 US Tax Returns
Every tax return completed can be graded in terms of complexity, some examples
are stated below as guidance so that you will have a better understanding of
where you might fall in the fee scales.
Simple US £295 - £365 (Full Return)
An employed individual living in the UK with income from employment close
to or below $80,000. Additional small amounts of investment income including
interest and dividends. No UK tax free investment vehicles or pensions
by way of complication. A good value expatriate return.
Medium US £345 - £425 (Full Return)
As above but with additional items such as some capital gains, a single rental
property or significant amounts of investment income from banks and dividends.
Complex US £425 - £575 + (Full Return)
As either of the above but with employment income over $80,000 and the requirement
to calculate foreign tax credits for foreign taxes paid. Alternatively
some self employed individuals or people with large numbers of investments and
capital gains. Complications caused by UK tax free investment vehicles,
including pensions, and associated reporting could give rise to increase
fees dependent on circumstances.
Special Rates
Are you a US citizen who has been living in the UK for a number of years,
maybe all your life? You may or may not be aware that as a US citizen you
have a US filing requirement regardless of how long you have been living outside
the US, even if it is all your life! However if you are just now
discovering your obligations and wish to get up to date it is possible the IRS
might accept 3 prior year returns and a declaration that you expect no tax to be
due for earlier years as sufficient to bring your affairs up to date.
You may have realised that the world of expatriate tax and specifically US
tax return preparation in the UK promotes fees which are far in excess of what
you might have paid or would pay for a US return prepared in the US.
Obviously this is due to the specialist nature of these returns and of course
supply and demand - there are far fewer US citizens in the UK than there are in
the US!
However, due to a number of queries being received from individuals who have
very simple tax affairs and do not generate high levels of income we now offer a
special rate for low income earners (less than £30,000) with simple tax affairs
who either want to catch up with the US filing obligation or just continue
filing year to year. These rates can be discussed but can start as low
as £195 per return where 3 or more returns are required and from £215
for a year on year return in this category.
If your affairs are more complex or would otherwise fit in the standard
categories above special rates may still be negotiated for more than one tax
return. Please email or contact us to discuss.
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