In-Depth Overview of Xerxes Associates LLP's Tax Services For US Expats

In-Depth Overview of Xerxes Associates LLP’s Tax Services For US Expats

Xerxes Associates LLP is a renowned tax advisory firm specialising in providing expert US and UK tax services to expatriates and high-net-worth individuals. Located in London, the firm leverages over a decade of experience to offer comprehensive, personalised tax solutions.

Key Services:

US Federal and State Income Tax Returns

    • Preparation and submission of US tax returns, ensuring compliance with IRS and state regulations.
    • Expertise in handling complex tax situations for US expatriates living in the UK.

UK Self Assessment Tax Returns

    • Completion of UK Self Assessment Tax Returns with qualified ICAEW accountants.
    • Specialised assistance for UK residents with dual tax obligations.

Expatriation Services

    • Guidance and support for individuals considering or undergoing expatriation.
    • Detailed advice on the tax implications of renouncing US citizenship.

Personal Tax Planning and Advice

    • Customised tax planning to optimise personal tax liabilities.
    • Strategies to minimise tax burdens through effective planning and compliance.

FBAR and ITIN Assistance

    • Assistance with the Foreign Bank Account Report (FBAR) and obtaining Individual Taxpayer Identification Numbers (ITIN).
    • Ensuring compliance with US regulations on foreign financial accounts.

Company and Small Business Tax

    • Tax services tailored for small businesses and corporate clients.
    • Expertise in navigating the tax complexities faced by businesses operating across the US and UK.

Consultations and Planning

    • In-depth consultations for future tax planning, including potential moves, family, or business changes.
    • Expert advice on managing tax obligations efficiently.

Streamlined Filing Package

    • Services for US taxpayers who need to catch up with overdue tax filings.
    • Assistance with the Streamlined Filing Compliance Procedures to mitigate penalties.

CFCs, Form 5471 & GILTI

    • Specialised support for Controlled Foreign Corporations (CFCs) and Global Intangible Low-Taxed Income (GILTI) filings.
    • Expertise in completing Form 5471 for US shareholders of foreign corporations.

Cryptocurrency Tax

    • Comprehensive tax services for individuals dealing with cryptocurrency transactions.
    • Ensuring accurate reporting and compliance with both US and UK tax laws.

Benefits and Expertise

Xerxes Associates LLP offers significant benefits through their expert knowledge and personalised approach:

  • Experienced Advisors: A team of highly qualified tax advisors with deep knowledge of US and UK tax systems.
  • Customised Solutions: Tailored services that meet the specific needs of each client, ensuring optimal tax outcomes.
  • Compliance Assurance: Ensuring full compliance with both US and UK tax regulations, reducing the risk of penalties and fines.
  • Comprehensive Support: From tax planning to return preparation and filing, providing end-to-end support for all tax-related needs.

Contact and Further Information

For more details about Xerxes Associates LLP’s comprehensive tax services, visit their website or contact their team for personalised advice and support tailored to your specific tax needs.

For additional details and personalised tax support, please visit Xerxes Associates LLP.

Personalised Approach

Xerxes Associates LLP prides itself on its personalised service. The firm works closely with US and UK expats from varied backgrounds, circumstances, and occupations, including high-net-worth individuals. This collaborative approach ensures that each client receives customised solutions that address their unique tax situations and goals.

Commitment to Clients

Whether you are an expat dealing with the complexities of dual taxation, a small business owner navigating cross-border tax issues, or a high-net-worth individual seeking strategic tax planning, Xerxes Associates LLP is equipped to assist you. The firm’s commitment to exemplary customer service and professional integrity guarantees that your tax matters are handled with the utmost care and expertise.

Get in Touch

If you have a query or would like to discuss your requirements in a friendly, no-obligation chat, Xerxes Associates LLP invites you to get in touch. Their team is ready to provide the assistance and support you need to navigate the complex world of UK and US taxation with confidence.

Contact Xerxes Associates LLP today to learn more about how their expert services can benefit you.

By choosing Xerxes Associates LLP, you are not just hiring tax accountants; you are partnering with a team dedicated to ensuring your financial success and compliance across borders.

