US personal tax services
The UK firm’s US personal tax specialism is overseen by the London based US/UK High Net Worth team. Outside of the US the US/UK High Net Worth team comprises by far the largest team of US personal tax professionals of any of the big four firms including over 45 US personal tax specialists all of whom have the ability to advise on and co-ordinate the impact of the US tax system with foreign tax regimes. Every member of the group currently holds or is in training to obtain a US professional tax qualification.
The team provides a proactive and holistic personalised tax service to its clients, offering high quality US tax planning advice whilst always considering the local e.g. UK tax implications.
Our client base consists of individuals with US tax issues to consider be they US citizens/Green card holders, non-residents with US investments or those considering moving to or making investments in the US. Our typical clients include High Net Worth Individuals, Fund Executives, Entrepreneurs and Law firm partners.
We concentrate our services in four main areas of specialism:
US High Net Worth Individuals
Our London based team advises on and coordinates the impact of both the UK and US tax systems on a wide variety of US High Net Worth (HNW) Individuals. By making use of our extensive global network we can also provide cross-border advice across multiple jurisdictions.
We provide a broad range of US and UK tax compliance and advisory services to US HNW Individuals including, but not limited to:
- Preparation of UK and US tax returns
- Preparation of filings required in relation to all types of foreign entities including trusts, corporations and partnerships
- Assistance with enquiries from the IRS, state tax authorities and HMRC and representing clients in discussions with the authorities
- Pre-immigration planning for individuals moving to or from the US or the UK
- Advice regarding issues associated with moving senior executives between the UK and US
- Advice regarding tax considerations for those giving up their US citizenship or green card status
- Advice in relation to income and gains tax planning, such as advising on remittances to the UK, the claiming of foreign tax credits and the integration of the UK and US tax systems
- Integrated US and UK estate and gift tax planning
Law firms are dealing with an ever-increasing amount of international complexity as they expand and consolidate at a global level. This greater complexity exposes the firm, its partners and its employees to a risk of paying too much or too little tax, or failing to meet a filing or reporting obligation somewhere in the world.
Deloitte advise many UK and US law firms and their people across a broad spectrum of international issues including:
- individual US and UK tax compliance for partners and employees
- partner compensation and profit distribution planning
- firm payroll and withholding obligations related to mobile employees
- short-term business visitor reporting in the UK; remittance basis and bank account structuring for non-domiciled individuals
- international social security
- global mobility policies
- residence and tax treaty questions
- the tax impact of opening an office in the UK
Deloitte High Net Worth work very closely with our market-leading Professional Services team, thereby ensuring that our clients have access to the firm’s deep sector knowledge and expertise in the areas of partnership tax, audit, VAT, real estate, corporate finance and consulting.
We provide bespoke and tailored advice to owners and managers of enterprises which are substantially privately owned and run and which therefore require unique tax related services.
Our service line provides assistance at all ends of the business cycle, from initial structuring, ongoing compliance and planning and advice in respect to eventual exit or sale event.
Typical clients include:
- Owner Managers
- Fund Executives
- Partners in certain Partnerships
The US/UK tax team has unique experience being able to advise both on the tax implications of significant transactions and undertake ongoing compliance and planning.
Sports and entertainment
We provide a highly tailored and comprehensive US/UK tax advisory and compliance service to those in the field of sports and entertainment. Examples of clients within this space include the following:
- Business owners and their businesses – professional sports clubs, music companies and film/television/theatre companies
- Board members, executives and other employees within the world of sports and entertainment
- Talent – sports players, athletes, celebrities, actors and presenters, artists, composers, writers and producers
- Talent scouts, angels and financiers
- Talent managers and agencies
There are significant opportunities and pitfalls for those who operate in the area of sports and entertainment and as a consequence it is vital that the appropriate advice is provided at the earliest opportunity.