US Tax Returns And Tax Planning For US Citizens Living In The UK

US Tax Returns And Tax Planning For US Citizens Living In The UK

Xerxes Associates LLP have been preparing US taxes for Americans living in the UK for over 20 years. We are experts in all aspects of US tax procedures and we offer a professional, responsive and personalised service to all US and UK expats.

Every US citizen including Green Card holders (equivalent to a permanent stay visa) is required to file a US tax return every year. In addition to preparing individual US federal and state tax returns, Xerxes Associates LLP can also consider the tax efficiency of your funds, assets, savings and investments.

The ability for Xerxes Associates LLP to handle both UK and US taxes is important to our clients who have lived in the UK from a few days to a number of years. We are able to advise individuals on all matters related to taxable income from the US, UK and other parts of the world. Click here to view the full list of our packages and prices.

Tax filing requirements in the US do not stop just because you no longer earn income in the country. Citizens of the US are taxable on their worldwide income if they hold US citizenship. A US tax return must still be filed if you have an employment contract in the UK, but do not earn US income.

No matter how complex your US tax return is, Xerxes Associates LLP can assist you. We can even help if you have not filed for many years and want to get back on track. By taking advantage of the The Streamlined Tax Amnesty program, we can help chisel a route which is the best way for US citizenship holders in the UK to catch up on their US taxes.

Once you earn more than $12,400 USD as a single filer, you have to file a tax return. There is a threshold of $24,800 for married joint filers, and an additional threshold of $18,650 USD for heads of household. When your income exceeds the filing threshold, you’ll need to file a US 1040 Federal Tax return for that year, regardless of the currency.

Married couples filing separately need only earn more than $5 USD to file a US tax return. You must file a US tax return if you are married to a non-American and your worldwide income exceeds $5 USD. You still need to file taxes even if you do not work or earn an income.

You must file a US tax return if you are self-employed, or if your self-employment income exceeds $400 USD per year (in any currency from any country).

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.

Are you looking for US tax accountants and advisors in London or the UK?  View our fees and packages for UK and US tax return services.