Blog #us tax benefits

As a global US tax preparers UK, transaction as well as consultative services; we are using the finance products, expertise as well as systems we have developed to build an improved working world. That begins with a culture that believes in giving you the training, opportunities as well as creative freedom to make things enhanced. Whenever you join, however long you stay, the outstanding knowledge lasts a lifetime. And with a pledge to hiring and developing the most passionate people, we will make our ambition to be the best employer by 2020 a reality.

US tax responsibilities

If, while you are living in the UK, you remain a citizen or else enduring resident of the United States, then you will necessitate filing a US tax return based on your global income with the US federal government each year. In addition to the income tax return, you may be requisite to file further informational returns based on assets held exterior the US.

To evade double taxation, the US government does provide a number of special provisions as well as exclusions, which if used correctly, can diminish or in some cases eradicate the tax due. We can initiate clients to tax advisors based in the US who can help out with their US tax filing needs.

Here are some of the benefits of hiring a US tax advisor London:

• The complex along with technical language of tax policies can be quite confusing for a common man. A US tax advisor London is an expert in understanding the intricacies of these policies and hence consultants make filing taxes simpler by simplifying the regulations for a layman

• Consultants endure widespread training to gain expertise in reading along with interpreting official documents which make them qualified professionals to handle taxes

• Consultants have vast knowledge as well as clear understanding of government and banking policies enabling them to direct you in making the right investments
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If you are looking for tax helps, consider hiring US Global Tax. We are the leading tax consultant provide premium services at an affordable price.

Living in the UK is a fascinating experience for all kinds of reasons – the quirky accents, the culture as well as history, pubs and many more! As an American expatriate living in the UK though, what exactly do you need to know regarding filling US taxes preparation UK?

All US citizens and green card holders who earn a minimum of ten thousand dollar anywhere in the world are required to file a US federal tax return and pay taxes to the US tax preparers UK, regardless of where in the world they live or their income in generated.

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The good news is if you are already paying income tax in the UK, there are various exclusions as well as exemptions accessible to prevent you paying tax on the same income to the IRS too.

US taxes – what you need to know

If your income is over ten thousand US dollar, you must file from 1040. While any tax is still due by April 15^th, expats get a repeated filing addition until June 15^th. This can be extended still additional online until October 15^th.

If you have foreign assets worth over two hundred thousand US Dollars, excluding a home owned in your name, you also need to file a form 8983 declaring them.

If you had more than ten thousand US Dollars in aggregate in one or more foreign bank accounts at any time during the tax year, you also need to file FinCEN form 114, sometimes known as an FBAR.

If you are paying income tax in the UK, there are numerous mechanisms that avert you paying tax on the same income to the IRS.

If you are looking out for best advisors for US taxes preparation UK, then consider visiting the official website of US Global Tax.  

Are you looking out for skilled US Tax advisor London? We at US Global Tax are award winning firm of accountants as well as tax advisors.

Our team is experienced in helping US expatriates in the UK, by providing advice as well as completing their UK tax filings.

Overview of tax for Americans expats in the UK

In a nutshell, the US taxes for Americans Abroad are much the same as for Americans living in America in that worldwide income is subject to US income tax.

US Taxes for Americans Abroad

One major different is that for American’s living in the US, the deadline to file as well as pay your tax return is 15^th April in any tax year, although Americans living abroad get an automatic two month extension to file their taxes meaning the deadline is automatically 15^th June.

Tax payers do not have to relate for this extension. However, any tax due must still be paid by the fifteenth April – failure to do so will attract interest on late payment, beginning on the 15^th April.

US or UK Double tax treaty

The United States has a tax treaty with the United Kingdom. The primary purpose of double tax treaties like this is to minimize the possibility of double taxation on any particular income as well as is usually delivered through foreign tax relief i.e. the US government may allow a tax credit to decrease your US tax liability if tax has already been paid in the U.K.

 However, if it is not carefully managed, it may still be probable to be taxed twice on the same income. Appropriately understanding as well as utilizing the double tax agreement between the US and UK is difficult and should be done under proper guidance of a qualified tax advisor, if you are looking for such advisor, consider hiring US Global Tax.