Welcome to US–UK Tax Talk. Host Aidan Grant is joined by Richard Taylor, founder of Plan First Wealth and host of We’re the Brits in America. Richard shares his personal journey from Manchester to Dubai to the US, and his professional insights as a financial advisor working almost exclusively with British expats in America. Together, they explore what moving to the US really looks like – beyond the clichés – and how to avoid costly financial missteps.
For British professionals, moving to the US is rarely about chasing a relaxed lifestyle—it’s about seizing opportunity. Richard explains how most of his clients arrive on the back of career success in multinational firms, tapped to “try it in America.” The promise is financial advancement, career growth, and the chance to prove oneself on a bigger stage. Yet with opportunity comes complexity: the reality of US life is very different to the image built up through television, movies, and shared language. Settling in takes longer than expected, and what starts as a two-year assignment often turns into decades.
This episode takes a hard look at the financial side of that journey. Richard and Aidan discuss why pre-arrival planning is essential, how unsuspecting expats fall into traps like punitive taxation on ISAs and PFICs, and why failing to meet reporting obligations such as FBAR and FATCA can create problems that snowball over time. They explore how the American tax system—complex, unforgiving, and layered with state-level rules—catches out even seasoned professionals who assume their UK experience will translate.
The conversation also dives into the longer-term questions that many expats face: Should I take a green card? Should I become a US citizen? Richard warns that these decisions, often made without full understanding, carry lifelong consequences, including ongoing citizenship-based taxation and the risk of exit taxes. Through personal stories and professional insights, he paints a vivid picture of the opportunities and landmines that define British life in America.
New episodes release on the first Wednesday of every month. Like, follow, and subscribe so you never miss one. Watch the video version on Collyer Bristow’s YouTube channel.
To learn more, connect with Richard Taylor via PlanFirstWealth.com, LinkedIn, or his podcast We’re the Brits in America.
Key Take Aways
The Expat Mindset
Brits who move to the US typically do so for career and financial opportunities, not lifestyle. The country’s diversity means no two moves are alike, but the unifying factor is ambition: expats arrive determined to “make it” in America. That mindset shapes the financial planning needed to maximise the opportunity.
Expectations vs. Reality
Settling in takes longer than expected. From housing to cultural differences, most expats underestimate the adjustment period. What begins as a planned two-year stay often stretches into decades, with major financial consequences if planning is deferred.
Pre-Arrival Planning
The most common pitfall is failing to prepare before arrival. ISAs, pensions, and general investment accounts often become PFICs once in the US, leading to punitive taxation and onerous reporting. Moving portfolios into PFIC-free structures before relocating can save tens of thousands.
Reporting & Compliance
Many new arrivals believe “no tax due” means “no reporting required.” In fact, FBAR and FATCA require disclosure of non-US assets regardless of tax owed, with penalties starting at $10,000 per year. Missed filings, SIP treatment, and trust issues are recurring traps that can leave returns open indefinitely to IRS scrutiny.
State-Level Differences
Each US state has its own tax identity. California and New York impose high rates and may ignore federal treaty relief, while states like Texas and Florida impose none. Planning must be tailored not just federally but also at the state level.
Green Cards, Citizenship & Exit Tax
Too many Brits drift from visa to green card to citizenship without understanding the consequences. The US is one of the only countries taxing citizens worldwide for life. Exiting later can trigger the covered expatriate regime with harsh exit taxes and even a 40% transfer tax on gifts to US family members. Careful thought is required before locking in a status that may follow you forever.
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