Member Since: 27th Aug 2011
American Tax Returns Ltd is a leading firm of dually US and UK qualified tax advisers which prepares both US and UK tax returns and provides sensible practical “joined-up” American and British tax advice; all for a simple fee agreed before starting. The firm is led by David Treitel, one of the best known dually US and UK qualified tax advisers in the UK who serves at committee level with both the ICAEW and the CIOT, the UKs leading professional accounting and tax bodies.
Clients include people from all walks of life where there is an American connection. The kind of people we take care of is truly diverse ranging from academics, entrepreneurs and expatriate employees to those of independent wealth as well as many who are now retired but find that tax has never quite gone away! While most of our clients are up to date, we can and do frequently handle any worries that come from being behind with tax returns.
We specialise in helping make US and UK tax easily understandable for those in the UK. Tax returns can be complicated, confusing, time-intensive and even a tiny bit scary. With over thirty years of practical experience there are simply no forms that we won’t help you to complete, no questions that we can’t answer and no tax that we can’t help you save. No wonder we are often called “the tax expert’s expert”!
Tel: 020 3542 6330
Mobile: 07411 603 220
Managing Director, American Tax Returns Ltd American Tax Returns Ltd
2nd Mar 2020
From a UK perspective the client will hopefully have already disclosed the original investment to HMRC because of the UKs "transfer of assets abroad" rules.
The result in terms of tax are not quite as bad as the question suggests because the US will only tax the proportion that effectively connected and will tax at graduated rates of US tax, rather than the flat withholding rate.
As our firm specialises in US tax, I'd be happy to be involved.
26th Feb 2020
Assuming the income is greater than $5 there is a US Federal filing requirement for the individual. There may additionally be State filing requirements. An ITIN will also be required.
If a PSC is used, the PSC may want to file a protective Form 1120-F.
18th Feb 2020
Great question. In most cases individuals in these circumstances will be US citizens, subject to US tax. Because of the GILTI tax rules one hopes that the UK limited company has elected to be disregarded for US tax purposes.
A US income tax return for 2019 is required to be filed with the IRS by US taxpayers if worldwide income and gains exceed just $5 (!) (married filing separately), $400 (self-employed), $12,200 (single) or $24,400 (married filing jointly). If needed, a US income tax return for 2019 is due to be filed by 15 June 2020; but might easily be extended until 15 December 2020 by filing an IRS Form 4868 by 15 June 2020 - followed by writing a letter to the IRS by 15 October 2020. An FBAR for 2019 must, however, if needed be filed with the US Treasury by 15 October 2020. https://www.irs.gov/individuals/international-taxpayers/taxpayers-living...
30th Jan 2020
A W-9 is used only by a US person. Is this client a US person?
29th Jan 2020
All the US tax returns to prepare for all our American clients here in the UK; the US "tax season" is only just getting going!
27th Jan 2020
Which country is the portfolio based in? Can the manager provide a UK tax report? Is the manager using share pooling for stocks and LIFO for offshore income gains?
12th Jan 2020
From a US tax perspective having an American wife and child means that two-thirds of the family are US citizens, always subject to US tax and reporting whether residing in Canada or the UK.
22nd Dec 2019
Some of you may know that I represent the ICAEW on HMRCs Expat Forum. HMRCs Q&A Log in May 2019 was updated to include the following advice from HMRC:
"Obtaining a UTR
Forum members advised of difficulties in obtaining a UTR when the individual does not have a NINO and/or there is no RTI information available. During the call our Operations representative, xxx Smith, advised that a letter will be created which members can use in this situation. The Operations team have been informed that if they receive any requests with a statement similar to the outline below, it should be clear that no RTI submission is expected, and therefore a standalone Self-Assessment record (and UTR) can be created:-
“We are applying for a UTR for our client and enclose the necessary signed forms SA1 and 64-8.
***T/p Name *** was an inward assignee to the UK. **T/P Name*** was in receipt of taxable earnings for UK workdays in (Tax Year) and needs to submit a Self-Assessment return(s). PAYE was not operated on his/her earnings and as such a standalone SA record is required. Please let us have the UTR and notice(s) to file for ***Tax Year*** only (*or multiple years**)”.
*Delete as appropriate "
David Treitel | Managing Director | American Tax Returns Ltd
The Old Exchange, 12 Compton Road, London, SW19 7QD
Tel: 020 3542 6330
Email: [email protected]
19th Dec 2019
You won't find legislation. All based on case law. Is this gain charged to CGT or is it an OIG charged to income tax?
16th Dec 2019
As the client is a US citizen and the United States charges tax on worldwide income and gains it would unusual that electing to claim the remittance basis would have saved any tax globally. Has the client been filing US income tax returns each year?