SERVICES
Our main areas of expertise
UK TAX COMPLIANCE
- Preparation and electronic submission of UK Tax Returns
- Liaising with HMRC on your behalf (if registered as your agent), including dealing with enquiries into your tax affairs.
- Reviewing your UK domicile and residence status, and your optimal filing position
- Dealing with remittance basis issues (e.g. analysing “mixed funds”,)
- Reporting foreign income & gains and claiming foreign tax credits, taking into account the interaction with US taxes and impact of Double Taxation Treaties
- Claiming Overseas Workday Relief where applicable
- Preparing Non Resident Capital Gains Tax returns
- Calculation of Payments on Account required and claims to reduce where applicable
US TAX COMPLIANCE
US citizens and Greencard holders (“permanent residents”) have to file tax returns reporting their worldwide income, regardless of their country of residence and whether any tax is due. Non residents (“Aliens”) of the US may also need to file to report income from US sources. We can help with:
- Preparation of Federal & State tax returns
- Claiming foreign tax credits, including re-sourcing of income and application of Double Taxation Treaties
- Calculation and advice on Estimated tax payment obligations
- Preparation of requests for extension of time to file returns
- Foreign Bank Account Reporting (FBARs)
- Reporting of interests in Passive Foreign Investment Companies (PFICs)
- Expatriation procedures & implications
- Dealing with IRS enquiries
DISCLOSURES – BRINGING YOUR AFFAIRS UP TO DATE
Both the UK and US governments continue to tighten up on non-compliance, and this includes information sharing with financial institutions and between governments (in compliance with FATCA regulations) to identify individuals who do not appear to have reported all of their income.
It is not uncommon for people to have not filed returns because they did not realise they needed to—particularly US persons who have lived outside of the US for many years—and there are disclosure programs to help such people get back on track. We can help you by:
- Liaising with HMRC and / or the IRS on your behalf
- Finding the best way to bring your tax affairs up to date, including use of voluntary disclosure programs to minimise any penalties due. E.g. the Streamlined Filing Compliance Program in the US (under which eligible taxpayers can bring themselves up to date by filing the most recent 3 years of overdue tax returns and the most recent 6 years of FBAR’s), and the Worldwide Disclosure Facility offered in the UK by HMRC
TAX PLANNING & ADVICE
The UK and US tax systems have become increasingly complex, with many changes over recent years. We can help you understand the implications of these changes for you, and help you plan for changes in your circumstances. Examples include:
- Dealing with changes to UK tax rules for “non-doms”, and becoming deemed domiciled
- Pension planning, including contribution limits and international aspects
- Optimisation of foreign tax credits and timing of payments
- Remittance planning, including the taxation of mixed funds
- Understanding capital gains tax, including the implications of property sales
- Understanding the taxation of overseas investments, including offshore funds
- Advice regarding tax efficient planning for employment assignments
- International social security issues (e.g. Certificate of Coverage eligibility)
- Taxation of Carried Interest and Co-investment structures
