Tax Advice for US Citizens in the UK

If you are an American citizen living and working in the UK, you need to be aware of and compliant with both UK and US tax regulations. Common issues may arise if you are unaware of certain regulations, but with the right advice these can be avoided.

When is the US tax year?

The US tax year aligns with the calendar year, running from 1st January to 31st December, with the UK tax year running … Continue Reading

How the American FATCA Legislation is Affecting Britons.

In 2010 new legislation was passed in the US designed to prevent tax avoidance by American citizens working overseas, particularly in Europe. However, as of July this year the “Foreign Account Tax Compliant Act” (or FATCA) also applies in the United Kingdom and could affect British citizens and British companies. The total cost to British companies and individuals has been esti… Continue Reading

Tax solutions for US citizens in the UK

We at Tuchbands have just been through this year’s IRS return filings for our US citizen clients. We work closely with a specialist firm of US accountants based in UK to ensure that our clients receive a seamless service for filing both a UK and US tax returns. One feature of the US tax filing is the set of forms known as FBARS which stands for Foreign Bbank and Financial Accounts R… Continue Reading

Residence New Rules From 6TH APRIL

The Statutory Residence Test comes into effect on 6th April. For non UK residents and those planning to be non resident now is the time to plan for the new regime. The new rules are summarised as follows: You are automatically UK resident if: 1. If you spend more than 183 days or more in the UK  or 2. You have a home in the UK for at least 90 days, you are present in that home for at least 30 separ… Continue Reading

US Citizens in the UK

A conditional bilateral agreement between the US and UK tax authorities has recently been signed. Under the agreement (which has still to receive parliamentary approval) banks will pass information on US account holders to HMRC who will then notify the IRS. This is just a further measure brought about by the IRS to capture information on US citizens living abroad who are required… Continue Reading