From 1 April 2016, the UK taxman introduced a new higher rate of stamp duty which applies to the acquisition of a ‘major interest’ in an additional residential ‘dwelling’. So beware if you are buying property in the UK. A ‘major interest’ is defined as a freehold or leasehold interest, says Adam Thompson, tax manager...

Following the UK referendum in June, there is considerable uncertainty surrounding how the vote to leave the EU will affect employers and employees who work internationally. While nothing is certain at present, says Anne-Marie Welch of tax specialists RSM, there are a number of tax issues to consider for UK employers who are either sending...

With just a few days to go until the Foreign Bank Account Reporting (FBAR) deadline, you’ll want to make sure you’re aware of the requirements of this important US Treasury form. Here’s everything you should be aware of. Breaking Down FBAR The FBAR, also known as FinCEN Form 114, is the form you use...

June is a very important time of year for US expats. Your expatriate tax return is officially due this month, along with your Foreign Bank Account Reporting (FBAR), if you meet the filing threshold. Here are the facts you should know so you can be prepared as the deadlines approach.   US Expat Taxes As...

The latest UKBudget contained an attack on disguised remuneration avoidance schemes with a new charge on outstanding loans. The new scheme outlines how income tax and national insurance contributions (NICs) will be imposed on employee loans which are outstanding on 5 April 2019, irrespective of when the loan was advanced to the employee or individual....

One of the most important financial tasks you have as an expatriate is to plan how and to whom you will leave your assets. It can be a complex process, involving inheritance taxes and succession law of more than one country, but it is vital to have a solid ‘estate plan’ so your estate is...

In the 2015 UK summer budget Chancellor George Osborne introduced his ‘family home allowance’, increasing the inheritance tax threshold to a potential £1m, and possibly benefitting expats By Jason Porter Inheritance tax is considered one of the most unfair taxes in the UK. So the fact that most family homes will now be exempt...

While filing US taxes can be confusing, cumbersome and downright frustrating, renouncing your citizenship isn’t always the answer. Before you race down to your local US embassy, take a look at five reasons you may not want to hand over your passport. 1. Renouncing isn’t free In years past, the State Department charged a...

There are an estimated 8.7 million Americans living overseas and more than half fail to file their US tax return each year. Perhaps they don’t know they need to file or, more likely, it’s too overwhelming to attempt. But we are here to tell you that it doesn’t need to be this way. Follow these...

US citizens and residents living abroad are still required to annually file a US tax return and pay taxes on their worldwide income. US taxpayers, who have not filed US tax returns each year, are considered delinquent and can face potential civil and criminal penalties from the Internal Revenue Service (IRS). By Anthony N...

In an effort to curb tax dodging by United States citizens with foreign assets, Congress passed The Hiring Incentives to Restore Employment Act. The act imposes a new reporting requirement for foreign financial assets, in addition to the requirement of filing an FBAR. The new law applies to specified persons with specified foreign financial assets which...

If you live abroad, chances are you have heard about FBAR and FATCA—but do you really know what they are and whether or not you need to file? It’s important that you fully understand because the penalties for failing to file if required can be steep! So let’s take a look at the five things...