Commonly Asked Tax Questions By US Expats Working In The UK

Commonly Asked Tax Questions By US Expats Working In The UK

Q1: What services does Xerxes Associates LLP offer? A1: Xerxes Associates LLP specialises in US and UK tax services, including income tax returns, expatriation advice, personal tax planning, FBAR and ITIN assistance, company tax, consultations, and cryptocurrency tax services.

Q2: Who can benefit from Xerxes Associates LLP’s services? A2: US expatriates, UK residents with dual tax obligations, high-net-worth individuals, small businesses, and corporate clients can all benefit from their expertise.

Q3: How can Xerxes Associates LLP help with expatriation? A3: They provide detailed advice on the tax implications of renouncing US citizenship and support through the expatriation process.

Q4: What is the Streamlined Filing Package? A4: This service assists US taxpayers in catching up with overdue tax filings through the Streamlined Filing Compliance Procedures, helping mitigate penalties.

Q5: Can Xerxes Associates LLP assist with cryptocurrency tax? A5: Yes, they offer comprehensive tax services for individuals dealing with cryptocurrency transactions, ensuring compliance with US and UK tax laws.

Q6: How can I contact Xerxes Associates LLP for more information? A6: Visit their website for detailed information and contact options for personalised tax advice and support.

Q7: What is FBAR, and why is it important? A7: FBAR stands for Foreign Bank Account Report. US citizens and residents must report foreign financial accounts exceeding $10,000 at any time during the calendar year. Xerxes Associates LLP helps ensure compliance to avoid significant penalties.

Q8: How does Xerxes Associates LLP assist with Form 5471 and GILTI? A8: They provide specialised support for Controlled Foreign Corporations (CFCs) and help clients complete Form 5471. They also offer expertise in managing Global Intangible Low-Taxed Income (GILTI) obligations.

Q9: Can Xerxes Associates LLP help with both personal and business tax planning? A9: Yes, they offer comprehensive tax planning services for individuals and businesses, optimising tax liabilities and ensuring compliance with US and UK tax regulations.

Q10: What are the benefits of using Xerxes Associates LLP for dual tax obligations? A10: They provide tailored advice and solutions for managing tax obligations in both the US and UK, ensuring clients are fully compliant and minimising their overall tax burden.

Q11: How does Xerxes Associates LLP approach tax consultations? A11: They offer in-depth consultations to understand clients’ unique tax situations, providing strategic advice and planning for future tax obligations, potential relocations, and significant life changes.

Q12: What makes Xerxes Associates LLP different from other tax advisory firms? A12: Their expertise in both US and UK tax systems, personalised approach, and comprehensive range of services make them uniquely equipped to handle complex tax situations for expatriates and high-net-worth individuals.

Q13: How do I get started with Xerxes Associates LLP? A13: You can get started by visiting their website and contacting their team to schedule a consultation or request specific tax services.

For additional details and personalised tax support, please visit Xerxes Associates LLP.

Personalised Approach

Xerxes Associates LLP prides itself on its personalised service. The firm works closely with US and UK expats from varied backgrounds, circumstances, and occupations, including high-net-worth individuals. This collaborative approach ensures that each client receives customised solutions that address their unique tax situations and goals.

Commitment to Clients

Whether you are an expat dealing with the complexities of dual taxation, a small business owner navigating cross-border tax issues, or a high-net-worth individual seeking strategic tax planning, Xerxes Associates LLP is equipped to assist you. The firm’s commitment to exemplary customer service and professional integrity guarantees that your tax matters are handled with the utmost care and expertise.

Get in Touch

If you have a query or would like to discuss your requirements in a friendly, no-obligation chat, Xerxes Associates LLP invites you to get in touch. Their team is ready to provide the assistance and support you need to navigate the complex world of UK and US taxation with confidence.

Contact Xerxes Associates LLP today to learn more about how their expert services can benefit you.

By choosing Xerxes Associates LLP, you are not just hiring tax accountants; you are partnering with a team dedicated to ensuring your financial success and compliance across borders.

