fbpx

Est. Reading Time - 5 min

NT Tax Code & US Reporting Compliance (Across the Pond Podcast – Ep. 7)


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.

Retire Happier.

Plan First Wealth Is A US/UK Wealth Management Firm Serving Successful British Expats in America With at Least $1M to Invest.

Schedule Your Appointment
Plan First Wealth

Join Our Community

Plan First’s WealthHub is a community of Brits living in America looking to protect and grow our life’s work, retire with confidence, and leave a legacy.

Our members get:

  • 2 updates per month with actionable content delivered to your inbox
  • Access to a private WealthHub Facebook group
  • Access to exclusive monthly online educational events

Any testimonials were provided by current clients. The clients were not compensated, nor are there material conflicts of interest that would affect the given testimonies. The testimonies may not be representative of the experience of other current clients and does not provide a guarantee of future performance, success or similar services.

Plan First Wealth is a registered investment adviser located in Greenwich, CT. Plan First Wealth may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Plan First Wealth’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Plan First Wealth’s web site on the Internet should not be construed by any consumer and/or prospective client as Plan First Wealth’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Plan First Wealth with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Plan First Wealth, please contact the state securities regulators for those states in which Plan First Wealth maintains a registration filing. A copy of Plan First Wealth’ current written disclosure statement discussing Plan First Wealth’ business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from Plan First Wealth upon written request. Plan First Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Plan First Wealth’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

This website and information are provided for guidance and information purposes only. 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. This website and information are not intended to provide investment, tax, or legal advice. There are no warranties implied.