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Topic: Filing bank account and tax question?  (Read 998 times)

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Filing bank account and tax question?
« on: August 20, 2013, 05:17:42 PM »
Do I need to report my uk bank account?
If so, how do I go about it?

Do I need to file tax, can I get tax exemption?
Never done it before.
Reading the website leave me confuse.
=)


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Re: Filing bank account and tax question?
« Reply #1 on: August 20, 2013, 05:26:23 PM »
Do I need to report my uk bank account?
If so, how do I go about it?

US citizens and residents need to report foreign financial accounts if they total over $10k. Schedule B asks you questions about foreign accounts and if you have to report you'll file an FBAR.....possibly an 8938 if you have more substantial foreign accounts

Quote
Do I need to file tax, can I get tax exemption?
Never done it before.
Reading the website leave me confuse.


US citizens and residents need to file taxes with the IRS if they have income above some specified minimum. For an individual  under 65, that's $9750.


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Re: Filing bank account and tax question?
« Reply #2 on: August 21, 2013, 11:54:33 AM »
So no matter what, if over 10k, need to report and it's not a yearly thing?  What I mean is, um, if I got 10k in the account already, then the next year it increases, is it 10k for a year or no matter what over 10k need to report.  Sorry if I am not making it clear, trying to sort it out in my head.

As for the tax, I have to file for it since it is over $9750 a year, can I file for tax exemption since I been living in UK for a little over two years.  I read about it some where but I don't really understand the exemption thing.  Um, what forms I need to fill out and is it a online form that I send or do I print it and mail it out myself?

I am really lost in this, never done it before and I don't have anyone to help me understand the steps in filing for tax in UK. 
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Re: Filing bank account and tax question?
« Reply #3 on: August 21, 2013, 05:26:01 PM »
If you are a US citizen your US tax obligations did not change when you moved to the UK. You file the same forms as you did every year in the US.

Each year you have to file an FBAR if you have more than $10k in foreign accounts in that year.

You are not exempt from US taxation. You can, however, exempt foreign earned income up to about $95k from your 1040. I suggest you go down to the US Embassy tax folks and ask for help or call one of the expat tax companies if you are worried.....FYI you should file for each year you have missed.
« Last Edit: August 21, 2013, 06:06:15 PM by nun »


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