FBAR Reporting for UK Expats in the USA: What You Need to Know
- Toni Sculthorpe
- Sep 27
- 2 min read
Updated: Sep 29
What is FBAR?
FBAR stands for Foreign Bank Account Report. Officially known as FinCEN Form 114, it’s a US reporting requirement for anyone who holds foreign bank or financial accounts.
For UK expats in the USA, this means that your UK accounts—current, savings, joint accounts, ISAs, and even certain pensions—may need to be reported to the US Treasury every year.
Who Needs to File FBAR?
You must file an FBAR if:
You are a US person (citizen, green card holder, or tax resident under the substantial presence test).
You have a financial interest in, or signature authority over, foreign accounts.
The combined total value of all your non-US accounts exceeded $10,000 at any point during the year.
💡 Important: The $10,000 threshold is not per account. It applies to the aggregate balance across all accounts.
What Accounts Count for FBAR?
UK current accounts
UK savings accounts
Joint accounts with a spouse or family member
UK ISAs (Individual Savings Accounts)
Some UK pensions, if you have control or direct access
Business accounts you have signing authority over
How to File an FBAR
Gather account details: bank names, account numbers, and maximum balances for the year.
Convert balances to USD: use the US Treasury’s official year-end exchange rates.
Submit Form 114 online through the FinCEN e-filing system (separate from your IRS tax return).
Deadline: April 15th each year (with an automatic extension to October 15th).
What Happens if You Don’t File?
FBAR penalties can be severe—even if you didn’t owe any tax.
Non-willful failure to file: up to $10,000 per violation.
Willful failure to file: the greater of $100,000 or 50% of the account balance.
This is why compliance is critical for UK expats.
Common Mistakes to Avoid
❌ Thinking only income-producing accounts need to be reported.
❌ Forgetting joint accounts or children’s accounts.
❌ Using the wrong exchange rate for conversion.
❌ Assuming your accountant automatically files it for you—FBAR is a separate filing.
How Avante Tax Can Help
At Avante Tax, we specialise in helping UK expats stay compliant with FBAR and other US reporting obligations.
We can:
Review whether your UK accounts trigger FBAR.
Prepare and file Form 114 on your behalf.
Ensure FATCA and FBAR filings align with your US tax return.
Give you peace of mind that your cross-border finances are fully compliant.
✨ Next Steps
👉 Book a free consultation with Avante Tax today if you hold UK accounts while living in the USA.
We’ll make sure your FBAR filings are done correctly—and help you avoid unnecessary penalties.
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