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EPISODE DESCRIPTION
In this episode, Aidan Grant is joined by Daniel Jaffe, Managing Partner at Jaffe & Co, to peel back the layers of the often-overlooked tax responsibilities that come with expat life.
We explore the crucial question of who actually needs to file US tax returns while living in the UK and why overlooking this duty can lead to significant consequences. From income thresholds and foreign bank account reporting to the special case of “accidental Americans,” this episode provides clarity on this complex topic, and clears up common misconceptions and streamline the path to compliance.
Daniel shares insights into Foreign Bank Account Report (FBAR) requirements and the intricacies of reporting foreign financial accounts, highlighting that while these reports are informational, understanding and adhering to them is crucial for avoiding complications. Highlighting the unique challenges faced by green card holders and those inheriting US retirement accounts while abroad, providing real-life examples and expert insights to guide you through the labyrinth of international tax compliance.
As tax season looms, navigating the maze of deadlines and strategies can feel overwhelming, especially when juggling obligations on both sides of the Atlantic. We break down the important deadlines US taxpayers in the UK should mark on their calendars, like April 15th and December 31st, to maximize foreign tax credits and ensure timely compliance. With insights on choosing between cash and accrued basis for tax credits, this episode is packed with practical advice for US expats aiming to optimize their tax filings.
Whether you’re a seasoned expat or new to living abroad, this episode offers valuable guidance to ensure you’re on the right side of tax law.
Key Takeaways:
Chapters:
02:31 – Understanding US and UK Tax Filing Requirements
08:51 – Understanding Tax Filing Obligations for US Citizens in the UK
20:15 – Understanding Foreign Tax Credits and Reporting
28:26 – Understanding Accidental Americans and Tax Obligations
33:30 – Understanding Tax Filing Obligations for Green Card Holders and Compliance Procedures
40:01 – Navigating Tax Compliance Across Borders
46:31 – The Importance of Compliance in International Taxation
Disclaimer: This content is provided for general information only and does not constitute legal or other professional advice. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information contained in this material.
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Podcast contributor
Partner
Specialising in International trusts, tax & estate planning, Private wealth, UK trusts, tax & estate planning and US/UK Tax & estate planning
Back to all podcasts and videos
In this episode, Aidan Grant is joined by Daniel Jaffe, Managing Partner at Jaffe & Co, to peel back the layers of the often-overlooked tax responsibilities that come with expat life.
Published 28 April 2025
INTERNATIONAL TRUSTS, TAX AND ESTATE PLANNING & PRIVATE WEALTH & TAX & ESTATE PLANNING & UK/USA TAX & ESTATE PLANNING & UK/USA TAX & ESTATE PLANNING
PODCASTS
Partner
In this episode, Aidan Grant is joined by Daniel Jaffe, Managing Partner at Jaffe & Co, to peel back the layers of the often-overlooked tax responsibilities that come with expat life.
We explore the crucial question of who actually needs to file US tax returns while living in the UK and why overlooking this duty can lead to significant consequences. From income thresholds and foreign bank account reporting to the special case of “accidental Americans,” this episode provides clarity on this complex topic, and clears up common misconceptions and streamline the path to compliance.
Daniel shares insights into Foreign Bank Account Report (FBAR) requirements and the intricacies of reporting foreign financial accounts, highlighting that while these reports are informational, understanding and adhering to them is crucial for avoiding complications. Highlighting the unique challenges faced by green card holders and those inheriting US retirement accounts while abroad, providing real-life examples and expert insights to guide you through the labyrinth of international tax compliance.
As tax season looms, navigating the maze of deadlines and strategies can feel overwhelming, especially when juggling obligations on both sides of the Atlantic. We break down the important deadlines US taxpayers in the UK should mark on their calendars, like April 15th and December 31st, to maximize foreign tax credits and ensure timely compliance. With insights on choosing between cash and accrued basis for tax credits, this episode is packed with practical advice for US expats aiming to optimize their tax filings.
Whether you’re a seasoned expat or new to living abroad, this episode offers valuable guidance to ensure you’re on the right side of tax law.
Key Takeaways:
Chapters:
02:31 – Understanding US and UK Tax Filing Requirements
08:51 – Understanding Tax Filing Obligations for US Citizens in the UK
20:15 – Understanding Foreign Tax Credits and Reporting
28:26 – Understanding Accidental Americans and Tax Obligations
33:30 – Understanding Tax Filing Obligations for Green Card Holders and Compliance Procedures
40:01 – Navigating Tax Compliance Across Borders
46:31 – The Importance of Compliance in International Taxation
Need some more information? Make an enquiry below.
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Podcast contributor
Partner
Specialising in International trusts, tax & estate planning, Private wealth, UK trusts, tax & estate planning and US/UK Tax & estate planning
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