UPDATES
US and UK tax laws are constantly being updated. We believe that clients should always be aware of changes that may affect them. We have therefore written a number of articles based on current legislation which may be of interest. This information should not be taken as full comprehensive advice and we highly recommend that you contact a PJD tax representative for more information.
NON-RESIDENT CAPITAL GAINS TAX
If you sell a UK residential property while you are resident outside of the UK, you are required to report this sale even if there is no tax due! Read this article for information on the reporting requirements and how to calculate the gain.
NOT THE “PFIC” SOLUTION TO YOUR INVESTMENT CHOICES?
As a US citizen, green card holder, or US resident you are required to report your worldwide income on your US Federal tax return. For Americans living outside of the US, or non-US nationals who have moved into the US, your investment portfolio will most likely include non-US investments. Understanding the US tax treatment of these foreign investments will help you better-structure your investment choices, and limit your exposure to draconian US taxes.
OVERSEAS WORKDAY RELIEF
If you are domiciled outside the UK and you arrived in the UK within the last three years you may be entitled to claim UK tax relief for any work undertaken outside the UK. This is described as Overseas Workday Relief (OWR).
UK AND US PENSIONS FOR US TAXPAYERS
A brief summary of tax planning opportunities for US taxpayers with regards to their UK and US based pensions.
DELINQUENT US TAX FILERS
Are you eligible to get caught up on your US tax returns penalty free?
TO EXCLUDE OR NOT TO EXCLUDE
OK, so you are a US person and you live and work outside of the US. So the IRS allow you to claim a deduction for up to $101,300 of your non US earnings and also a part of your non US housing expenses on your Federal Tax Return, generous aren’t they! It’s a no brainer?