Win a consultation to catch up on your US taxes, Worth £995!
Closing Date: Wednesday 26th of October 2022
Terms & Conditions: Click Here
The US taxation system is not like the UK system. The US system is based on citizenship, rather than residency. This means people that hold US citizenship (even British dual nationals) must file US tax returns every year, reporting their worldwide income.
Does that mean they pay tax twice?
Usually, not. Thankfully, there is a modern tax treaty between the US and the UK which prevents double-taxation. There are, however, gaps that people fall through, which can lead to a world of US tax compliance issues.
Those that haven’t been filing US tax returns can catch up via the official IRS Streamlined Tax Amnesty program. It’s the safest, easiest, and cheapest way to catch up on US tax returns and it doesn’t matter how many years it has been since a person filed.
Is there any good news?
Yes, US Government Stimulus Payments.
US citizens and Green Card holders are eligible to claim the Recovery Rebate Credit which is a refundable payment. To be eligible, worldwide income during 2020 or 2021 can’t exceed US$75,000. The three stimulus payments total $3,200. That’s significantly more than it costs most people to catch up.
Enter the competition to have your US taxes prepared completely free of charge. Limitations apply.
Check out Expat Online’s US tax guide for Americans in the UK at expattaxonline.com/american-expat-taxes-in-uk
Get a quote from expattaxonline.com to become fully US tax compliant and check if you’re eligible for US Government Stimulus Payments.
If the winner is already up to date, Expat Online will prepare their US tax return to the value of £995 (most single year returns cost less than £400).
This competition has now closed, no more entries.