International Tax Advisory Services for American and British Expats
Moving abroad is an exciting adventure but comes with complex tax implications. Whether you are relocating to Spain, Canada, or France, our tax planning consultant services are designed to help American and British expats navigate the intricacies of international taxation. Our International Tax Consultant, Simon Misiewicz, will ensure you are comfortable and confident with your plan. Get the tax strategy done before you move.
Expert Guidance for Expats by our dual US & UK qualified consultant, Simon Misiewicz
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 laws while optimising your financial situation.
Comprehensive Solutions
There are many planning opportunities before you move countries. Our International Tax Consultant will be there to guide you through the process of:
IDs: We assist you in obtaining the necessary Tax Identification Numbers (TINs) in your new country, ensuring you can legally work and fulfil your 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 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 laws in both countries.
Capital Gains Tax: Understanding how capital gains apply in your home country and your new country of residence is essential. We provide comprehensive advice to help you manage and optimise your liabilities.
Why Choose Us?
Expertise: Our advisors know the 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 Issues for Americans Moving to the UK
Americans moving to the UK often face complex challenges due to differing 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 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 system, such as National Insurance contributions and capital gains on worldwide assets, adds another layer of complexity.
You may need a Certificate of Residency (CoR) from HMRC and a UK tax identification (ID) number in order to submit self-assessment tax returns.
Common Issues for British Moving or Investing in the US
British expats relocating to the US also encounter several common issues due to the complexities of the US 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 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 system’s intricacies, including different treatment of pensions and retirement accounts, presents additional challenges for British expats.
As a British citizen, you may be subject to a 30% withholding tax from the IRS. The Form W8-BEN may be used to reduce the IRS tax withholding. Please note that Form W8-BEN is for individuals. You will need to complete the Form W-8BEN-E if you wish to reduce or eliminate withholding taxes as a limited company or corporation.
You must know if you meet the automatic non-residence tests when moving from the United Kingdom (UK).
Common Issues for British & Americans moving to a foreign country
British and American expats often face the challenge of double taxation, where they may be taxed by their home country and their new country of residence on the same income, despite existing treaties to mitigate this issue. Additionally, they must navigate complex reporting requirements such as the Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) for Americans, which demand detailed disclosures of foreign financial accounts and assets. Expats also need to understand and comply with different tax systems and regulations, including varying rates, credits, and deductions, adding complexity to their obligations.
As a dual US & UK qualified tax professional, Simon will use his 20+ years of experience in international tax planning to provide you with an action plan to minimise your global taxes in a concise and easy-to-understand action plan.
Considerations for Americans and Brits moving or investing in Canada
When moving to Canada, Americans and British people need to obtain a tax identification number in Canada to ensure they can legally work and file taxes. It’s crucial to understand how to get a TIN number in Canada, as this will be necessary for reporting income and claiming tax benefits. Both groups should familiarize themselves with the Canadian tax year, which runs from January 1 to December 31, and be prepared to file their Canadian tax returns by the 30th April deadline each year. Understanding these requirements helps avoid penalties and ensures compliance with Canadian tax laws.
We will be at hand to help you through the UK & Canadian Double Taxation Agreement (DTA) to ensure you are not taxed twice.
Considerations for Brits & Americans moving to Spain
Americans and British moving to Spain need to understand the tax implications of becoming tax residents, including being taxed by Spain on their worldwide income. 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. There are many differences between US & Spanish taxes. A US & Spanish Tax Treaty prevents Americans from being taxed twice on their income. One of the things you might need to do as a British or American citizen is obtain a Spanosh Tax ID (NIE).
Get Started Today
Don’t let uncertainties overshadow your move abroad. Contact us today to schedule a consultation with one of our expert advisors. Together, we’ll create a strategy that ensures you can enjoy your new life without financial stress.
Q&A – International Planning Consultant
Q: What countries do your international tax advisory services cover? A: Our services cover the United States, United Kingdom, Spain, Canada, and France. We provide comprehensive advice tailored to the specific regulations of these countries.
Q: How can you help me obtain a Tax Identification Number (TIN) in my new country?
A: We assist you in obtaining the necessary TIN in your new country, ensuring you can legally work and fulfil your tax obligations.
Q: What are Double Taxation Agreements (DTAs), and how can they benefit me?
A: 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 rates and clearer rules for allocating taxing rights, helping you minimise your burden. As an international tax consultant, Simon will guide you through understanding.
Q: How do withholding taxes affect my income as an expat?
A: 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 treaties to reduce your liabilities.
Q: What should I know about capital gains when selling assets in my home country?
A: You may be liable for capital gains if you sell assets before or after your move. Our international tax consultant will provide strategies to manage and minimise these liabilities, ensuring you comply with laws in your home country and your new country of residence.
Q: Is there a double taxation agreement between Spain and the UK?
A: There is a double taxation agreement between the UK and Spain to prevent you paying tax twice.