UK & US Tax Accountants & Advisers: Xerxes Associates LLP

UK & US Tax Accountants & Advisers

UK & US Tax Accountants & Advisers: Xerxes Associates LLP

Navigating the intricate landscape of international taxation requires expertise, precision, and a personalised approach. Xerxes Associates LLP, a premier tax advisory firm based in London, embodies these qualities with over a decade of valuable experience in handling UK and US tax matters. Specialising in tax services for expatriates, Xerxes Associates LLP offers a comprehensive suite of solutions designed to address the unique challenges faced by US and UK expats.

Expertise and Experience

Xerxes Associates LLP has built its reputation on a foundation of deep expertise and extensive experience. With over 10 years in the field, the firm’s team of tax accountants is well-versed in both UK and US tax laws. This dual proficiency allows them to provide seamless, integrated services that cater to the specific needs of expatriates, ensuring compliance and optimising tax outcomes.

Comprehensive Services for Expats

The firm’s offerings go beyond basic tax advisory and return preparation services. Xerxes Associates LLP provides a wide range of key services tailored to the needs of US and UK expats:

  • US Federal and State Income Tax Returns: Comprehensive preparation and filing of US federal and state tax returns, ensuring accuracy and compliance with the latest regulations.
  • UK Self Assessment Tax Returns: Assistance with UK self-assessment tax returns, helping clients meet their obligations efficiently.
  • US & UK Disclosures: Expert handling of necessary disclosures in both countries, minimising the risk of penalties.
  • Personal Tax Planning and Advice: Strategic tax planning and personalised advice to optimise tax liabilities and enhance financial well-being.
  • FBAR and ITIN Assistance: Guidance on Foreign Bank Account Reports (FBAR) and Individual Taxpayer Identification Numbers (ITIN), crucial for maintaining compliance.
  • Company and Small Business Tax: Specialised services for expats running businesses, addressing both corporate and personal tax issues.
  • Streamlined Foreign Offshore Filing Procedure: Assistance with the streamlined filing compliance procedures for those needing to disclose foreign income.
  • CFC’s, Form 5471 & GILTI Tax: Expertise in Controlled Foreign Corporations (CFCs), Form 5471 filings, and the Global Intangible Low-Taxed Income (GILTI) tax, critical for expats with foreign investments.
  • Exemplary Customer Service: Commitment to providing responsive, professional, and personalised service, ensuring clients receive the attention and support they need.
  • Other Expatriation Services: A broad array of additional services designed to meet the diverse needs of expatriates.

Personalised Approach

Xerxes Associates LLP prides itself on its personalised service. The firm works closely with US and UK expats from varied backgrounds, circumstances, and occupations, including high-net-worth individuals. This collaborative approach ensures that each client receives customised solutions that address their unique tax situations and goals.

Commitment to Clients

Whether you are an expat dealing with the complexities of dual taxation, a small business owner navigating cross-border tax issues, or a high-net-worth individual seeking strategic tax planning, Xerxes Associates LLP is equipped to assist you. The firm’s commitment to exemplary customer service and professional integrity guarantees that your tax matters are handled with the utmost care and expertise.

Get in Touch

If you have a query or would like to discuss your requirements in a friendly, no-obligation chat, Xerxes Associates LLP invites you to get in touch. Their team is ready to provide the assistance and support you need to navigate the complex world of UK and US taxation with confidence.

Contact Xerxes Associates LLP today to learn more about how their expert services can benefit you.

By choosing Xerxes Associates LLP, you are not just hiring tax accountants; you are partnering with a team dedicated to ensuring your financial success and compliance across borders.

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UK & US Tax Accountants & Advisers: Xerxes Associates LLP

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In-Depth Overview of Xerxes Associates LLP's Tax Services For US Expats

In-Depth Overview of Xerxes Associates LLP’s Tax Services For US Expats

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The Benefits of Hiring a Tax Accountant for US Citizens Employed in the UK

The Benefits of Hiring a Tax Accountant for US Citizens Employed in the UK: Spotlight on Xerxes Associates LLP

Navigating the complexities of international tax laws can be a daunting task, especially for US citizens employed in the UK. The interplay between two different tax systems—each with its own regulations, deadlines, and reporting requirements—necessitates professional assistance to ensure compliance and optimise tax outcomes. This is where a reputable tax accountant like Xerxes Associates LLP can make a significant difference. Below, we explore the benefits of hiring a specialised tax accountant for US citizens working in the UK.

