UK/US Private Client
Tax Return Preperation
Tax Return Preparation
At the heart of our services, we prepare complicated UK and US tax returns for private clients, trusts, and estates, ensuring accuracy, compliance, and peace of mind.
Our Tax Return Preparation Services
US Federal Tax Return Preparation
US federal tax return preparation is at the core of our business. We ensure compliance with IRS rules, accurate reporting of income/gains, deductions, foreign tax credits and incorporate all international information returns. We get the tax liability right, prevent double taxation and avoid penalties.
US State Income Tax Return Preparation
Whether you are resident in the state full-time, part-time, or not at all, we prepare state tax returns for all states. Most commonly, we will be filing non-resident returns to report state source income from investments, business, property or wages.
UK Tax Return (Self-Assessment) Preparation
Preparing a UK Self-Assessment tax return can be a challenge, especially for those with international sources of income. Whether reporting foreign investments, foreign pensions, carried interest, or foreign trusts, whether you are self-employed, a landlord, entrepreneur or an employee, we can take care of the return and customize the process to you.
US Gift Tax Returns
When a US person makes a gift, whether cash, property, or other assets, it is essential to report it accurately to comply with federal tax laws. Our team identifies taxable gifts, determines applicable exclusions or deductions, and ensures all gifts are reported correctly.
Non-Resident Capital Gains Tax (NRCGT) Returns for UK Residential Property
Since 6 April 2019, non-residents selling any UK property and land must report and pay capital gains tax – currently within 60-days of completion. We help prepare these returns, calculate accurate gains and reliefs, and meet the deadline to avoid penalties.
Capital Gains Tax Returns for Sales of UK Residential Property
UK residents selling UK residential property need to report certain transactions within 60-days of completion. We help calculate the gain as well as reliefs and ensure reports are accurate and timely filed.
Annual Tax on Enveloped Dwellings (ATED)
The ATED return generally applies to companies that own UK residential property. There is an exclusion for properties let to third parties. This annual return reports the valuation of the property and determines the fixed annual tax.
Reporting to IRS for Foreign Partnerships (Form 8865)
Certain US persons, who are partners in non-US partnerships, may be required to include a partnership return with the personal income tax return. We see this most for founders of businesses, non-US family investment partnerships and certain non-US fund investments.
Reporting to IRS for Foreign Companies (Form 5471)
US persons with significant ownership in a foreign (non-US) company are likely required to file Form 5471, a complex corporate return attached to their personal income tax return. For controlled foreign corporations (CFC) there are also anti-deferral tax provisions.
Preparation of the Report of Foreign Bank and Financial Accounts (FinCEN Form 114 - “FBAR”)
US individuals and entities with foreign financial accounts, totalling over $10,000, must file an FBAR annually. Failure to file can result in penalties. We help clients complete and electronically file the FBAR to ensure full compliance.
