US Tax Return Preparation
The tax return preparation for US expats can be more complex than a ‘domestic’ tax return, which often require additional ‘foreign’ forms to be completed. Many US based CPAs are unable to prepare these forms effectively or provide the best dual-jurisdiction advice. As part of our core compliance service we take care of the preparation of your Federal return, and if required, your State and Local tax returns.
The UK is considered to be a ‘high tax’ country and Americans living in the UK often end up paying more in taxes than they would have if they earned the same income in the US. However, there are various reliefs and exemptions available (both in the US and the UK) that can help to reduce the impact. Careful planning is required to ensure Americans minimise their overall tax obligations.
Foreign Bank Account Reporting (FBAR)
US citizens and Green Card holders are required to file the FBAR (form FinCEN 114) if they have non-US accounts and certain thresholds are exceeded. It is a separate form to your tax returns and the requirement to file should be reviewed annually. We can produce the forms and assist in the annual review and filing.
Estimates & Projections
With specific reliefs and exemptions available to Americans living in the UK, it can become difficult to calculate tax liabilities and keep on to up the payments you need to make to the IRS and HMRC. We can help with the necessary estimates and help you to manage the process.
Late Filing of Returns
Many Americans are not aware that they continue to have a US tax return filing requirement even if they do not live in the US, and as such it may be that they have not filed US tax returns for many years. The IRS provides a system for such people to ‘catch up’ with their tax filings with reduced filing obligations. If this applies to you feel free to contact us to discuss further.
UK Self Assessment Preparation
As an American living in the UK you are likely to be claiming certain reliefs in the UK to minimise your UK taxes. Claiming these reliefs can result in complicating both your UK and US tax returns, and as such, to ensure information is reported accurately, efficiently and consistently in both jurisdictions it is best to have both your UK and US tax affairs handled by the same advisor. We can handle both for you.
IRS Notices & Audits
As IRS Enrolled Agents, we are able to liaise with the IRS and State tax authorities on your behalf. So you can rest assured that we can take care of IRS and state notices you receive, and handle any audits that may arise.
UK Non Dom Advice
The UK tax rules for Americans and Green Card holders who are resident in the UK but not UK domiciled can be very beneficial. The practicalities of achieving these benefits can be quite involved and often requires that certain processes are followed prior to transactions taking place. We can help you manage the processes and provide assistance in making the most tax effective decisions.
Our experienced staff are able to provide a variety of services to ensure we can deliver our clients a complete solution for their needs. Our personal approach to understanding our clients’ requirements and working closely with them throughout their expat lives, combined with our professional expertise, results in long lasting relationships which often continue after clients have returned home. Explore the list of services we can provide, click on the link for more detailed information or contact us to discuss further.