If you are thinking about buying a home or borrowing money, a good credit rating can be the difference between getting a good deal and a bad one. Having a high credit score can allow you access to lower-interest-rate loans and mortgages, as well as give you the eligibility to borrow more.

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As a business owner, knowing which tax forms you need to complete or to collect from employees is vital and can be complex. The main US tax forms which are used in regards to employees is the W-8, W-9 and W-8BEN/ W-8BEN-E.

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In this bite-size article our accountants have broken down the following:

· What is Tax Relief?

· What is the difference between Deductions, Credits, and Exemptions?

· What Type of Relief could an Actor/ Film Maker be Entitled too?

· How do I claim this Relief?

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      As an SME in the Creative Industry in the United States, they are eligible to certain tax reliefs.  Like all SME’s in the US, an enterprise is eligible to a tax deduction for qualifying charitable donations.

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Many actors are considered self-employed when it comes to filing their taxes. When filing your regular year-end 1040 income tax file, you will also be required to file a 'Schedule C' and state all the 1099s you received throughout the year. There are many unique deductions actors are allowed to take advantage of - these should be reported on the 8829 form for home office deduction. Further to this, you will liable to self-employment tax in addition to federal income tax. Paying estimated quarterly taxes may be necessary on Form 1040-ES for some, but even if this isn't mandatory (your tax liability does not exceed $1,000), it can be a great way to budget throughout the year. 

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Cryptocurrencies such as Bitcoin became extremely valuable and popular investments during 2017.  This raised a multitude of questions about how cryptocurrency transactions should be taxed in the US.  Thankfully, the IRS has offered some guidance and accountants have quickly come up to speed on the treatment of Bitcoin from a tax perspective. 

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Pensions are a popular way of supporting yourself financially within your retirement. Whether you opt for a Social Security pension, Employer Pension or a Private Pension plan, there are many things to consider when navigating potential US Tax Challenges if you are an American living in the UK.

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Even though you are a UK citizen and live in the UK, the US still will attempt to tax your US pension.  However, the US/UK tax treaty states that most pensions are only taxable in the country where the beneficiary is a resident.  Therefore, living in the UK gets you exempt from US tax on your pension.  In order to claim an exemption from this tax, there are several steps that must be taken.  First, you must contact the IRS and obtain a US Taxpayer Identification Number (TIN).  Once you have this, you should fill out Form W-8BEN and send it to the institution paying your pension benefits.  This will allow them to send you your pension payments in full without withholding US tax.  Be sure to specify the article and paragraph of the treaty that allows the taxpayer to claim this exemption (Article 18, paragraph 1).

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Below is a summary of the major tax incentives that Congress has put in place to encourage certain behaviours by US corporations.

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US corporations and individuals are allowed a multitude of different deductions for cash outlays they make throughout the tax year.  However, for technology companies and individuals with tech-based hobbies, it can be confusing as to what expenses can be deducted.  Below is a brief summary of what can and cannot be deducted for US tech companies and tech-interested individuals.

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The type of business you operate determines what taxes you must pay and how you pay them. Below are five general types of business taxes:

• Income Tax

• Estimated Tax

• Who must pay estimated tax?

• Self-Employment Tax

• Excise Tax

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