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Where Taxpayers and Advisers Meet

Search found 221 matches

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by DavidTreitel
Fri Feb 28, 2020 10:02 am
Forum: International Tax
Topic: Need Help - UK TAX for USA Citizen (Dual Residency)
Replies: 2
Views: 444

Re: Need Help - UK TAX for USA Citizen (Dual Residency)

James - assuming you do not work - even remotely - while in the UK and have no other source of UK income you could claim to be solely a treaty resident of the United States and potentially owe no UK tax. In practice if you can reduce just a little your planned time in the UK to fewer than 183 days i...
by DavidTreitel
Thu Feb 27, 2020 9:41 pm
Forum: Income Tax
Topic: Tax Residency
Replies: 8
Views: 515

Re: Tax Residency

My apologies if I was not clear. The advice part is the first part of my reply. Most folks would use the official IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states
by DavidTreitel
Wed Feb 26, 2020 10:18 am
Forum: Income Tax
Topic: Tax Residency
Replies: 8
Views: 515

Re: Tax Residency

Great question. Most folks would use the official IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states. We have successfully filed many, many hundreds of returns through these procedur...
by DavidTreitel
Tue Feb 25, 2020 9:42 am
Forum: Income Tax
Topic: Help me calculate my rental income for the 2019-2020 tax year.
Replies: 1
Views: 307

Re: Help me calculate my rental income for the 2019-2020 tax year.

Damiano - From a UK perspective you each report your respective share of the rental income after expenses such as insurance, gas safety checks, agents fees, legal fees etc. At present - as EU citizens - you are each entitled to the UK personal allowance. From a US perspective, as no tax was paid to ...
by DavidTreitel
Thu Feb 20, 2020 11:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Pension Beneficiary Distributions
Replies: 1
Views: 612

Re: Pension Beneficiary Distributions

From a US perspective your father's estate was a specified foreign financial asset, reportable to the IRS on Form 8938 while it was in administration. Was this filed? Form 3520 is required if the inheritance was over $100,000. The pension income is all reportable in the US because you are all US cit...
by DavidTreitel
Thu Feb 20, 2020 10:12 am
Forum: Income Tax
Topic: USA Taxation Query
Replies: 1
Views: 434

Re: USA Taxation Query

Great question. In most cases individuals in these circumstances will be US citizens, subject to US tax. Because of the GILTI tax rules one hopes that the UK limited company has elected to be disregarded for US tax purposes. A US income tax return for 2019 is required to be filed with the IRS by US ...
by DavidTreitel
Sun Feb 09, 2020 11:44 am
Forum: International Tax
Topic: Line 10 W8-BEN
Replies: 5
Views: 577

Re: Line 10 W8-BEN

Agreed; as you will be taking periodic distributions the income will be exempt from US tax. Ask the IRA provider what they claim is wrong with the W-8BEN. Escalate the question until they actually tell you the correct answer.
by DavidTreitel
Sat Feb 08, 2020 11:51 am
Forum: International Tax
Topic: Line 10 W8-BEN
Replies: 5
Views: 577

Re: Line 10 W8-BEN

It is common for US IRA providers to withhold and not accept W-8BENs. I'd suggest accepting the withholding tax. Assuming you are taking a lump sum distribution you will inevitably owe some tax to the IRS once the 2020 US tax return is filed next year, so there is no harm in having an amount withheld.
by DavidTreitel
Sat Jan 11, 2020 3:26 pm
Forum: International Tax
Topic: UK tax return with US corporation income
Replies: 2
Views: 642

Re: UK tax return with US corporation income

An S Corp is a corporation. On the basis it is managed and controlled in the UK it is a UK resident company, subject to UK corporation tax on it's profits. From a personal tax perspective you will report employment income (on which the company will have operated PAYE) and/or dividend income. An S Co...
by DavidTreitel
Mon Dec 30, 2019 2:40 pm
Forum: International Tax
Topic: Foreign income internship
Replies: 10
Views: 1527

Re: Foreign income internship

Whatever tax was calculated on that return can be claimed as double tax relief in the UK.

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