Year End Insight for US Taxpayers
We are in a better position than when we wrote to you this time last year, in terms of already knowing US tax rates for 2012 and some of the likely changes ahead.
The Chancellor’s UK Autumn statement is due on 29 November 2011 and at that stage we hope to be able to highlight further planning before the end of the UK tax year next April. In the meantime, this Insight looks at routine year end planning alongside some topical practical points and general alerts.
This Insight covers:
- US tax rate changes
- Paying UK taxes by 31 December 2011
- Remittance basis charge – a creditable tax
- Ensuring that adequate US estimated tax payments have been made for 2011
- Charitable contributions for the dual taxpayer
- New UK penalty regime – important change
- Enhanced reporting of foreign financial assets
- US gift and estate tax planning
- HMRC and IRS’ alert notices for fraudulent emails
