American UK
Tax Solutions
Call:  020 3174 0640

Tax Made Simple


Dealing with the tax system of one country can be frustrating enough, but when you have to deal with the tax systems of two countries it can become a real challenge!

 

The issues are often particularly acute for US nationals who move abroad because of their ongoing obligation to file US tax returns and their continuing liability for US taxation on their worldwide income.

 

The problems are exacerbated by the fact that the vast majority of tax advisers fully understand their home country’s system but generally have only a hazy understanding of overseas tax systems.  Unless you understand how both systems work, any tax planning you do to improve your position in one country may just make it worse in the other.

 

That is where we come in. Whether you are an individual or a business, our knowledge of both the US and UK tax systems ideally places us to advise you not only on how to meet the obligations of the IRS and HM Revenue & Customs, but also on how to manage your tax affairs in order to minimise your tax bills and optimize your financial position. 


We offer the convenience and time saving option of having all your US and UK tax filing needs met from one point of contact. 


Contracting in the UK

 

Americans setting up their own Limited Company in the UK need to be aware of the US tax consequences and additional tax reporting requirements which include possible stiff penaties for failure to comply  


Find out about: Contracting in the UK


IRS Re-Opens Offshore Voluntary Disclosure Program

 

The IRS has reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4bn so far from the two previous international programs.


The program is similar to the 2011 program but there is no set deadline for people to apply.  However the terms of the program could change at any time going forward.  More details here


FBAR Deadline & Electronic Filing 

Remember that the filing deadline for the FBAR is 30 June. No extension is is possible. It is possible to e-file the FBAR.  Find out more here.    

IRS Announces Efforts to Help U.S. Citizens Overseas 

In the autumn of 2012 the IRS announced a new procedure to help  U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations. The new procedure allows taxpayers who are low compliance risks to get current with their tax requirements without facing penalties or additional enforcement action. These people generally will have simple tax returns and owe $1,500 or less in tax for any of the covered years.

More details here.
 Investing In US Property

 

UK residents need to be think carefully about the tax implications of using an LLC to invest in US property


Find out more: Investing In US Property

New Reporting Requirement for 2011 onwards

 

Americans who hold financial assets outside the United States should be aware that from the 2011 tax filing season owards, an additional requirement was introduced for many to file form 8938 "Statement of Foreign Financial Assets".

 

Americans (and Green Card holders) living outside the US will need to file if their specified financial assets exceed: $200,000 if you are single or married filing separately or $400,000 if you are married filing jointly.

 

Find out more here 


For Help on US / UK tax issues contact American UK Tax Solutions

e-mail: info@americanuktaxsolutions.com  or call +44 (0)20 3174 0640

American UK Tax Solutions is a trading name of Timothy Johnson Limited a firm of Chartered Accountants