Late filing is not uncommon
Whilst the vast majority of expats know the deadlines and endeavour to meet them, late US tax filing after the deadline is not as uncommon as you might think. The IRS and US tax authorities …
All Posts by David Holmes
New Year, new Tax Regime if Labour win the election – exploring five anticipated changes
Apparently, it’s time for another general election in the UK and as a tax adviser that inevitably means the possibility of real change to the existing tax regime in the UK. Clients may want to look closely at Labour’s tax …
5 Issues for UK Resident Beneficiaries of US Trusts
When a US person moves to the UK they can bring with them connections to US personal or family trusts that lead to significant UK tax issues and tax bills. We frequently come across US expats who are UK resident …
Tax Fairness for Americans Abroad Act Update
In late 2018 Congressman George Holding, US Representative from North Carolina, introduced a bill called the Tax Fairness for Americans Abroad Act of 2018 just before the Congressional holiday recess. The bill, also known as, H.R. 7358. This bill …
Filing taxes as an American in the UK – US Expat Taxes explained
As an American living in the UK, you will find yourself in the unenviable situation of needing to file both US and UK tax returns. A complex affair, we believe it’s vital for taxpayers to have an understanding of their …
IRS Amnesty Programs
An Amnesty Program provides qualifying taxpayers with an opportunity to avoid penalties and fees by coming into compliance. Typically, such programs require delinquent taxpayers to pay back an agreed lump sum which, once paid, forgives certain tax liabilities accrued from …
Expat Taxes 101: How to file a State Tax Return
As an expat you are regularly reminded that you need to file a Federal Tax Return each year in order to stay compliant with the IRS. Of equal importance and often overlooked, expatriates also need to file state tax returns. …
Time to complete your US Expat Taxes – US tax deadlines
Just like taxpayers living in the United States, expats living and working in another country as a U.S citizen are also required to file U.S tax returns and pay any taxes due.
2018 Tax Year Deadlines
If you’re living abroad, …
The mismatch in UK and US taxation of rental property income
Changes to the UK taxation of rental property are increasing the taxes on an individual’s rental and for US persons, taking the UK and US tax treatment further apart. The UK will now only allow limited tax relief for mortgage …
The US taxation of a mortgage foreign exchange gain
For US tax payers living overseas, the redemption, re-arrangement or capital repayment on a mortgage that is not denominated in USD can result in gains being realised and US tax becoming due with their Federal tax return. This is because …