Buzzacott has been named as a finalist in the Citywealth Brand Management & Reputation Awards 2019 … Read more
Across London, many businesses are hitting cash flow challenges they are unsure of how to tackle. Perhaps counter-intuitively, investing more cash in your business is one way to turn negative cash flow on its head. … Read more
Event: We provide advice in how best to tackle issues post Brexit that specifically relate to the hospitality industry … Read more
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Beware of a tax trap for those US taxpayers who have a non-US (i.e. UK) mortgage and are about to sell their property and redeem the mortgage. This tax trap includes US taxpayers with UK mortgages who have a mortgage contract about to expire (i.e. a 2 year fixed rate deal) and are considering transferring to a different mortgage.
Generally, the British pound is down against the dollar compared with the last decade, which means it costs less in dollars to relinquish a mortgage than it did when the pound was stronger. The IRS (Internal Revenue Service) unfortunately tax this dollar gain as income which can surprise a lot of people, in particular when the actual value of the property may have gone down in dollar terms as a result of the British pound devaluation. It is possible to harvest excess foreign tax credits in such a situation, so we would encourage you to seek advice and plan against any nasty surprises.
Consider the foreign exchange position before changing mortgage contracts.
