If you are a US-connected individual, you are likely to have a requirement to file tax returns with the IRS and comply with US tax rules, regardless of where you are physically resident. This means that US citizens living around the world need to have a clear understanding of their financial position and often need help navigating the reporting requirements and tax rules. We have expertise in assisting UK residents with US tax reporting requirements and are here to help.
As a US taxpayer resident in the UK, there will be tax reporting requirements in both jurisdictions, potentially global in both cases and sometimes with conflicting rules. The complexity of these rules and the administrative burden is not only challenging for individuals but has led to many UK financial services businesses being deterred from working with US citizens and US businesses to close accounts for UK residents.
At Partners Wealth Management, our experienced advisers can guide you through the rules and help you to invest compliantly and efficiently for both jurisdictions. Our service includes oversight of both your UK and US assets, so that you have a coordinated strategy and can optimise your tax position using all the tools available.
For an introductory meeting without obligation, please contact Nathan Prior, Partner and Head of PWM International.
Despite a long-standing tax treaty in place between the USA and the UK, that should minimise the chance of double taxation for individuals in both jurisdictions, there are some more complicated situations that you should be aware of. Our guide compiles some of the key things to consider.
We have compiled a list of FAQs based on the most popular queries from US taxpayers in the UK on topics including how UK investments are taxed in the USA, how US investments are taxed and how to make savings for children while they are minors.
We are aware of another wave of complications for American taxpayers living abroad and retaining their US-based bank accounts. Our article considers the current position and how the stance adopted by these financial institutions could have a major effect on your wealth.
Living in a foreign country is not a new concept and the question over which country has the right to tax a person has been disputed for many years. Read our article on the restrictions to be mindful of, and some options to efficiently invest without negative tax consequences.
For further information on how we can help you build and protect your wealth, please contact us.
