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Our contact Details:
info@ingletonpartners.com
Tel: +44 (0) 207 183 2251
Fax: +44 (0) 207 681 4489
Office Address:
26-28 Hammersmith Grove
London, W6 7BA
Registered Address:
Berkeley Square House
Berkeley Square
London, W1J 6BD
Our Services
Who We Are
Links
Our contact Details:
info@ingletonpartners.com
Tel: +44 (0) 207 183 2251
Fax: +44 (0) 207 681 4489
Office Address:
26-28 Hammersmith Grove
London, W6 7BA
Registered Address:
Berkeley Square House
Berkeley Square
London, W1J 6BD
UK Tax Returns
US Tax Returns
Global Expatriate Tax Services
Ingleton Partners can assist any US expatriates living outside of the United States regardless of their current location. We are
based in London in the United Kingdom, a centre of knowledge and expertise in international tax issues, which we can apply to those living anywhere in the world.
US citizens and green card holders are taxed wherever they are in the world and as such the majority will be required to file a US Tax Return (Form 1040). We can assist you in the preparation of your US tax return, in particular in those situations where your income exceeds the foreign earned income and foreign housing exclusion and you may need to use foreign tax credits.
The foreign earned income exclusion is currently $97,600 (2012: $95,100), however even if your income is below this level you must still file a tax return in order to claim the exclusion. It is a common misconception that you do not need to file in this scenario. The Form 1040 is due April 15 following the tax year, however those resident overseas get an automatic extension to June 15. A further extension is available if Form 4868 is filed.
Beginning with 2011 tax returns, the IRS brought out a Statement of Specified Foreign Financial Assets (Form 8938) which certain US persons will be required to include with their US Federal tax return to report the maximum value of foreign assets to the extent their value exceeds a certain threshold (there are a number of categories but the minimum threshold in 2011 was $50,000).
Another commonly forgotten form is the TDF 90-22.1 or to everyone but the IRS, Foreign Bank Account Report (FBAR). Broadly, this form is a required filing for US persons who have a financial interest in foreign (non-US) bank accounts with an aggregate balance of more than $10,000 at any point during the calendar year. The form is due June 30 the following year and there is no extension available. The US authorities are becoming more focussed on this form and assessing the penalties associated with it. These begin at $10,000 for non compliance but can be as severe as 50% of the account balance (or even criminal prosecution). Penalties may be abated were the taxpayer can demonstrate reasonable cause.
In addition we are able to advise expatriate individuals on pension planning, trading through foreign partnerships or corporations, membership of such entities and the associated filing implications (Form 8865 for foreign partnerships and Form 5471 for controlled foreign corporations) and foreign trusts of which you may be a grantor or beneficiary (Form 3520).
Should you have any questions on expatriate tax matters, Ingleton Partners will be happy to help.
US citizens and green card holders are taxed wherever they are in the world and as such the majority will be required to file a US Tax Return (Form 1040). We can assist you in the preparation of your US tax return, in particular in those situations where your income exceeds the foreign earned income and foreign housing exclusion and you may need to use foreign tax credits.
The foreign earned income exclusion is currently $97,600 (2012: $95,100), however even if your income is below this level you must still file a tax return in order to claim the exclusion. It is a common misconception that you do not need to file in this scenario. The Form 1040 is due April 15 following the tax year, however those resident overseas get an automatic extension to June 15. A further extension is available if Form 4868 is filed.
Beginning with 2011 tax returns, the IRS brought out a Statement of Specified Foreign Financial Assets (Form 8938) which certain US persons will be required to include with their US Federal tax return to report the maximum value of foreign assets to the extent their value exceeds a certain threshold (there are a number of categories but the minimum threshold in 2011 was $50,000).
Another commonly forgotten form is the TDF 90-22.1 or to everyone but the IRS, Foreign Bank Account Report (FBAR). Broadly, this form is a required filing for US persons who have a financial interest in foreign (non-US) bank accounts with an aggregate balance of more than $10,000 at any point during the calendar year. The form is due June 30 the following year and there is no extension available. The US authorities are becoming more focussed on this form and assessing the penalties associated with it. These begin at $10,000 for non compliance but can be as severe as 50% of the account balance (or even criminal prosecution). Penalties may be abated were the taxpayer can demonstrate reasonable cause.
In addition we are able to advise expatriate individuals on pension planning, trading through foreign partnerships or corporations, membership of such entities and the associated filing implications (Form 8865 for foreign partnerships and Form 5471 for controlled foreign corporations) and foreign trusts of which you may be a grantor or beneficiary (Form 3520).
Should you have any questions on expatriate tax matters, Ingleton Partners will be happy to help.
Tax Planning
US Disclosure