International Tax Advisory Services for American and British Expats
Expert Guidance for Expats by Simon Misiewicz
Moving abroad is an exciting adventure but comes with complex tax implications. Whether you are relocating to the Australia, Canada, Spain, UK or US our tax planning consultant services are designed to help American and British expats navigate the intricacies of international taxation.
An “expat” (short for expatriate) is someone who lives outside their native country, typically for work, lifestyle, or personal reasons. Unlike immigrants, expats often retain their citizenship in their home country while residing abroad temporarily or semi-permanently.
Understanding the tax systems of both your home country and your new destination is crucial. Simon Misiewicz is an international tax planning consultant. He is a dual US (Enrolled Agent, EA) and UK (Association of Chartered Certified Accountants ACCA) and provides international expat tax advice to Americans and Brits moving abroad. We ensure you remain compliant with local tax laws while optimising your financial situation.
Tax implications for Brits and Americans moving to Spain
Americans and British moving to Spain need to understand the tax implications of becoming tax residents, which include being taxed on their worldwide income by Spain. This can lead to potential double taxation, although tax treaties exist to help mitigate this issue. It’s essential to grasp the differences in tax rates and social security contributions to avoid unexpected liabilities and ensure compliance with both countries’ tax laws. American taxes are much lower than that in Spain.
Why Choose Us?
Tax IDs: We assist you in obtaining the necessary Tax Identification Numbers (TINs) in your new country, ensuring you can legally work and fulfil your tax obligations, internationally.
Double Taxation: One of the biggest concerns for expats is being taxed twice on the same income. We help you navigate Double Taxation Agreements (DTAs) to minimise your tax burden and ensure you are not paying more than necessary.
Withholding Taxes: Our experts guide you through the complexities of withholding taxes, ensuring that the correct amount is withheld from your income, whether from dividends, interest, or royalties.
Selling Assets in Your Home Country: If you sell assets before or after your move, we provide strategies to manage and minimise capital gains tax liabilities, ensuring you remain compliant with tax laws in both countries.
You may be looking for a Property Accountant to help you with UK tax filing. Please visit Optimise Accountants website for further details.
Capital Gains Tax: Understanding how capital gains tax applies in your home country and your new country of residence is essential. We provide comprehensive advice to help you manage and optimise your tax liabilities.
Expertise: Our advisors know the tax laws in the US, UK, Spain, Canada, and France. We stay updated with the latest regulations to provide accurate and reliable advice.
Personalised Service: Every client’s situation is unique. We offer customised solutions tailored to your specific needs and financial goals.
Peace of Mind: With our guidance, you can confidently move to your new country, knowing that your tax affairs are in order.
Proactive Planning: We help you plan, identifying potential tax issues and opportunities before they arise so you can make informed decisions.
Common Tax Issues for Americans Moving to the UK
Americans moving to the UK often face complex tax challenges due to differing tax systems and obligations in both countries. One significant issue is double taxation, where income earned in the UK may be subject to taxation by both the UK and the US. Although tax treaties are in place to mitigate this, the rules can be intricate, requiring careful navigation to avoid being taxed twice on the same income. Additionally, Americans must file a US tax return even while living abroad, which can be cumbersome and confusing, mainly when dealing with foreign income, pensions, and investments. Understanding the nuances of the UK tax system, such as National Insurance contributions and capital gains tax on worldwide assets, adds another layer of complexity. One of the things you may need is a UK Certificate of Residency (CoR) from HMRC.
Common Tax Issues for British Moving to the US
British expats relocating to the US also encounter several common tax issues due to the complexities of the US tax system. One primary concern is the worldwide income tax policy of the US, which requires British expats to report and pay taxes on their global income, leading to potential double taxation despite tax treaties designed to alleviate this burden. Moreover, navigating the Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) regulations can be daunting, as these rules require detailed reporting of foreign financial accounts. Another issue is understanding and complying with state taxes, which can vary significantly from one state to another. Adjusting to the US tax system’s intricacies, including different treatment of pensions and retirement accounts, presents additional challenges for British expats.
Get Started Today
Don’t let tax uncertainties overshadow your move abroad. Contact us today to schedule a consultation with one of our expert advisors. Together, we’ll create a tax strategy that ensures you can enjoy your new life without financial stress.
If you are seeking support from a UK property tax specialist then speak with Optimise Accountants.
Q&A - International Tax Planning
Our services cover the United States, United Kingdom, Spain, Canada, and France. We provide comprehensive tax advice tailored to the specific regulations of these countries.
We assist you in obtaining the necessary Tax Identification Numbers (TINs) in your new country, ensuring you can legally work and fulfil your tax obligations.
Double Taxation Agreements (DTAs) are treaties between two or more countries that prevent income from being taxed twice. They offer benefits such as reduced withholding tax rates and clearer rules for allocating taxing rights, helping you minimise your tax burden
Withholding taxes are deducted at the source of income, such as dividends, interest, or royalties before the income is distributed to you. We ensure the correct amount is withheld and help you navigate applicable tax treaties to reduce your liabilities.
You may be liable for capital gains tax if you sell assets before or after your move. We provide strategies to manage and minimise these liabilities, ensuring you comply with tax laws in your home country and your new country of residence.