1. Expertise in Dual Taxation Systems

One of the foremost advantages of hiring a tax accountant like Xerxes Associates LLP is their expertise in both US and UK tax laws. US citizens are subject to worldwide income taxation, meaning they must report their global earnings to the IRS, even while living abroad. Simultaneously, they must comply with the UK’s tax regulations. Xerxes Associates LLP has professionals who are well-versed in the nuances of both tax systems, ensuring that clients remain compliant and avoid costly penalties.

2. Maximising Tax Benefits and Deductions

Professional tax accountants can help identify and maximise applicable deductions, credits, and exclusions. For example, the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC) are key provisions that can significantly reduce a US taxpayer’s burden. Xerxes Associates LLP can assist in accurately calculating and claiming these benefits, potentially saving clients thousands of dollars annually.

3. Avoiding Double Taxation

Double taxation—being taxed on the same income by both the US and UK—can be a major concern for expatriates. Xerxes Associates LLP employs strategies to mitigate this risk, ensuring that tax treaties and agreements between the two countries are effectively utilised. This might involve detailed knowledge of the US-UK Tax Treaty and applying for the necessary credits to prevent paying tax twice on the same income.

4. Streamlined Tax Filing Process

Filing taxes in two countries can be complex and time-consuming. Xerxes Associates LLP offers streamlined services to handle all aspects of tax preparation and filing, including the coordination of deadlines and the compilation of required documentation. This reduces the administrative burden on the client, allowing them to focus on their professional and personal lives without the stress of tax season.

5. Strategic Financial Planning

Beyond tax preparation and filing, Xerxes Associates LLP provides strategic financial planning services. This includes advice on retirement planning, investment strategies, and estate planning, all of which can have tax implications in both the US and UK. Their holistic approach ensures that financial decisions are made with a comprehensive understanding of their tax impacts, leading to more effective long-term planning.

6. Personalised Service and Support

Xerxes Associates LLP prides itself on offering personalised service tailored to the unique needs of each client. For US citizens employed in the UK, this means receiving customised advice and solutions that consider their specific financial situation, career goals, and personal circumstances. This level of personalised service can make a substantial difference in navigating the complexities of international taxation.

7. Staying Updated with Tax Law Changes

Tax laws are continually evolving, with changes that can impact expatriates in significant ways. A specialised tax accountant stays abreast of these changes and understands how they affect their clients. Xerxes Associates LLP ensures that their clients are informed about relevant tax law changes and adjustments, enabling proactive tax planning and compliance.

Conclusion

For US citizens employed in the UK, hiring a tax accountant like Xerxes Associates LLP offers numerous benefits. From expertise in dual taxation systems to personalised financial planning and staying current with tax law changes, their comprehensive services ensure that expatriates can manage their tax obligations efficiently and effectively. By leveraging the knowledge and experience of professional tax accountants, US citizens can focus on their careers and personal lives, confident that their tax matters are in capable hands.

Get in Touch

If you have a query or would like to discuss your requirements in a friendly, no-obligation chat, Xerxes Associates LLP invites you to get in touch. Their team is ready to provide the assistance and support you need to navigate the complex world of UK and US taxation with confidence.

Contact Xerxes Associates LLP today to learn more about how their expert services can benefit you.

By choosing Xerxes Associates LLP, you are not just hiring tax accountants; you are partnering with a team dedicated to ensuring your financial success and compliance across borders.

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Transparent US UK Tax Affairs & Voluntary Disclosure

Transparent US UK Tax Affairs & Voluntary Disclosure

In light of the global development and implementation of information-sharing legislation (for instance, FATCA which mandates financial entities to disclose details about US account holders to the IRS), maintaining accurate and current tax affairs has become increasingly crucial.

