Hi everyone just wondering what the situation is regarding paying TAX in the U.S?? For example - out of a $100 pay cheque how much of that would go to tax? can i claim this tax back after i come back to the UK? someone told me that as im going abroad for a year that once i come hom in 2008 i can claim all the tax that i paid in the UK back?? (april 06 - april 07) Just wondering how it all works!!!!!! Cheers!!! xx
How much money are we allowed to take back with us? And if we still have funds in our american account that they help us set up, can we access it in our home country (not that I would have any money left ;D, I'd probably spend it all!)?
if i have a lot of money saved im going to wire it into my UK account before i come home - maybe take out $100 and get it changed back into UK money maybe. hopefully il save a bit while im there!!! If your not planning on going back to the staes your aswell to just take all the cash out of the account before you go home (either wire it back to your UK account if its a large sum or withdraw it in cash/travellers cheques and pay it back into your UK account when you arrive home!) xx
with the exchange rates being the way that they are i wouldnt bother wiring money back or bringing cash home with you, ur better to invest in something over there that u can bring home, change ur wardrobe buy a camera, anything, its better than losing a lot of money wen coming back to uk, laura xxx and wen u get back to the uk and have to file ur american taxes as inevitable u will there is a guy called frank minaglia who will file for you, u also have to be careful that the inland revenue dont find out u went away and worked in the states or ul end up having to file a self assessment form here in the uk on arrival, which i did, but i ended up getting money back which was cool! keep payslips from disney, print them off every week and keep them, they come in handy!!!!
if i dont save my money and come home with it i will be coming home without a penny so thats really not an option. so do i have to inform any one that im going to be working abroad or do i just not say anything to anyone?? the inland revenue will know ive been away somewhere - they will see that ive not paid any UK tax/national insurence for a year.
id rather let them know and do the self assessment form - they are going to owe me money back from my current job i pay around £350-£400 a month in taxes right now and some of that they will have to pay me back because ill only be working in the uk for 3 months of the financial year and in the US the amount you make is below the threshhold amount for tax paying - ie under £4000 so you can claim back the original tax you paid or at least a portion of it. The only thing is your NI contributions will be down for the year which will effect your state pension although it's up to you if you want to pay in the extra money for that or not. I wouldnt bother as you have to make 40 years of contributions which if you work form the age of 25 means that you are well within the limits anyways. did that all make sense?
While you are out there you will already get the chance to claim the taxes. At least we did when we were there. You have to do this before April ( I believe ) and you will get all the documents you need. I remember that we even had a tax refund class that you could go to ( I think the club house offered this ). A few of my friends went and then we all sat together and filled out the paperwork. I got around $750 back, which was a nice treat Now I will have to do it all over again for the time I spent in the US and I forgot everything. I might have to find a pro to do it for me as I am also just about to move away again. As for saving money...if you don't work in merch ( I did...poor poor people :'( ) you can definitely save up some $$$. I saved some money now that I was working overseas again and wired it to my home account. The exchange rate was horrible, but it only cost $50 to wire it and it was still worth it. It really depends how much you can save up though. If you have around 1.000 I would rather take it and go on a nice trip ;D Julia
Can you claim back the tax on goods/ foods etc as well? You usually can when you go on holiday, but I don't know if there's a time restriction on receipts, etc?
