Tax rules for USC in UK

would we need to include his credit card?

I don't report credit cards.  But if it's a prepaid card, which is essentially an account with a positive balance against which you make debit card like transactions, then I report these.

That said, I generally keep a positive balance of a few hundred £ with Amazon.co.uk via online top-ups to my account (so my gazillion of Amazon purchases don't appear on my credit card), and I don't report it either.  In my mind, it's not really an 'account'; it's just pre-paid purchases. 

I don’t include credit cards. I don’t believe they are financial accounts over which I have signature authority, they are simply temporary loans.

You'd need to also include Oster cards too. Also, if you have a National Lottery account, this would also need reporting - even if there is £0 balance.

Just wondering, for the LISA, whether we should declare that as 'Other' type and then put Lifetime ISA in the box that appears, or is it that risking raising flags with the IRS unnecessarily? Maybe we should just put it down as a bank account like everything else?
Thoughts anyone? Gonna get this finished this morning (deadline day!), Tre's just nipped into town to get some information from a branch as that account won't let us go back to January 2021 online

Just wondering, for the LISA, whether we should declare that as 'Other' type and then put Lifetime ISA in the box that appears, or is it that risking raising flags with the IRS unnecessarily? Maybe we should just put it down as a bank account like everything else?
Thoughts anyone? Gonna get this finished this morning (deadline day!), Tre's just nipped into town to get some information from a branch as that account won't let us go back to January 2021 online

I would just put it down as a savings/bank account. I have Premium Bonds and the NS&I account that holds them as an account number. I also have an NS&I savings account so I list them both separately with their unique account numbers and don’t attempt to explain that one is Premium Bonds.

Just wondering, for the LISA, whether we should declare that as 'Other' type and then put Lifetime ISA in the box that appears, or is it that risking raising flags with the IRS unnecessarily? Maybe we should just put it down as a bank account like everything else?
Thoughts anyone? Gonna get this finished this morning (deadline day!), Tre's just nipped into town to get some information from a branch as that account won't let us go back to January 2021 online

Agree with durhamlad - cash LISA is just a special flavour of bank account, would classify as that. I do the same with Premium Bonds.

Thanks both, and noted for future reference

In our haste to submit before heading out for the day yesterday, we actually put 'other' and 'cash lisa' - hope that won't cause an issue?! There was only a couple of £ in there for 2021 anyway as we made our main contributions this year (before april and after april).

When we do 2022 FBAR we'll just put bank account down for it.
Just got the tex return to do later now, and then make a note to get both done again for 2022 around february time

Like others I list NS&I premium bonds as regular accounts on the FBAR. I do have an income bond with NS&I too, which I show as 'securities', as its a loan to the U.K Gov. Although I simply receive interest from that account. When I first opened, this is how I reported. For consistency, I continue to report this way and will do so up until the account reaches it's natural maturity and closes.

IMHO, Once you report in one maner; best to continue, It may raise questions otherwise. Unless it's obviously wrong, (you need to amend a FInCEN 114), i'd keep things as they are. Ultimately, you've reported the account and maximum value.

Thanks, and noted

Ok we're using OLT to do the return - we put figures in for the two jobs Tre had that year but for some reason it's saying he owes tax. Does the exclusion get applied later or is there a step we missed earlier on that we need to go back to?

Thanks all

Thanks, and noted

Ok we're using OLT to do the return - we put figures in for the two jobs Tre had that year but for some reason it's saying he owes tax. Does the exclusion get applied later or is there a step we missed earlier on that we need to go back to?

Thanks all

https://www.irs.gov/forms-pubs/about-form-2555

You'll need to complete one for each job. There will be a figure in parentheses that will show on the 1040 then

Finally got it submitted last night, got the confirmation and then shortly after an email saying it had been rejected.

Woke up this morning to an email saying it had been accepted! Logged in and says accepted too, so we're assuming it's accepted after all, but just wondered if anyone else had had something similar?

Thanks everyone for the help with this - will be revisiting in February to get 2022 taxes done well ahead of time

Finally got it submitted last night, got the confirmation and then shortly after an email saying it had been rejected.

Woke up this morning to an email saying it had been accepted! Logged in and says accepted too, so we're assuming it's accepted after all, but just wondered if anyone else had had something similar?

Thanks everyone for the help with this - will be revisiting in February to get 2022 taxes done well ahead of time

Never had a rejection that I recall. Good to hear that yours was accepted, maybe the automated software wasn’t sure and kicked it into a queue for a human to review.