Another US tax year may have come to a close, but for Americans living in the UK this means it is time to put things in order for 5 April.
As we approach the end of the UK tax year, here are four things Americans in the UK need to think about in terms of financial planning.
1. Make use of ISA and pension allowances
The first thing to do is take care of what many see as basic UK tax planning – contributing to Individual Savings Accounts (ISA) and pensions. Although this may seem obvious, not everyone remembers to use these allowances each year.
There is no reason why Americans living in the UK can’t contribute to a pension, but it is important to select the right pension vehicle and be aware of how personal and employer contributions are taxed from a US perspective, and how to use any foreign tax credits on your income.
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