Over the last ten years, the IRS has heightened its scrutiny of US citizens residing abroad, enforcing strict adherence to tax returns and information returns filing, along with accurate declaration of all foreign accounts and assets. Consequently, numerous individuals are realising that their filings are not up-to-date, prompting them to contemplate voluntary disclosure.

The Implications of Not Filing Your Tax Returns

Neglecting to declare a foreign bank account or failing to file US tax returns can lead to severe repercussions, possibly necessitating a voluntary disclosure.

Fortunately, Xerxes Associates LLP is adept at guiding clients through their voluntary disclosure alternatives, encompassing streamlined compliance procedures and voluntary disclosure programmes.

If you identify as a US person – which includes citizens, Green Card holders, and those meeting the substantial presence criterion – possess a non-US bank account either in the UK or another nation, and haven’t filed a FBAR or US tax return, it’s probable that there are filing requisites you have overlooked. Moreover, companies and trusts are subject to additional reporting requirements.

Navigating Late Tax Return Filings

At Xerxes Associates LLP, we excel in assisting individuals who haven’t previously filed the necessary US tax and information returns. We empathise with the potential distress and anxiety stemming from unintentional errors and the hefty fines levied for late submissions. Allow us to support you in this endeavour.

We are always open to conducting a preliminary discussion concerning voluntary disclosure, analysing your specific circumstances and exploring the potential solutions, without any commitment from your side.

Being dual UK and US practitioners based in the UK, we are well-versed with the intricacies of UK taxation and can adeptly assist you with the necessary disclosures.

IRS Streamlined Foreign Offshore Procedures

In 2014, the IRS broadened the scope of the streamlined filing compliance procedure, facilitating overseas Americans to submit overdue US tax returns, a scheme initially launched in 2012. This initiative permits delinquent taxpayers abroad to come into compliance without facing penalties and additional charges, with a more inclusive eligibility criteria and the abolishment of all penalties linked to late filings or payments.

For the majority of individuals reaching out to us, this streamlined procedure tends to be the preferred pathway. This IRS-approved procedure is generally accessible to all taxpayers, provided they haven’t been under any prior or ongoing civil or criminal investigation by the IRS, and can affirm their non-wilful actions. It’s vital to acknowledge that the IRS may cease this procedure at any moment.

We welcome the opportunity to review your case and determine the likelihood of your eligibility for the streamlined procedure, and to discuss potential waivers concerning penalties and necessary filings.

Voluntary Disclosure Process

Individuals uncertain of their non-wilful omissions and hence, possibly ineligible for the streamlined procedure, the IRS still offers a voluntary disclosure pathway.

Since the closure of the previous offshore voluntary disclosure programme in September 2018, the current approach grants more latitude to IRS agents in determining suitable civil penalties. This now encompasses a potential 75% tax liability penalty for tax returns and civil penalties for deliberate failure to file FBARs, although exemptions might be applicable in extreme cases.

Engaging in voluntary disclosure necessitates an initial criminal pre-clearance with the IRS Criminal Investigations, followed by submission of returns and agreement on taxes and penalties with the IRS Large Business & International division.

This method might seem more punitive, but IRS agent discretion allows for penalty mitigation under specific circumstances. In all scenarios, it presumes complete cooperation from the taxpayer and a mutual agreement with the IRS regarding taxes and penalties.

Expert Assistance with Late Filing Services

Understanding the strain of lagging in your US tax commitments, we at Xerxes Associates LLP are equipped with the expertise to help US expats become up-to-date with their filings. For further information on your obligations or assistance in determining the most suitable options, contact us today or submit an enquiry online.

Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.

US Expat Taxes On Self-Employment And Social Security

US Expat Taxes On Self-Employment And Social Security

It’s common knowledge in the realm of expat taxation that U.S. citizens residing abroad encounter a range of unique tax challenges and opportunities. This holds particularly true for self-employed expats, as their income may be subject not only to U.S. income taxes but also U.S. self-employment taxes, including social security taxes, depending on the circumstances.

