US - UK Taxes / Re: Reporting Worldwide Income
« Last post by Kelly85 on Today at 07:01:51 PM »I realize I'm a bit late to this thread, but I did this in about 2012 because I had been doing just as you were, just excluding everything because it seemed easy, but I then realized I was missing out on the free cash! So, I refiled for the previous three years as my first child was born in 2009. To be honest, it's one of the biggest reason I don't give up my US citizenship! Once I can no longer claim this money, I'll renounce (unless something truly unexpected happnes).
Given the UK's tax structure, for the majority of US expats the only benefit of taking the FEIE in the UK (as opposed to taking FTCs for UK income tax paid) is a simpler tax return. (Because of that, and since once you "revoke" the FEIE you can't go back for five years except under certain circumstances, I often recommend new USC-in-UK expats try both ways.)