Many US taxpayers who grew up in foreign tax systems, like in the UK, are unaware of some unique features to the US tax code.
For that reason, in Episode 07 of Across the Pond, we’re covering two important topics: NT Tax Code (a UK thing) and US Reporting Compliance (a very American thing) which are markedly separate considerations, but both have implications for British expats.
An NT tax code relates to UK tax withholding. US reporting compliance deals with correctly filing your tax returns in the US. If you assume that just because your pension/income/asset is in the UK then you don’t have to report it or pay tax on it in the US, then you are making a huge mistake and setting yourself up for much bigger problems down the line.
Please note: we are not tax advisers and we do not give tax advice. That being said, due to our relationship with our clients and the vantage point we have over their affairs, we are often the first ones to spot possible issues, including the ones we are discussing here.
Plan First Wealth LLC is a Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that Clients seek their own advice in these areas.