the UK don't believe everybody who tells you you can spend 182 days there. See the Statutory Residence Test - it is explained quite well. Unless you pass the overseas work test which if you have a full time job is fine otherwise not you will be subject to the ties. You are going to have at least two - your son and 90 days in the UK in previous years (presumably). If you have a home 'available' to you that is another one. Those will reduce your days a lot.
Click to expand...
All of that ^^

I moved back from the states over a year ago and now doing my full UK tax year so things will get a lot easier for me when doing US tax. We found it hard to find a person who did US/UK tax so ended up doing a lot of it ourselves, some of it was easy some a pain in the backside. We did eventually ended up with a US tax accountant (or CPA) that filled for us and that made things relatively straight forward. In the US we filled tax as a joint couple, in the UK you can't do that and again that made things a problem.

Also remember you pay federal income tax and state income tax and each state has its own rate, some high like CA/NY and in some cases no tax at all like TX/FL. Check your investments as its possible to breach the Passive Foreign Investment Company (PFIC) rules without even knowing.

Filing taxes in the US (or another country) may stop you opening a new bank account here in the UK in the future (we've found that out) as banks don't want to deal with US regulators/regulations. Your current bank may be a bit arsy about it to be fair so I would check. If you need a bank account in the US, we found TD bank great and if you don't get something like a WISE account set up.

You can find plenty of info on the BritishExpats forum if needed.
 
Blame Me said:
All of that ^^

I moved back from the states over a year ago and now doing my full UK tax year so things will get a lot easier for me when doing US tax. We found it hard to find a person who did US/UK tax so ended up doing a lot of it ourselves, some of it was easy some a pain in the backside. We did eventually ended up with a US tax accountant (or CPA) that filled for us and that made things relatively straight forward. In the US we filled tax as a joint couple, in the UK you can't do that and again that made things a problem.

Also remember you pay federal income tax and state income tax and each state has its own rate, some high like CA/NY and in some cases no tax at all like TX/FL. Check your investments as its possible to breach the Passive Foreign Investment Company (PFIC) rules without even knowing.

Filing taxes in the US (or another country) may stop you opening a new bank account here in the UK in the future (we've found that out) as banks don't want to deal with US regulators/regulations. Your current bank may be a bit arsy about it to be fair so I would check. If you need a bank account in the US, we found TD bank great and if you don't get something like a WISE account set up.

You can find plenty of info on the BritishExpats forum if needed.
Click to expand...
Many thanks for the reply!
I’ve reached out to a few contacts that people I know have provided, and some from here.
Have a few calls set up in the next few days, so hopefully things will become a bit clearer.
causing me sleepless nights, so just getting the conversations moving is making me feel a lot happier already!
 
gabbiadini1 said:
Many thanks for the reply!
I’ve reached out to a few contacts that people I know have provided, and some from here.
Have a few calls set up in the next few days, so hopefully things will become a bit clearer.
causing me sleepless nights, so just getting the conversations moving is making me feel a lot happier already!
Click to expand...
It did for us when we went all those years ago, after that it was all plain sailing (mostly) and now we are US citizens.

In all honesty we found the US tax system fairly simple and did most of it on our own until we made the choice to have an expert tax man file for us as that took a bit of time to do and I value my time so payed up (around $400 a time and well worth it).

Just out of curiosity, you've said you've just got your Greencard so surely you must of been doing your US tax before now when you had a US visa, nothing apart from if you had a visa and leave you don't need to file taxes going forward.

Enjoy the ride and if there's anything else I can help with, drop me a message :cool:
 
I was wondering about the green card too it is possible with out a previous visa but pretty rare. Agree too that you will have to get savvy about UK things and how they apply in the US since everything you read is so US centric. Expat boards have some interesting (and some dubious) examples.
I didn't mention PFICs - you might want to hide behind the sofa while you read about those.
 

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