We offer a variety of different services to suit your UK and US tax needs, information on these can be found across the relevant pages on this website.
Federal Tax Return
Whether you’re based in the US or the UK, it’s essential for US citizens, Green Card holders and residents to correctly file their US Federal Tax form (FORM 1040).
The US tax system in intricate and complicated but our experts can give you the peace of mind that everything has been filed correctly.
We have years of experience in the accounting and filing of Federal Tax Returns and having worked with various clients on their various needs, we have a working knowledge of what needs to be filed and when.
Foreign Accounts Tax Compliance (FATCA)
There have been large scale changes to the tax climate in the past few years, with the introduction of the Foreign Accounts Tax Compliance Act posing one of the most significant. This change requires financial institutions to disclose the details of US citizens to the relevant tax authorities.
As a result, it’s more important than ever to ensure accurate reporting and filing of accounts and assets.
We have successfully assisted numerous clients in the reporting of their financial information, ensuring that it is accurate and consistent, avoiding any problems along the way.
Foreign Bank Accounts Reporting (FBAR)
Under the Bank Secrecy Act, it is now a requirement for certain people to file a Foreign Bank Accounts Report (FBAR).
If you are an account holder or a signature authority over any foreign bank account and that account has a combined total of 10k, you must file a Foreign Bank Accounts Report annually.
The penalties for non-failure or inaccuracy are steep, with financial and criminal penalties on the table.
It’s not worth the risk but we can help you be sure that you are always filing correctly.
Optimisation between foreign earned income exclusions and foreign tax credits
The foreign tax credit can significantly reduce your tax burden but there are some complicated rules and inferences that can hinder its correct use.
In particular the rule that prohibits you from ‘double dipping’, meaning that you can’t use the 2555 and the 1116 form on the same source of foreign income.
As experienced accounts, we have assisted many people in optimising their foreign credit to reduce the tax burden that they face and we can help you to ensure you utilise the options that best suit your particular circumstances.
Streamlined Foreign Offshore Procedures (SFOP)
The Amnesty Streamlined Filing Procedure has already helped thousands of Americans to catch up with their taxes whilst simultaneously avoiding any penalties or additional costs.
The scheme was created to help those who have historically failed to submit, preventing those who have made genuine errors from facing extortionate tax penalties.
Our Amnesty Streamlined Filing Procedure service provides you with support in correctly submitting:
- The past three years of delinquent federal tax returns – submitting these will stop IRS from looking back any further than your return from three years ago, even if you have decades of non-submissions
- The past six years of Foreign Bank Accounts Reporting
- Confirmation Certification / Personal Statement Form 14653
- Filing FBARs electronically
As an expert US tax accountancy, we are well equipped to assist you in taking advantage of this scheme and can help you to save thousands in the process.