US tax returns and tax planning
At Ingleton Partners we have been preparing US taxes for Americans living in the UK for over 10 years. Experts in all aspects of US tax legislation including complex tax returns and late filings, our specialist team can assist with all aspects of your expat taxes.
UK taxes for US citizens
No matter where you reside, all US citizens and Green Card holders must (if they meet the minimum filing thresholds) file an annual tax return reporting their worldwide income. Not only can we assist with the preparation of individuals Federal and State tax returns, we can also use this opportunity to consider your assets and investments and their tax efficiency.
Many of our clients have lived in the UK for a number of years and will have large parts of their life arranged in the UK, for these people our ability to handle both UK and US taxes will be invaluable to ensure taxes are paid to the right jurisdiction, foreign tax credits are claimed where necessary, the Treaty between the two countries are considered and penalties are avoided. Plus, do not forget all the reporting for foreign assets and accounts which includes the separate foreign bank account report filing which is actually a separate return.
We can advise 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). In many cases, that will involve the determination of how the UK tax situation of UK plans and entities will interact with the US tax laws which is our firm’s specialism.
Filing US tax returns
For US citizens, Green Card holders and residents it is generally necessary to file a US Federal Tax Return (Form 1040) even if they are resident in the UK. In addition, certain non US persons may have a US filing requirement where they have investments in the US or conduct business in the US or travel to the US as part of their employment. These individuals will be required to file a non resident tax return (Form 1040-NR). Even where the tax treaty between the UK and US applies many US states may still have a filing requirement.
How can we help
The climate has changed significantly in recent years with the introduction of Foreign Account Compliance Tax Act (FATCA) which requires financial institutions to disclose details of US citizens to tax authorities making accurate compliance and disclosure of foreign accounts and assets more important than ever.
We have successfully assisted many individuals and businesses with their US tax returns, no matter how complex. At Ingleton Partners we can also assist anyone who is behind on their US taxes. For more information take a look at our US disclosure page or US tax deadlines guide.