Tax advice and reporting for individuals (US connected)

What EY can do for you

Navigating the complex rules applying to US citizens residing outside the US is becoming increasingly demanding. The position can often seem tortuous, where individuals have to consider the complications arising from the interaction with UK taxes.

Our US and UK dual qualified tax advisors handle the complexities of the respective tax systems to provide a holistic and comprehensive service.

Whether you are an expatriate high net-worth individual in the UK looking for support with tax-efficient strategies for wealth preservation, a senior executive with queries about your pay arrangements or an owner-manager looking for advice and support across your personal and business finances, our tax professionals will work with you to offer an integrated approach.

Our tax advisors will examine the whole picturefrom personal circumstances to any relevant business relationships, in order to properly identify any potential challenges and ultimately, provide you with a bespoke, personalised and efficient solution.

EY consulting services include:

• Complex US and UK individual tax return compliance and reporting
  
  
• US and UK tax residency advice, including use of treaties
  
  
• Investment tax reviews, including cryptocurrency
  
  
• Double taxation mitigation and efficiency planning
  
  
• Foreign tax credit planning
  
  
• Inbound US and UK tax planning
  
  
• Efficient pension tax contribution and withdrawal strategies
  
  
• Compensation and benefits advisory, including stock awards and other incentives
  
  
• Assisting noncompliant US or UK tax filers
  
  
• Expatriation and rescinding green cards
  
  
• Efficient account structuring and remittance planning
  
  
• Tax-efficient dual qualifying charitable planning
  
  
• Pre-deemed domiciled planning
  
  
• Overseas workday relief claims

Compliance services cover all areas of the UK, and US federal personal income tax and information reporting areas, including, but not limited to:

• UK tax return preparation and compliance for residents and nonresidents  (including for those on either the ‘arising’ or ‘remittance’ basis)
  
  
• Form 1040: US federal income tax returns for residents
  
  
• Form 1040NR: US federal income tax return for nonresidents in receipt of certain non-US-sourced income
  
  
• Form 8938: Report of foreign financial assets
  
  
• Form 1116: Foreign tax credit claims (accrued or paid basis)
  
  
• FinCEN114: Foreign bank account reporting
  
  
• Form 8621: Information return by a shareholder of a passive foreign investment company
  
  
• Section 83b and Section 431 elections