What happens if I put my money in a UK account?
I'm a US citizen and want to do this. I have a regular job I pay taxes on and make extra money as a sports bettor (punter in the UK). I don't want the US government to take that money. In the UK punters don't pay taxes. I just wanna know what can I do to get my gambling money in a UK account.
United States - 16 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
But doesn't the US tax you on your world wide income - and that would include the UK too
Answer 2 :
Lol are you a launderer then im sure its highly illegal you know x
Answer 3 :
I beg to differ mate but yes there is Tax on gambling in the UK
Answer 4 :
They can still track it and take it.
Answer 5 :
Just don't use Abbey!
Answer 6 :
You are responsible for and liable to pay tax on all income, regardless of where the income is earned, in the country where you are a registered tax payer. That is the general law applicable in all EU countries and the USA. What you are trying to do is cheat your IRS service, thereby cheat your own country and fellow citizens and makes you no better then a common thief. And that is the same as being real cheap. EDIT:- People are so out of date. Forget the Swiss thing. No more number only accounts. The Swiss were forced to sign the anti tax haven agreement with the EU and USA fo help fight terrorist and crime dollars. Even the Swiss notify the authorities in the account holders country of residence about the account and of any interest earned. It's all taxed. Even if you open an account in someone elses name they will have to pay tax, so they will want it back from you. The very best thing to do is find a way to hide it in your own country. Also keep in mind that gambling on the internet is illegal if you are a citizen of the USA. You have even more big brother then anybody else in the world. So much for the land of the free, what a laugh!!!
Answer 7 :
Gorgon Brown will find a way to steal it from you.
Answer 8 :
There is a tax treaty between the USA and the UK where they share information including your bank account info. When you open an UK bank account, they will request for your ID which is a US passport. After that, IRS will know you have a bank account in the UK. US government won't take that money but will tax you on your sport winnings. Don't put it in a UK bank account under your name.
Answer 9 :
put it in mine ill look after it lol
Answer 10 :
Don't use Nationwide you will queue for hours, they will start selling books of postage stamps soon.
Answer 11 :
You get taxed. We get taxed for every bloody thing. Swiss account pal. It's the only way
Answer 12 :
If you annoy the CIA you are going to find yourself wearing an orange jumpsuit in a country you have never heard of. If you dick around with the IRS you will WISH you were wearing an orange jumpsuit in a country you have never heard of!!
Answer 13 :
As a U.S. citizen you must report on your 1040 what you earn in the UK. If you pay taxes then you can claim credit for taxes paid in the UK; depends upon tax teaty. You can put whatever you can in a UK account, but you must report your income. One more requirement, if any time in a year you have more than $10,000 in foreign countries you must file Form TD F 90-22.1. File with the Department of Treasury by June 30, 2008. If you are required to file and do not file it, the penalty may be up to $10,000 (or more in some cases). The Form TD F 90-22.1 can be download from www.irs.gov
Answer 14 :
Being a US citizen you are taxed on worldwide income no matter where you earn it. I'm not going to tell you how to avoid taxes, that would be tax fraud.
Answer 15 :
Okay here is the tax situation. As a US citizen the US taxes you on your worldwide income. As the income is earned in the UK, the UK also taxes you. You will get tax relief known as double taxation relief (DTR) as the UK & USA have a tax treaty, basically an agreement that a citizen of either country should not have to pay the tax twice on the same income. The relief will be at the lower rate. For example say you earned interest of £1,000 and the tax rate in the UK is 20%, you will pay UK tax of £200. Assuming an exchange rate of 2 (just for simplicity) this equates to $2,000 interest & $400 dollars of tax paid overseas. If in the USA the tax is 25%, then you will pay $500 tax in the USA but you will get DTR and can deduct the lower tax suffered, in this case the UK tax of $400, so you will end up paying $500. Now lets do the same example but assuming the tax rates are the other way round, UK 25% and USA 20%. In the UK you will pay £250 or $500 and on the UK tax return you would get DTR for $400 tax paid. You would also in the US pay $400 so you end up paying $500 in total, therefore no different.
Answer 16 :
As a US citizen you are legally required to pay taxes on all of your income - having it deposited into an account in the UK would not change this. If you are asking if doing this would make it easier for you to illegally evade taxes, it might, for awhile, or it might not.
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Friday, December 7, 2012
Saturday, December 1, 2012
How long does it take cash to reach your Bank Account? Is it instant or same as cheques?
How long does it take cash to reach your Bank Account? Is it instant or same as cheques?
I need to pay Direct Debit, but I don't have money in my bank account. I only have cash at home. If I cash money in at my local HSBC branch tomorrow will the money transfer instantly? So will it pay my Direct Debit due on the same day? Or does it take 2/3 days to transfer like cheques? Please help! Simple question! 10 points for first correct answer! Thanks!!
