In short – yes. If you’re a US citizen or resident alien, your worldwide income will be subject to income tax, regardless of where you reside. The rules for filing income, estate and gift tax returns are in general the …
How PFIC strategies are affected by currency fluctuations
The ongoing saga of Brexit is causing economic repercussions throughout the UK. From business uncertainty to concerns about trade and product availability, one of the biggest impacts so far is the sharp decline in the pound’s value.
And when it …
Filing your US Taxes Late: Guide for Expats
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 …
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 …
Expat Taxes FAQs
Here are some frequently asked questions to help you get to grips with expat taxes and how to remain compliant. Remember, if you’re unsure of your obligations, always check with a qualified tax advisor.
Do I have to file
…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 …
New IRS Relief Procedures for Certain Former Citizens
New procedures from the IRS are now in force. The Relief Procedures for Certain Former Citizens were announced on 6 September 2019. They allow a certain class of former US taxpayers, who have abandoned their citizenship, an opportunity to become …