HMRC issues tax return forms to individuals working in the UK. If you have other incomes such as self-employment and/or investment income, then you will need to file a tax return and pay the taxes on those additional income streams. You will also need to file a tax return if;

• – If you have income from rental property.
• – Profited from selling stocks and/or shares.
• – You have profited from the sale of a second home.
• – Made capital gains from sales of assets.
• – Received an income from non-UK sources while residing in the UK.

Xerxes Associates LLP can assist you in the preparation of your tax return and further help you to claim any deductions available to you which can further reduce your tax liability and/or allow you to claim a ‘refund’ from HMRC.

If you have not received a tax form from HMRC and need to file one, please register online with HMRC. The sign up process can take up to 14 days to complete – so be sure to do so as soon as possible in order to avoid late filing penalties.

UK Tax Rates for US Expats;

• – Basic rate: 20% for earnings £0-£37,500
• – Higher rate: 40% for earnings £37,501-£150,000
• – Additional rate: 45% for earnings over £150,000

Please note there are some slight differences of the above rates for Scotland.

We can help in preparing and filing your UK & US taxes, including more complex filing requirements such as disclosure and streamlined foreign offshore procedures, tax planning and expatriation, consider giving Xerxes Associates LLP a call and we shall be happy to assist you.

Xerxes Associates LLP are specialist tax advisers for US and UK expats. If you have any queries or want to know more about how we can help you file your Tax Returns with efficiency, please use the contact details above or request a callback and we shall be happy to contact you at a more suitable time.

The UK tax system is known as Her Majesty’s Revenue & Customs or HMRC for short. HMRC operates as the Government tax collection agency for the United Kingdom. HMRC also helps regulate governmental policies such as national minimum wage and state support and welfare.

Key points to remember;

• – The UK tax year falls between April 6th – April 5th.
• – Your electronic UK tax return is required to be filed by the following January 31st.
• – Your paper tax return must be completed and filed by the following October 31st.
• – Automatic extensions are not granted and late submissions are assessed by HMRC on an individual basis but only if you meet certain conditions.

Like the US tax system, your tax is levied as you earn your salary, wages, business income, and investment income. Pay As You Earn (PAYE) taxes are the same as Payroll and include the following;

• – Your income tax.
• – National Insurance contributions.

The tax rate(s) is not set and is subject to change in accordance to your total earnings.

Married Couples – If you are married then you could be in a position to take advantage of the marriage allowance however, married couples are not able to file joint tax returns and are required to file individually.

Xerxes Associates LLP are specialist tax advisers for US and UK expats. If you have any queries or want to know more about how we can help you file your Tax Returns with efficiency, please use the contact details above or request a callback and we shall be happy to contact you at a more suitable time.

Xerxes Associates LLP are expert specialist UK & US tax advisers based in London with over 10 years of valuable experience. As UK and US Tax Accountants, we offer a professional, responsive and personalised service to all US and UK expats.

As UK & US Tax Accountants, Xerxes Associates LLP offer more than just the basic advisory and tax return preparation services. We also offer the following key services to expats in both the United States and United Kingdom.

• – US Federal and State Income Tax Returns.
• – UK Self Assessment Tax Returns.
• – US & UK Disclosures.
• – Personal Tax Planning and Advice.
• – FBAR and ITIN Assistance.
• – Company and Small Business Tax.
• – Streamlined Foreign Offshore Filing Procedure.
• – CFC’s, Form 5471 & GILTI TAX.
• – Exemplary Customer Service.
• – Other Expatriation Services.

Xerxes Associates LLP work closely with US and UK expats from all different backgrounds, circumstances and occupations as well as high-net worth individuals in order to help them through the complexities of US and UK tax compliance requirements.

If you have a query or would like a friendly no obligation chat about your requirements then please get in touch and we shall be happy to assist you.