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Topic: Starting a job mid year  (Read 522 times)

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Starting a job mid year
« on: November 12, 2017, 02:36:06 PM »
Our son arrived in England on September 28th and is staying with us until he buys a house and moves out. He is a dual UK/US citizen and apart from an IRA and a no-interest checking account has no assets or income from the USA since he arrived. He plans on leaving his IRA in place for the foreseeable future.

He starts a job on November 20th and I am hoping that he won’t have to do anything with HMRC other than PAYE on his pay when it starts coming in. I realize that he will need to file US tax returns for 2017 and ongoing but that should be straightforward enough. He will also now have to file FBAR reports each year since his UK accounts total over $10k this year.

Am I correct in my thinking on this?
Dual USC/UKC living in the UK since May 2016


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Re: Starting a job mid year
« Reply #1 on: November 12, 2017, 07:01:46 PM »
Sounds right to me.

Did he have to file a FBAR for 2016? Just curious, since you mention that the accounts are over the $10K threshold now.

Married December 1992 (my 'old flame' whom I first met in the mid-70s)
1st move to UK - 1993 (Letter of Consent granted at British Embassy in Washington DC)
ILR - 1994 (1 year later - no fee way back then!)
Back to US in 2000
Returned to UK July 2011 (Spousal Visa/KOL endorsement)
ILR - September 2011
Application for naturalization submitted July 2014
Approval received 15-10-14; ceremony scheduled for 10 November!
Passport arrived 25 November 2014. Finally done!


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Re: Starting a job mid year
« Reply #2 on: November 12, 2017, 10:19:51 PM »
Sounds right to me.

Did he have to file a FBAR for 2016? Just curious, since you mention that the accounts are over the $10K threshold now.

Thanks for the quick response.

He only opened his UK HSBC account last month then immediately moved over enough money from his US HSBC account to buy a car etc. so 2017 is his first year with any overseas funds at all.
Dual USC/UKC living in the UK since May 2016


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