Personal Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I work in a bank - if you pay in cash they funds are available that day, you dont need to wait like when you pay a cheque in
Answer 2 :
if you put the cash in early enough you should be ok if not it will cost you £35.00 sorry. yes the money goes in straight away but you may be too late for getting the direct debit paid
Answer 3 :
Instant.
Answer 4 :
Cash credits to your account is ia available for debit the same business day. If you may the deposit late in the day, SOME banks will be processing on the next business day.
Answer 5 :
In the USA it is available same day. Don't know about England though.
Read more other entries :
I need to pay Direct Debit, but I don't have money in my bank account. I only have cash at home. If I cash money in at my local HSBC branch tomorrow will the money transfer instantly? So will it pay my Direct Debit due on the same day? Or does it take 2/3 days to transfer like cheques? Please help! Simple question! 10 points for first correct answer! Thanks!!
Personal Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I work in a bank - if you pay in cash they funds are available that day, you dont need to wait like when you pay a cheque in
Answer 2 :
if you put the cash in early enough you should be ok if not it will cost you £35.00 sorry. yes the money goes in straight away but you may be too late for getting the direct debit paid
Answer 3 :
Instant.
Answer 4 :
Cash credits to your account is ia available for debit the same business day. If you may the deposit late in the day, SOME banks will be processing on the next business day.
Answer 5 :
In the USA it is available same day. Don't know about England though.
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Wednesday, November 28, 2012
What is the worst mistake the bank made on your account?
What is the worst mistake the bank made on your account?
What errors and mistakes have they made on your accounts? How did it mess you up and what did they do to resolve it? If you complained to the bank did your receive compensation? If so, how much?
Personal Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My bank (natwest) has never screwed up or made any errors, its simply done its job and done it well. Customer service is excellent and i think the best bank to deal with. They helped me out when i was stuck in a bit of a financial rut and have made my banking life easy as pie!
Answer 2 :
it was not a mistake they made, it was like the stupidest rule they made! I was made to pay £10 administration fee for something that I can't remember now, but I didn't agree to it and had told them to stop it. They agreed that I needn't pay it. However, my account was still charged £10, and that made me overdraft £0.02, as I didn't have any overdraft facility, I then was charged a further fine of £35 for 2 penny overdraft (which was NOT even my fault)!!! Anyway, I called them (natwest) and the lady who answered the phone was quite helpful. She promised to return me the £10 first as it was not my wish to have that service in the first place, and then she stopped the fine £35 being takeny from my account. So i guess my account at that time was £9.98 on balance. Haha... Wasn't too bad, was it? I didn't get any compensation though???? But you have got to watch out the bank charges!! it's not legal most of the time!
Answer 3 :
One bank made a mortgage payment one month after I sold my house. They were very apologetic and actually asked me how much compensation I wanted - I said £300 and she said yes straight away. The questions caught me off guard and I wish I had said more. another time I gave the bank an account number and asked them to pay £400 into it. The girl on the desk made a mistake and sent it to someone elses account. The bank said that they would make contact with this person and ask them to return the money and then they would pay it back to me. I said no way, return my money by the close of business, which they did.
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What errors and mistakes have they made on your accounts? How did it mess you up and what did they do to resolve it? If you complained to the bank did your receive compensation? If so, how much?
Personal Finance - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
My bank (natwest) has never screwed up or made any errors, its simply done its job and done it well. Customer service is excellent and i think the best bank to deal with. They helped me out when i was stuck in a bit of a financial rut and have made my banking life easy as pie!
Answer 2 :
it was not a mistake they made, it was like the stupidest rule they made! I was made to pay £10 administration fee for something that I can't remember now, but I didn't agree to it and had told them to stop it. They agreed that I needn't pay it. However, my account was still charged £10, and that made me overdraft £0.02, as I didn't have any overdraft facility, I then was charged a further fine of £35 for 2 penny overdraft (which was NOT even my fault)!!! Anyway, I called them (natwest) and the lady who answered the phone was quite helpful. She promised to return me the £10 first as it was not my wish to have that service in the first place, and then she stopped the fine £35 being takeny from my account. So i guess my account at that time was £9.98 on balance. Haha... Wasn't too bad, was it? I didn't get any compensation though???? But you have got to watch out the bank charges!! it's not legal most of the time!
Answer 3 :
One bank made a mortgage payment one month after I sold my house. They were very apologetic and actually asked me how much compensation I wanted - I said £300 and she said yes straight away. The questions caught me off guard and I wish I had said more. another time I gave the bank an account number and asked them to pay £400 into it. The girl on the desk made a mistake and sent it to someone elses account. The bank said that they would make contact with this person and ask them to return the money and then they would pay it back to me. I said no way, return my money by the close of business, which they did.
