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Foreign Bank Account Reporting (FBAR)
Many US citizens that are living in the UK are unaware that they are required to continue to file US tax returns every year, even if no actual US tax is payable. This requirement extends to individuals who may have obtained US citizenship through their parents, even if they've never lived in the US.
If you have non-US bank accounts, it is essential to file a Foreign Bank Account Report (FBAR) to ensure compliance. By completing and submitting FinCEN Form 114, you ensure that these accounts are accurately reported, helping you avoid significant penalties. If you are a US citizen or Green Card holder and hold a combined $10,000 or more in non-US accounts at any point during the tax year, including Accidental Americans and US/UK dual citizens, it is mandatory to submit FinCEN Form 114.Â
At GTN, our team of UK-based advisors specialises in offering comprehensive US tax services for individuals. Our specialist tax advisors, who are US-qualified Enrolled Agents, are well-versed in the intricacies of FBARs, ensuring you understand your obligations and meet all tax deadlines and filing requirements. Our teams possess a deep understanding of both US and UK tax regulations, enabling us to provide expert guidance on various tax matters.
For further information or to find out how we can help, please contact Richard Watts-Joyce on 0207 100 2126 or complete our contact form.
For 'Accidental Americans' and Late Filers
If you are an ‘accidental American’ or someone who has fallen behind on your US tax filings, we have a team of highly skilled specialists who can assist you in bringing your US tax matters up to date. Our experts can help you with backdated tax returns and ensure a smooth and compliant transition by using the IRS voluntary disclosure programs.
Tax Planning When Moving to the US
Are you contemplating a move to the United States? Being well-informed about your UK and US tax affairs is crucial for any British national residing in the US. Failure to meet these obligations can result in financial and administrative stress. Our dedicated team is here to offer you comprehensive assistance in crafting effective tax strategies, ensuring a seamless transition while minimising your tax liabilities.
GTN has established offices in major cities across the US, including Chicago, Denver, Houston, Minneapolis, New York, Pittsburgh, San Diego, and San Jose, and we are actively expanding into new locations. Our expertise is not limited to individuals but extends to corporate global mobility programmes, expatriates, foreign nationals, short-term international assignments, and permanent transfers.
To explore these services in further detail, please click on the following link: Tax Planning When Moving to the US.
Get in touch
By choosing GTN as your US tax partner, you gain access to a team of skilled industry experts committed to reducing your tax liabilities, providing financial security and peace of mind.Â
For further information or to discover how we can assist you, please don’t hesitate to contact Dawn Taylor on 0207 100 2126 or complete our contact form.
Your tax matters are in capable hands with GTN.
For further information or to find out how we can help, please contact Dawn Taylor or Nimisha Modha on 0207 100 2126 or complete our contact form.
Dawn Taylor
Nimisha Modha