With the huge tax hikes introduced by the US over the last 5 years has brought more and more US citizens living abroad deciding to get rid of their American citizenship once and for all.
Can you renounce your US citizenship?
So you think you want to renounce your US citizenship? A person wishing to renounce his or her U.S. citizenship must voluntarily and with intent to relinquish U.S. citizenship:
1. Appear in person before a U.S. consular or diplomatic officer
2. In a foreign country at a U.S. Embassy or Consulate; and
3. Sign an oath of renunciation
If you do not comply with these steps your renunciation will not be recognized as legal and therefore have no legal effect. Under the provisions of Section 349(a)(5), U.S. citizens can only renounce their citizenship in person, and therefore cannot do so by mail, electronically or through agents.
Renouncing your rights and privileges as a US citizen
When you renounce your U.S. citizenship you are also renouncing all the rights and privileges associated with that citizenship. This includes the rights such as the right to live in the US.
Other considerations you should make when considering whether or not to renounce your citizenship include the matter of statelessness. If you are intending to renounce your U.S. citizenship you should be aware that, unless you already possess a foreign nationality, you may be rendered stateless and therefore lack the protection of any government. Statelessness can hinder your ability to rent or own property, work, marry, receive medical help and attend school.
How can we help?
As a US citizen wishing to pursue US citizenship renunciation, there are a number of tax steps you are required to take. Firstly you must file the last 5 years of your tax returns and 6 years of your FBARS, followed by other relevant tax documents.
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance.
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough.
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
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Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both.
If you are based in the UK and your employees are working abroad there are slightly rule surrounding PAYE and NIC depending on where your employees are working and how long you expect them to work there.
A confirmation statement is a form that was introduced to replace the annual return (AR01) in June 2016. The purpose of a annual confirmation statement is to verify important company data registered on Companies House to ensure it is correct and up to date.