In this blog post, we will delve into the fundamentals of the U.S. self-employment tax system, outline the key tax exemptions, and highlight practical considerations that self-employed expats should bear in mind to minimise their overall global tax burden.

Self-Employment and Social Security Taxes on Income for Expats

According to U.S. tax law, if you are self-employed and your net earnings from self-employment amount to $400 or more (a relatively low threshold), you are required to:

File Schedule SE

Pay self-employment tax, which encompasses Social Security taxes The IRS categorises individuals as self-employed if they own their own business or work as independent contractors. It’s important to note that self-employment tax differs from income tax. The self-employment tax rate stands at 15.3% of net earnings, consisting of a 12.4% Social Security tax and a 2.9% Medicare tax on net earnings.

For the tax year 2022, the Social Security portion applies to the first $147,000 of earnings, increasing to $160,200 in 2023. Additionally, an additional 0.9% Medicare tax may be applicable if your net earnings from self-employment exceed specific thresholds. It’s worth emphasising that even if you are self-employed abroad, you are still liable for U.S. self-employment taxes on foreign earned income that is exempt from income tax due to the foreign earned income exclusion.

The Role of Social Security Totalization Agreements

Social security totalisation agreements between the United States and numerous foreign countries can prevent individuals from being subject to self-employment taxes in both nations Totalisation agreements, akin to tax treaties, are designed to address social security and Medicare taxes rather than income taxes.

These agreements serve two primary purposes:

Eliminating issues of double social security taxation

Establishing provisions for protecting social security benefits for individuals potentially subject to two social security systems

In summary, if you are self-employed abroad or earn income abroad while paying social security taxes to another country that has a totalisation agreement with the United States, you are unlikely to be required to pay self-employment taxes to the U.S.

A comprehensive list of countries with totalisation agreements can be found here: https://www.ssa.gov/international/agreements_overview.html

Planning Strategies for Self-Employed Expats

The imposition of the self-employment tax, in addition to income tax, can have a significant or even devastating impact on a growing business. This is particularly true for those residing in countries without a totalization agreement, as it could result in individuals being subject to double self-employment taxation.

For this reason, tax planning is crucial to reduce self-employment taxes for expat citizens within the bounds permitted by U.S. and local tax systems. Effective planning often involves establishing a company structure, which, on one hand, can lower self-employment taxes but, on the other hand, may present various tax and reporting pitfalls for the uninformed.

Our recommended approach is to tailor a strategy based on your overall circumstances, including your country of residence and its tax regulations, as well as your present and projected financial situation, such as gross and net profits and income sources. By evaluating different company structures from a tax perspective, we can analyse and determine the optimal structure for you and your business.

Taxation processes can be confusing, but Xerxes Associates are here to assist.  Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.

FBAR Penalties Set By Supreme Court

FBAR Penalties Set By Supreme Court

In a positive development for the American expatriate community, the U.S. Supreme Court has delivered a ruling that favours taxpayers and limits the scope of FBAR (Foreign Bank Account Report) penalties. This decision not only significantly reduces the proposed penalties imposed on taxpayers but also establishes an important precedent for calculating FBAR penalties going forward.

Understanding FBAR Obligation and Penalties

The FBAR obligation arises when the total value of an individual’s foreign financial accounts exceeds $10,000 at any point during the calendar year. The FBAR, also known as FinCEN Form 114, must be filed electronically using the BSA E-Filing System, administered by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury.

Failure to file an FBAR due to negligence or a “non-willful” violation can result in a penalty of $10,000 per account, per year, unless reasonable cause can be established. Conversely, a “willful” failure to file can lead to civil penalties equal to the greater of $100,000 or 50% of the balance in each unreported account, and in certain circumstances, even criminal penalties may apply.

US Supreme Court’s Verdict on FBAR Penalties

In the case of Bittner v. United States (No. 21-1195, decided on February 28, 2023), the U.S. Supreme Court ruled that the $10,000 penalty for non-willful FBAR violations should be applied per form rather than per account. The decision was reached by a narrow majority of 5-4, overturning the previous ruling in favour of the IRS by the U.S. Court of Appeals for the Fifth Circuit. The Bittner case itself witnessed a substantial reduction in the penalties imposed, from $2.72 million to $50,000, due to the Supreme Court’s verdict.

