As people are living longer, keeping more of your money in the family has never been more important. Big mistakes can sometimes begin with something as little as a checkmark in the wrong box. These mistakes can easily be prevented.
You don’t have to be rich to have something of value to pass on to the next generation, and taxes plays such a vital role in the retirement planning process that it’s never too late or too early to start preparing.
Inefficiencies, mistakes, and opportunities are often overlooked without the help of an expert eye. Let us help you keep more of your money and protect the people that you love most. Get a headstart on estate and tax planning today.
TAX
Bespoke tax advice and compliance services, wherever you choose to live in the world.
We help clients by preparing US and UK tax returns. Our team has the expertise to navigate these complex tax systems and to ensure that those with international elements to their financial and tax affairs are fully compliant and are able to take full advantage of the allowances available to them.
Sound and expert advice on all aspects of UK and US tax planning.
US Citizens
US citizens are subject to US income tax as a result of their citizenship and not their residency. This means that if you are a US citizen living outside of the United States, you will still need to file a US tax return (subject to certain thresholds) and possibly pay US income tax on your worldwide income.
There may also be an obligation to file US foreign bank account forms if the combined maximum balance for all of your non-US bank accounts amount to more than $10,000.
Green card holders
US Green card holders have a US tax return filing obligation (subject to the thresholds above) no matter where they live. Green card immigration status remains with you until you formally renounce your green card.
US resident aliens
If you are resident in the United States (as determined by a “days of presence” test) you are required to file a US tax return to report your worldwide income (subject to the thresholds).
Non-resident aliens
In US tax terms, this is everybody else in the world not detailed above. If you are a non-resident alien but have US source income of almost any type, you will need to file a non-resident US tax return (1040NR).
What services do we offer for American taxpayers?
US federal tax returns
US tax returns for US citizens and Green Card holders must include worldwide income, which will often necessitate a claim for a credit for the tax paid in a foreign county (foreign tax credit) and /or a claim for the foreign earned income exclusion. US tax returns for individuals living outside of the US tend to be quite complicated and normally require a specialist tax preparer to complete them correctly.
US federal income tax returns for non-residence US source income are reported on a separate form and can be just as complex. We have the expertise to ensure your non-resident return is completed correctly.
US state tax returns
The majority of US states have their own income tax systems with separate tax returns to be filed. Many of these states do not have minimum filing thresholds, therefore as little as one work day in the State could trigger a filing requirement. Filing requirements will also arise if an individual earns various types of investment income depending on the nature.
Foreign bank account reporting
US persons with interests in non-US financial accounts have an increased reporting requirement as a result of the FATCA rules. We can help simplify all aspects of this process.
Advice
We can provide advice on all types of US income tax queries and estate planning.
Below is our full list of US services:
- US return preparation
- US Tax advice
- FATCA advice
- Non-resident Aliens
- Business owners
- High Net Worth individuals
- Passive foreign investment
- Expatriation
- Prior Year Returns/Non-filer and streamline programs
- US residents living abroad
- Foreign Bank Account form
- Foreign Earned Income exclusion
- Foreign Tax Treaties
Contact us today for a free, no-obligation consultation, and one of our financial tax experts will get back to you.
