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.
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
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.
As a business owner, you are responsible for ensuring your business is compliant and reaches relevant accounting deadlines. Your business accounting period for Corporation tax is covered by your Company Tax Return.
We have worked with thousands of self-employed Marketing Consultants on their tax returns over the years. Through our years of experience, we have developed an in-depth, expert knowledge of the claimable tax expenses and deductions available to Marketing Consultants.
The HMRC have released figure as a result of a Freedom of Information request that shows a double in reports to the HMRC tax evasion hotline for the 2017-18 tax year.
For the 2017-18 year, a total of 40m695 tax evasion reports can be counted on the hotline. This is a rise by more than double, with tax evasion hotline reports sitting at 20,200 for the previous year.
To celebrate the 100-year monument of women winning the vote, the BBC have introduced the Hear Her campaign. The campaign showcases women’s voices through a mixture of TV, radio and online to mark 100 years since suffrage and the centenary anniversary of women being able to vote in the UK.
If you are married or in a civil partnership you may be able to claim an allowance of £900 against tax as a marriage tax allowance. This is a widely under claimed allowance.
Marriage tax allowance allows couples to transfer up to 10% of their earning between them tax-free.
Payroll is a huge part of running a business. PAYE is the typical method used by employers for payroll.
What is PAYE?
PAYE is the HMRC’s system to collect Income Tax and National Insurance from employment. You are not required to register for PAYE if none of your employees earn over £116 per week, get expenses and benefits, have another job or get a pension.