American UK
Tax
Call:  020 3174 0640

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 with a full understanding of both the UK and US tax systems, we are ideally placed 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. 

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New Reporting Requirement for 2011

 

Americans who hold financial assets outside the United States should be aware that the 2011 tax filing season brings with it an additional requirement 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.

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






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