Implications of the Supreme Court’s Decision

The Bittner decision provides much-needed clarity and sets a precedent for the IRS in applying penalties for non-willful FBAR violations. However, tax practitioners have expressed concerns that this ruling may prompt the IRS to more actively pursue and impose higher penalties for willful FBAR violations. It would have been beneficial if the Supreme Court had addressed the specific criteria for differentiating between willful and non-willful violations. In the beginning of the decision, the Court refrained from delving into this matter, stating, “What, if any, mens rea the government must prove to impose a ‘non-willful’ penalty is not before us.” Notably, lower courts have consistently adopted a broader interpretation of “willfulness” for civil FBAR violations, encompassing recklessness and willful blindness, rather than limiting it to intentional violations used in criminal cases.

Taxpayers can find solace in the fact that the burden of proof for civil FBAR penalties rests with the government. The government must establish liability for the civil FBAR penalty by a preponderance of evidence, meaning it must demonstrate that the event was more likely than not to have occurred.

Despite the favourable U.S. Supreme Court decision, taxpayers with foreign accounts should remain vigilant and ensure compliance with FBAR requirements to avoid penalties altogether. Being aware of and fulfilling FBAR obligations from the outset is crucial to preventing penalty issues.

Taxation processes can be confusing, but Xerxes Associates are here to assist.  Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.

Tax Benefits For US Expats Working In The UK?

Tax Benefits For US Expats Working In The UK?

Working as a US expat in the UK can be an exciting opportunity, but it also comes with its own set of tax implications. In this article, we’ll explore some of the tax benefits available to US expats working in the UK, including the Foreign Tax Credit, the Foreign Earned Income Exclusion, and the UK-US tax treaty.

Foreign Tax Credit

The Foreign Tax Credit (FTC) is a tax benefit that allows US expats working in the UK to claim a credit against their US tax liability for any foreign taxes paid on their UK-sourced income. This credit is designed to prevent double taxation, where the same income is taxed in both the US and the UK. The FTC is generally available to US expats who pay taxes in the UK, but there are some restrictions and limitations to be aware of.

To claim the FTC, US expats must file Form 1116, which details the amount of foreign taxes paid and calculates the credit. The credit is limited to the amount of US tax that would be due on the same income, and any excess credit can be carried forward or back to other tax years.

Foreign Earned Income Exclusion

The Foreign Earned Income Exclusion (FEIE) is another tax benefit available to US expats working in the UK. The FEIE allows US expats to exclude a certain amount of their foreign earned income from US taxation. For tax year 2021, the maximum amount that can be excluded is $108,700.

To qualify for the FEIE, US expats must meet either the physical presence test or the bona fide residence test. The physical presence test requires US expats to be present in a foreign country for at least 330 full days in a 12-month period, while the bona fide residence test requires US expats to establish a bona fide residence in a foreign country for an uninterrupted period that includes an entire tax year.

UK-US Tax Treaty

The UK-US tax treaty is a bilateral agreement between the UK and the US that aims to prevent double taxation and promote trade and investment between the two countries. The treaty covers a range of tax issues, including income tax, capital gains tax, and estate and inheritance tax.

Under the treaty, US expats working in the UK may be eligible for certain tax benefits, such as reduced withholding tax rates on dividends, interest, and royalties. The treaty also provides for the resolution of disputes between the two tax authorities and contains provisions to prevent tax evasion and avoidance.

US expats working in the UK have several tax benefits available to them, including the Foreign Tax Credit, the Foreign Earned Income Exclusion, and the UK-US tax treaty. These tax benefits can help US expats reduce their US tax liability and avoid double taxation. It’s important for US expats to understand the rules and regulations governing these benefits and to seek professional advice if necessary.

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 (tax imposed on expatriates). 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.

Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.

