Being an American living outside of the US can be difficult, with all of the complex reporting requirements and potentially adverse tax consequences of owning foreign securities. Sometimes, the seeming hassle sparks expats to start considering giving up their US passport. Below we will discuss a few of the many financial considerations associated with expatriation.
It is common for people to have questions about UK visas. The process can be a daunting one. There are broad considerations that need to be given attention as one goes through this process. And, depending on your visa status, it is important also to understand your obligations.
Daily life in the US and the UK has its similarities and its differences. Almost any American who lives in the UK can put together their own list based on their perspectives and past experiences. Everyone gets homesick from time and time and it is easy sometimes to get caught up and dwell too much on the familiar and under-appreciate the differences.
Bill Bryson is an American author who lived in the UK for over twenty years. At the point in time when he decided to return to the US, he took one final trip around the country and wrote a travel book called ‘Notes from a Small Island’ providing humorous insight into daily life in the UK. Twenty years later and having returned to live in the UK, Bill took a new journey around Britain to detail what had changed. Bill’s musings are summarised in ‘The Road to Little Dribbling.’ It is a book that doesn’t back away from highlighting in jest all of the perceived positive and negative changes and yet finds comfort in the country that has clearly won his heart.
With the 131st Championship well underway, Wimbledon fever is in full swing.
As we get closer to the quarter final, semi-final and final rounds, nearly everyone in the UK will be focused on results. As with any year, there have been shock early exits and commanding displays from some of the favourites.
American Independence Day is traditionally one of the hallmarks of summer filled with outdoors events, BBQs and fireworks. It is a day of patriotic celebration and family events throughout the US. With 4th of July tomorrow, we lay out some ideas below on how you can celebrate the holiday this year. Being an American in the UK certainly shouldn’t stop you from finding your own ways to celebrate and feel at home.
Missing home? Here are our top four suggestions for a meal in Britain’s capital city where you can find a little patch of America.
Upon arriving in the UK, most Americans are non-domicile for income tax purposes. Usually you can elect to pay tax on the remittance basis so that UK tax is only paid on foreign income or gains when they are brought into the UK. Once you have been resident in the UK for more than 7 out of the last 9 tax years you are taxed on the arising, or worldwide, basis unless an election is made to pay an annual Remittance Basis Charge (otherwise known as the RBC). Under rules that come into effect for the new UK tax year, this RBC can only elect to be paid for the tax years prior to meeting a UK long-term residency of more than 15 out of the last 20 years. For many Americans, paying the annual charge often does not make financial sense due to being subject to US tax on a worldwide basis. As a result, it is usually in your 8th UK tax year that you often find yourself dealing with worldwide taxation in two jurisdictions. Knowing what is tax-efficient from both a US and UK perspective becomes of utmost importance.
It’s that time of the year again. That time where US individuals are beginning to think about their 2016 tax year filings. Many people have received their relevant W2’s (or equivalent pay statements reflecting their employment earnings and withholdings), their 1099s related to investment income and their 1099s related to taxable pension distributions and reportable rollovers. So, let’s take a moment and review some of the most relevant filing deadlines for US individuals.
For many Americans living in the UK, the focus of retirement savings and contributions has typically been UK pensions as opposed to US pensions due to the generous annual allowances and tax relief offered in the UK as a higher tax jurisdiction. However, with the ever changing UK pension landscape, individuals earning over £150,000 have a tapered UK pension allowance, making funding US pensions as part of the overall retirement saving strategy slightly more attractive.
Many Americans who live in the UK maintain a level of assets in the US post-arrival. So, what are the considerations needed when you decide that you want to bring money from the US into the UK?