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TaxVince
TaxVince, Accountant
Category: UK Tax
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Experience:  Chartered Accountant >20 years + Qualified IFA
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I will need to file both a US and UK tax returns when I move

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I will need to file both a US and UK tax returns when I move back to the UK and there will be foreign tax credits involved. I will have PAYE income in the UK and 2 rental properties in the US. Also, in the future I will have a US pension which will need declaring on the UK self assessment. I have never done a UK self assessment but I'm sure that because: 1) Depending on the timing of my move to the UK could perhaps designate which tax return I do first 2) I think there are rules about which of the two countries the credit is taken against 3) the rental properties may need to be depreciated and maybe some other complications 4) There are issues like taxes accrued versus taxes paid... I'm imagining this isn't something most people could do themselves. Or am I wrong?

MamaTax :

Hi Its MamaTax Here!

MamaTax :

Thanks for the question.

MamaTax :

If you are moving to UK permanently then you become a UK tax resident as well and taxable on your worldwide income in UK. However UK has a Double Tax agreement with US - so if some of your income taxed at source in US,then no further tax will apply in UK.

MamaTax :

To register for self assessment you need to notify HMRC (UK tax office) and they will send you a Unique Tax Reference (UTR) and tax returns at end of tax year for you to file your tax returns.

MamaTax :

To notify HMRC please call this number 0300(NNN) NNN-NNNNand ask for self assessment registration.

MamaTax :

If you are stuck on filing the return, this site is very helpful in telling how to go about the filing the form. Alternatively you can get your tax return filled with a local tax expert for as little as £50 by posting your requirements on sites like uktaxadvisors.com or findukadviors.co.uk or several other sites.

MamaTax :

Hope this helps.

MamaTax :

Let me know if you are answered and if not please drop me message.

MamaTax :

If you are satisfied could you please rate the question before you go.

MamaTax :

Thanks

MamaTax :

I see you are offline so i will log off and wait to hear from you. Thanks once again.

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