There are many misconceptions about the tax implications of making gifts. Consequently, efficient methods may not be utilised in gifting which may result in an avoidable tax bill. From exemptions and allowances, to capital gains taxes, we explore the different …
UK & US Taxes
Coronavirus Aid Relief and Economic Security (CARES) – Retirement Distributions
The Coronavirus Aid Relief and Economic Security (CARES) Act has removed the 10% penalty for early withdrawals from retirement plans, if the withdrawal is for “Coronavirus related distributions”.
This applies to all defined retirement plans such as:
- 401(K)
- 403(B)
- 457(B)
What’s the difference between domicile and residence?
If you have lived abroad or are planning to work or move abroad for a significant period of time, or you have moved to the UK from overseas, then you may have already heard residence and domicile used fairly interchangeably. …
Taxes Through The Ages
The process of taxation has been imposed on billions of taxpayers for many years, but for how long? Let’s take a step back in time and see how taxes have changed throughout the ages.
Taxation in Ancient Egypt?
That’s right! …
UK & US Tax – Guidance for Dual Citizens
Whilst dual citizenship can be beneficial in ways such as ease of access to work in either country, being a dual citizen can make other aspects such as tax more complicated. If you are a dual citizen of the UK …
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 …
Will the newest royal baby have to pay US taxes
The newest member of the royal family, Archie Harrison Mountbatten-Windsor was born as the seventh in line to the British throne. He’s also considered a US citizen, as his mother has yet to gain UK citizenship. As such, he joins …
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 …
