deVere Switzerland can help you with all the UK tax concerns you may have, ranging from advice on investments, pensions and issues affecting non-domiciles to your annual compliance requirements, whilst answering any queries you may have on overseas bank account structures or statutory residence rules.
The UK system of self-assessment puts the onus on the individual to declare their untaxed income to the UK tax authorities even where there has not been a request from her Majesty's revenue and Customs (HMRC).
If an individual has a UK source income that does not have its tax obligations withheld at source, a UK tax return filing requirement exists.
What services do we offer?
UK tax returns: Residents
Most individuals who are resident in the UK and have an international element to their affairs would benefit from the services of a tax preparer who has experience of preparing these types of UK tax returns. If you have either been sent a tax return by HMRC, have an income over £100,000 or owe UK tax for any reason, then a UK tax return should be filed. We can make this process as simple and stress free as possible.
UK tax returns: Non-residents
Non-UK resident individuals who own UK residential real estate property for investment purposes or who have other UK source investment income need to file a tax return to report this income, even where there is a net loss on the investment. deVere tax can help you determine whether a filing requirement exists, register you with the UK tax authorities and complete your returns in the most efficient manner possible.
UK tax return: Part year resident (split year treatment)
If an individual is resident in the UK for part of the tax year, it may be possible to remove income received in the period of non-residence from the scope of tax. This will often result in a refund of taxes paid.
We can provide advice on all types of UK income tax queries and inheritance tax planning.
Below is our full list of UK services:
• UK return preparation
• UK tax advice (investments and pensions)
• UK tax advice (non-domiciles)
• Statutory residence rules
• UK overseas workday relief
• Remittance v Arising calculations
• Overseas bank account structuring
• Split year treatment
• Withholding refunds
• HMRC Discovery Assessments and Investigations
• Capital Gains Tax Planning
• Inheritance Tax Planning
• Non-Resident & Non-Domiciliary Matters
• Property Let Disclosure
• Bespoke Taxation Reports
US citizens are subject to US income tax as a result of their citizenship and not their residency. This means that if you are a US citizen living outside of the United States, you will still need to file a US tax return (subject to certain thresholds) and possibly pay US income tax on your worldwide income.
There may also be an obligation to file US foreign bank account forms if the combined maximum balance for all of your non-US bank accounts amount to more than $10,000.
Green card holders
US Green card holders have a US tax return filing obligation (subject to the thresholds above) no matter where they live. Green card immigration status remains with you until you formally renounce your green card.
US resident aliens
If you are resident in the United States (as determined by a "days of presence" test) you are required to file a US tax return to report your worldwide income (subject to the thresholds).
In US tax terms, this is everybody else in the world not detailed above. If you are a non-resident alien but have US source income of almost any type, you will need to file a non-resident US tax return (1040NR).
What services do we offer?
US federal tax returns
US tax returns for US citizens and Green Card holders must include worldwide income, which will often necessitate a claim for a credit for the tax paid in a foreign county (foreign tax credit) and /or a claim for the foreign earned income exclusion. US tax returns for individuals living outside of the US tend to be quite complicated and normally require a specialist tax preparer to complete them correctly.
US federal income tax returns for non-residence US source income are reported on a separate form and can be just as complex. DeVere Switzerland have the expertise to ensure your non-resident return is completed correctly.
US state tax returns
The majority of US states have their own income tax systems with separate tax returns to be filed. Many of these states do not have minimum filing thresholds, therefore as little as one work day in the State could trigger a filing requirement. Filing requirements will also arise if an individual earns various types of investment income depending on the nature.
Foreign bank account reporting
US persons with interests in non-US financial accounts have an increased reporting requirement as a result of the FATCA rules. We can help simplify all aspects of this process.
We can provide advice on all types of US income tax queries and estate planning.
Below is our full list of US services:
• IRS Annual Tax Returns (Federal, State & Non-Resident)
• Streamline Program
• Ex-Patriation and Exit Charge Planning
• Late Filing & Non-Filers
• PFIC and FBAR Reporting
• FinCen and Foreign Income Exclusion Returns
• Bespoke Taxation Reports
• FATCA advice
• Passive foreign investment
• Foreign Tax Treaties
Contact deVere Switzerland today for a free, no-obligation consultation.