US Taxation

All United States citizens and green card holders are subject to US tax on worldwide income and gains. This means that an extensive tax compliance burden will fall on those who have a US filing requirement even though their affairs may appear to be quite straight forward.

We are pleased to offer our clients who have a US tax responsibility, assistance in keeping their US tax affairs up to date and in planning, to ensure that their exposures to UK tax and US tax are considered together. One of our directors, Damian Talbot, is an Enrolled Agent with th IRS.

Like most tax systems the US federal and state systems are becoming increasingly complicated and more onerous on the tax payer. The substantial penalties that can be levied on US tax filers in the UK if the do not keep their affairs up to date is significantly higher than the UK penalty regime. Furthermore, like HMRC the IRS is making it obligatory for foreign banks to provide details of aspects of their citizens' income.

We can assist in the following areas:

Completion of individual US tax returns (Form 1040)
Claims for Earned Income deductions
Claims for foreign tax credits
Schedule A -Itemising your deductions
Completion of State individual tax returns
Planning of UK/US profit extraction from companies

We cover a broad spectrum of US clients ranging from US citizens with UK owner managed businesses to US bankers working in the city. The feedback we get from our US clients is that they are pleased that we are able to discuss not only US tax issues and compliance but are also able to keep them well informed of any relevant UK tax issues at the same time without the need to refer them to another person.

Not only do our US citizens benefit from this specialism but so too do many of our other clients who appear at first sight to have no US connection. Many businesses that trade with the US can find themselves confronted with issues such as withholding tax and find it very useful that we can help resolve and explain the problem.

It is also not uncommon for a US citizen to want to retain their own accountant in the US. The US based accountants find working with Warrener Stewart an advantage because we can relate to and understand the issues and problem areas that the US accountant will need to contend with.