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You’ll need to understand both US and UK tax rules and where they might conflict for your financial affairs, which can be time-consuming and complex. You may also face the challenge of your US-based bank closing your account as a UK resident, or a struggle to open a UK bank account. Our specialist International advisers are highly experienced in all aspects of managing personal finances across the US and UK jurisdictions. Your adviser will guide you through the rules and any challenges in the current environment, helping you to invest compliantly and efficiently for both jurisdictions.
PWM International
US/UK
financial planning
If you’re ‘US-connected’, your chance of double taxation in both the US and the UK is minimised by the long-standing tax treaty between both countries. However, it can still get complicated.
Understanding tax reporting for US taxpayers resident in the UK
If you’re a US-connected individual, no matter where you physically reside, you’re likely to need to file tax returns with the IRS and comply with US tax rules. This makes it really important that you understand your financial position and how the US tax reporting requirements and tax rules apply to you.
As a US taxpayer resident in the UK, you’ll need to comply with tax reporting requirements in both jurisdictions. Both sets of requirements could be global and sometimes rules will conflict – all of which makes tax reporting complex and time-consuming to manage. Unfortunately, it’s also deterred many UK financial services businesses from working with US citizens and led to US businesses closing accounts for UK residents.
How we can help
Our specialist International team can help you navigate these complex rules to ensure your finances and investments are compliant and efficient for both jurisdictions.
For further information
To find out more about how we can help you with no obligation, please contact Nathan Prior, Partner and Head of PWM International.
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