Short or long term relocation to another country can be overwhelming, but with Dyke Yaxley as your tax partner, the one thing that doesn’t need to be taxing is your taxes. Our team of professionals on both sides of the Atlantic has the necessary experience in both countries’ tax systems to help expatriates navigate the many challenges that arise from being subject to multiple tax jurisdictions.
Personal Tax Planning
It’s all in the planning
Whether you are a dual citizen or UK employee being relocated to the US for short or long term assignment, our team at Dyke Yaxley has the necessary expertise to guide you through the intricacies of US and UK tax planning requirements. Our goal is to minimize your overall tax liability.
We are able to advise expatriates on the tax implications of items such as UK and US housing allowances, residency rules, temporary living allowances, pension planning and much more. In addition, we can advise you on the UK Non-resident Landlord Scheme and whether it is best for you to rent or buy property in the US.
The tax systems in the UK and US are remarkably different. By working with Dyke Yaxley’s experienced and specialized team of accountants, your tax planning will result in the lowest tax liability now and in the future.
Personal Tax Compliance
Your taxes don’t need to be taxing
The team at Dyke Yaxley works with individuals on all tax planning and compliance needs. We can prepare not only your UK income tax returns, but also your US federal, state and city tax returns. At Dyke Yaxley, we understand the UK filing requirements of UK citizens living and working overseas, US permanent residents and US non-resident taxpayers. We can advise you on items such as:
the difference in the UK and US tax year and timing of payments;
the difference between UK and US tax deductions;
the multiple levels of taxation in the US;
which additional filing requirements are necessary for your specific situation, such as the Report of Foreign Bank and Financial Accounts (FBAR), Statement of Specified Foreign Financial Assets (Form 8938), Information Return of US Persons with Respect to Certain Foreign Corporations (Form 5471), Return of US Persons with Respect to Certain Partnerships (Form 8865) and Annual Information Return of Foreign Trust with a US Owner (Form 3520); and
US business expense reimbursement.
Important Considerations When Relocating to or Living in the US
Now that you are in the US, how much do you know about pension planning in the US and the related tax implications? Are you aware of the fact that you can file a separate or joint return in the US, which is different from the UK? Does your employer need to apply for a certifcate of coverage from the National Inurance Contributions Office? Do you know when your temporary living allowance becomes a taxable benefit? Do you understand the "employment at will" concept? Do you realize that you are required to take out some form of health insuurance or else you can be fined?
Please contact us us to receive a free report that lists of some of the most important topics to consider when relocating to or living in the US.
I relocated to the US from the UK and brought with me a great deal of complexity around my personal tax situation, irrespective of the difficulties that exist already with cross-border taxation. The team at Dyke Yaxley has navigated me at every step of the way, keeping my US and UK returns in check, but more importantly, keeping me very aware of the cross-border tax implications.
Greenbrae, California USA
For over four years, Rob Whittall of Dyke Yaxley has prepared my US tax returns during a complicated tax period when I was on an expatriate assignment with my company. His expert opinion and detailed knowledge of both US and overseas tax law has ensured that my tax returns have been completed both accurately and fully compliant with US tax law requirements, as well as being submitted on a timely basis. I would be happy to recommend Rob to anyone looking for an expert tax consultant and partner to assist with their tax affairs
Waxhaw, North Carolina USA