Taxation Requirements of US Expats Living in London

Taxation Requirements of US Expats Living in London

Living as a US expat in London can be a thrilling experience, but it also comes with its own set of challenges, particularly when it comes to taxation requirements. The United States requires its citizens and permanent residents (i.e., green card holders) to report their worldwide income, regardless of where they reside. This means that US expats living in London, like any other country, must comply with US tax laws.

In this article, we’ll provide an overview of the taxation requirements for US expats living in London, including some key considerations and potential tax benefits.

Filing Requirements

US expats in London are required to file a US tax return annually, reporting their worldwide income. The US tax year runs from January 1 to December 31, and the tax return is due by April 15th of the following year. However, US expats are automatically granted an extension until June 15th, and they can request a further extension until October 15th.
In addition to the regular tax return, US expats may also need to file additional forms, such as the Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) reporting. FBAR must be filed by June 30th of each year to report foreign financial accounts with a total value exceeding $10,000 at any time during the calendar year. The FATCA requires foreign financial institutions to report information about their US account holders to the IRS. US expats in London must also report any foreign assets over certain thresholds by filing Form 8938 with their tax return.

Foreign Earned Income Exclusion

US expats living in London may be eligible for the Foreign Earned Income Exclusion (FEIE), which allows them to exclude a certain amount of their foreign earned income from US taxes. The FEIE for tax year 2021 is $108,700. To qualify for the exclusion, US expats must meet either the physical presence test or the bona fide residence test.
The physical presence test requires the taxpayer to be physically present in a foreign country for at least 330 full days during a 12-month period. The 12-month period doesn’t have to coincide with the calendar year, and it can start or end in the middle of a tax year.

The bona fide residence test, on the other hand, requires the taxpayer to establish a bona fide residence in a foreign country for an uninterrupted period that includes an entire tax year. The taxpayer must also have no intention of returning to the US.

Tax Credits

In addition to the FEIE, US expats in London may also be eligible for tax credits, which can reduce their US tax liability. The most common tax credit for US expats is the Foreign Tax Credit (FTC), which allows them to claim a credit for foreign taxes paid on their foreign-sourced income. The credit is subject to certain limitations and restrictions, and it can’t exceed the taxpayer’s US tax liability.
US expats living in London face complex tax requirements, but there are also potential tax benefits available to them. The key is to understand the rules and regulations and seek professional advice if necessary. Proper tax planning can help US expats minimise their tax liability and avoid costly penalties.

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 (tax imposed on expatriates). 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.

Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.

Streamlined Foreign Offshore Procedures - US Expat Tax Advice

Streamlined Foreign Offshore Procedures – US Expat Tax Advice

Each year, around 9 million Americans living abroad are required to file US tax returns to report their worldwide income, but many are unaware of this obligation and fail to meet their US tax obligations. To address this issue, the Streamlined Filing Procedures were introduced in 2012 to encourage US citizens, green card holders, and residents to catch up on their delinquent US tax filings in a penalty-free manner. This program was created as an alternative to the IRS’s other programs, such as the Offshore Voluntary Disclosure Program that closed in 2018, and is intended to help low-risk individuals become US tax compliant.

US persons residing outside of the US can use the Streamlined Foreign Offshore Procedures to become US tax compliant, while US citizens living in the US can use the Streamlined Domestic Offshore Procedures. To qualify for the Streamlined Foreign Offshore Procedures, an individual must demonstrate that they were unaware of their filing obligation, not have had a US abode for at least one of the past three years, and have been physically present outside of the US for at least 330 full days during one or more of the past three tax years.

To become US tax compliant under the Streamlined Foreign Offshore Procedures, an individual must submit the most recent three years of federal tax returns, which may include amended returns if previous returns were incorrectly filed, and the most recent six years of FBAR forms. Additionally, they must complete Form 14653, “Certification by US Person Residing Outside of the US,”.

For those who do not qualify for the Streamlined Foreign Offshore Procedures, the following options may be available:

  • Submission procedures for delinquent FBARs
  • Procedures for submitting international returns that are delinquent
  • Voluntary Disclosure Practices of the Internal Revenue Service

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 (tax imposed on expatriates). 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.

Contact us via www.xerxesllp.com or fill out our contact form to discuss your expat tax situation with us.