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Wednesday, November 14, 2012
How easy is it to jump between yahoo accounts?
How easy is it to jump between yahoo accounts?
Hi, I use Yahoo for a personal email account and a work one (I am a freelancer). Does anyone know how I can move between them both without logging out of each one each time, and can I set up an alert to come into my personal account when I get an email into my work account? THANKS!
Other - Yahoo! Mail - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I have had two accounts on yahoo answers open at the same time on the same computer by opening them in two different browsers. One is open using Firefox and the other using Explorer for example.
Answer 2 :
yeah, open 2 explorer pages and log into both. Assuming you have IE 7 that is. If you don't, download firefox which will allow you to have mutiple pages open. As for alerts, set that up through outlook.
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Hi, I use Yahoo for a personal email account and a work one (I am a freelancer). Does anyone know how I can move between them both without logging out of each one each time, and can I set up an alert to come into my personal account when I get an email into my work account? THANKS!
Other - Yahoo! Mail - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I have had two accounts on yahoo answers open at the same time on the same computer by opening them in two different browsers. One is open using Firefox and the other using Explorer for example.
Answer 2 :
yeah, open 2 explorer pages and log into both. Assuming you have IE 7 that is. If you don't, download firefox which will allow you to have mutiple pages open. As for alerts, set that up through outlook.
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Wednesday, November 7, 2012
What happens if an email is automatically forwarded to an account that forwards back to you automatically?
What happens if an email is automatically forwarded to an account that forwards back to you automatically?
So both accounts have automatic forwarders... Does it keep going round in a loop until your inbox is full up? If so, how quick would this happen? Anyone ever tried this?
Attachments & Photos - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Epic. Imma try this.
Answer 2 :
Somehow, most programs that I've seen are smart enough to realize a message has been auto-forwarded and they don't auto-forward it again. You could try this with 2 Gmail accounts and they don't do this.
Answer 3 :
Most mail systems have blocks built in that will only forward a message a number of times , they do this by stamping a tag onto the mail as its forwarded so this exact situation can not happen and bring the mail server down.
Answer 4 :
ermmm...never happened to me and no-one else i know...... think your on your own mate :)
Answer 5 :
One would fill up. Quite quickly: within a few hours I would guess with a 1GB limit.
Answer 6 :
I believe it will only send one automatic reply each way.
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So both accounts have automatic forwarders... Does it keep going round in a loop until your inbox is full up? If so, how quick would this happen? Anyone ever tried this?
Attachments & Photos - 6 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Epic. Imma try this.
Answer 2 :
Somehow, most programs that I've seen are smart enough to realize a message has been auto-forwarded and they don't auto-forward it again. You could try this with 2 Gmail accounts and they don't do this.
Answer 3 :
Most mail systems have blocks built in that will only forward a message a number of times , they do this by stamping a tag onto the mail as its forwarded so this exact situation can not happen and bring the mail server down.
Answer 4 :
ermmm...never happened to me and no-one else i know...... think your on your own mate :)
Answer 5 :
One would fill up. Quite quickly: within a few hours I would guess with a 1GB limit.
Answer 6 :
I believe it will only send one automatic reply each way.
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Thursday, November 1, 2012
How do I transfer folders from my new yahoo account back to my old yahoo account?
How do I transfer folders from my new yahoo account back to my old yahoo account?
Hi. I took the option of transferring all my contacts from my old yahoo account to my new yahoo account. Unfortunately, I didn't realise that all my folders would be sent too... Now I'd like to send all these folders back to my old yahoo account. Does anyone know how to do this..? Any help will be much appreciated... :-)
Accounts & Passwords - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
email them to the new account
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Hi. I took the option of transferring all my contacts from my old yahoo account to my new yahoo account. Unfortunately, I didn't realise that all my folders would be sent too... Now I'd like to send all these folders back to my old yahoo account. Does anyone know how to do this..? Any help will be much appreciated... :-)
Accounts & Passwords - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
email them to the new account
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Sunday, October 28, 2012
How can I unlink my windows live account from my xbox profile?
How can I unlink my windows live account from my xbox profile?
I linked my xbox profile to a account which i've forgotten the password for and forgotton the email i used to make that windows live account so theres no way i can retrieve the password. Can i some how link it to my new windows live account?
Xbox - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
No you have to have your old e-mail and password in order to confirm it's your profile.
Answer 2 :
if u can not remind the previous email and password, u can try to contact with the xbox customer service for some detailed information.
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I linked my xbox profile to a account which i've forgotten the password for and forgotton the email i used to make that windows live account so theres no way i can retrieve the password. Can i some how link it to my new windows live account?
Xbox - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
No you have to have your old e-mail and password in order to confirm it's your profile.
Answer 2 :
if u can not remind the previous email and password, u can try to contact with the xbox customer service for some detailed information.
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