UK-US TAX INFORMATION
Tax Treaties – What They Don’t Say! IT WOULD be nice if the US-UK tax treaty said something like – if income has been taxed in another country or is paid by a foreign government, for example, a UK social security pension, you do not have to include it on your US tax return, and [...]
UK-US TAX INFORMATION
The Alternative To A Social Security Number! AMONGST THE US tax returns we prepare at Transatlantic Tax, there are growing numbers of non-residents with US rental properties. These generally need to file a 1040NR form, but their due filing date can be June 15, 2013, rather than April 15, 2013. One of the questions on [...]
UK-US TAX INFORMATION
IRS Sympathy – But Not For You! LAST MONTH the National Taxpayer Advocate (a very useful position, why isn’t there someone like this in the UK?) issued her 2012 Annual Report to Congress. It is pretty long, and members of Congress get an abridged version, but I imagine they get abridged versions of almost everything! [...]
UK-US TAX INFORMATION
New Year, New Tax Resolutions SO, HAPPY New Year! As I write this, the fiscal cliff is looming and future tax rates are a major topic of conversation. I have every confidence this will be resolved, either before or just after the beginning of January, and that overall it won’t make too much difference to [...]
UK-US TAX INFORMATION
…. And A Happy New Year!! I’M SORRY not to be writing a truly festive column, or offering you a quiz or competition with unbelievable (and nontaxable) prizes! But in the little world of taxes, things keep happening I think you should know about! In September, the US government signed the first agreement “to improve [...]
UK-US TAX INFORMATION
The IRS As Mr Ten Percent WARNING!! What I’m going to say here won’t affect people who are tax residents in the US. Put simply, if you file a 1040 form, this will not apply to you! But since UJ has readers with either holiday homes or investment property here, this will, hopefully, be of [...]
UK-US TAX INFORMATION
Are We Talking Trusts – US Or UK Style? HAVING worked in tax for over twenty years before I came to the US, I felt reasonably knowledgeable about the terminology. It shouldn’t have been a shock to realise professional words can mean different things here, but it was! I don’t mean in the torch/flashlight way, [...]
UK-US TAX INFORMATION
Some Tax Things To Think About – Part 2 LAST MONTH I mentioned the US tax that will be payable on UK dividends and interest held in accounts that are tax-free in the United Kingdom, such as ISAs (and previously TESSAs and PEPs). Sales made from these accounts are also not chargeable to capital gains [...]
UK-US TAX INFORMATION
As April 15 Looms . . . Some Things To Think About AS TAX TIME comes around (yet again!), here are some tips about items you may need to include on your 1040. First, a useful figure you will need if you had UK income during 2010. The average exchange rate for the year (from [...]
UK-US TAX INFORMATION
Are You Now, Or Have You Ever Been – A US Person? By Mary-Heather Styles I AM A non-US financial institution, and I have a problem. Well no, the first part isn’t true, but humor me for a moment on the second part. In spring 2010 Congress passed FACTA (Foreign Account Tax Compliance Act) and [...]
