The need to be tax compliant in an unfamiliar environment is more important than ever. At Buzzacott we can bring your US and UK income tax filings up to date, and we also recognise compliance issues that can arise through one single transfer of funds to or from a trust or as a gift to another. Our experience enables us to efficiently identify all your reporting requirements whilst also making all expense and tax reduction claims of benefit.
We draw on a wealth of knowledge of both current and previous tax regimes on both sides of the Atlantic to ensure complete tax compliance for clients.
Claims can span from EIS and other investment and property reliefs to context-dependent claims such as overseas workday relief available when non-UK domiciliaries are seconded to the UK. The concepts of domicile and residency and the heavily legislated rules, can be daunting, and with US States varying how adhesively their particular domicile rules are applied, we can prepare the correct UK, Federal and State forms. Further, the location of assets is no longer a clear indicator of with whom taxing rights lie, but rather who makes payments to the pension plan, who acts as trustee to the trust, and where does the person who will benefit from this gift live are examples of a number essential considerations we identify when establishing the correct form to be submitted and to which authority.
We also provide guidance for expatriation, which can be made even more daunting when facing the IRS and HMRC. We register the relevant agency forms, see the process to its conclusion, and limit any penalties for example by submitting statements of reasonable cause, and applying for either suspension of penalties, as they arise under a number of Finance Acts, or instalment arrangements.