Do your UK/US taxes yourself

If you are at all worried by US/US taxation I have a simple suggestion. Buy some
software to help you. Turbo Tax can handle foreign tax and tax credits nicely.
I know I just did it. I use it to do my regular US taxes, but I just tested out
how it handles income from foreign sources and it works really well.

The UK side of things is not as well developed, but I'm betting many people in
the UK will have had tax taken out at source so won't need to file a UK form.
If you do (ie if you have income from outside the UK) you can do the online
self assessment at

www. HMRC.gov.uk

I haven't used this yet, but I have downloaded a demo version of Forbes Tax pro Software
that covers everything you'll need. I has a wizard like Turbo Tax that asks you questions.
There are many more UK tax software packages at this link

http://www.hmrc.gov.uk/efiling/sa_efiling/soft_dev.htm

So why not get your dcumentation together and sit down for a couple of fun evenings.
The total cost of the software will probably be $100-$150, but for that you get to do your
taxes and learn a lot too.

This is great in theory - BUT

1. None of the US or UK software adequately handles the US/UK tax treaty.
2. An expert will advise you on planning for the future that software can't handle.
3. Not everyone is computer savvy.  Indeed many in my family are scared of finance, money and tax. Lots of folk need help...

This is great in theory - BUT

1. None of the US or UK software adequately handles the US/UK tax treaty.

Sorry guya can you explain?  I was thinking of using software too as number 2 and 3 of your list don't apply to me...but I am worried about number 1 above!

This is great in theory - BUT

1. None of the US or UK software adequately handles the US/UK tax treaty.
2. An expert will advise you on planning for the future that software can't handle.
3. Not everyone is computer savvy.  Indeed many in my family are scared of finance, money and tax. Lots of folk need help...

I know that a little knowledge can be very dangerous, but part on my point is to actually get people
involved in their taxes rather than just handing over their tax documents and a big cheque to a professional.
They may and up doing that, but  they'll be an more educated consumer.

Point 2. of your comment is the best reason to seek professional advice.

I have a basic idea of what forms I needed to fill out for 2005, but I still handed over my documents to my dual qualified accountant to get my US taxes done.

Only problem after my taxes were done, it that I owe the IRS money.   

bvamin,

Can you send me the contact info of you account and let me know about you experience and more or less the cost?


Thanks,
p.p.