Living in the UK is a fascinating experience for all kinds of reasons – the quirky accents, the culture as well as history, pubs and many more! As an American expatriate living in the UK though, what exactly do you need to know regarding filling US taxes preparation UK?
All US citizens and green card holders who earn a minimum of ten thousand dollar anywhere in the world are required to file a US federal tax return and pay taxes to the US tax preparers UK, regardless of where in the world they live or their income in generated.
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The good news is if you are already paying income tax in the UK, there are various exclusions as well as exemptions accessible to prevent you paying tax on the same income to the IRS too.
US taxes – what you need to know
If your income is over ten thousand US dollar, you must file from 1040. While any tax is still due by April 15th, expats get a repeated filing addition until June 15th. This can be extended still additional online until October 15th.
If you have foreign assets worth over two hundred thousand US Dollars, excluding a home owned in your name, you also need to file a form 8983 declaring them.
If you had more than ten thousand US Dollars in aggregate in one or more foreign bank accounts at any time during the tax year, you also need to file FinCEN form 114, sometimes known as an FBAR.
If you are paying income tax in the UK, there are numerous mechanisms that avert you paying tax on the same income to the IRS.
If you are looking out for best advisors for US taxes preparation UK, then consider visiting the official website of US Global Tax.
