Monthly Archives: October 2019

Expat taxes for Americans living in the UK – how to fill out your return

Originally written by Partner Content on Small Business
Q: What’s worse than dealing with HMRC every year?
A: Dealing with HMRC and the IRS
Life as an expat is complicated, especially around the end of the tax year.
Having to fill in two annual tax returns should be unnecessary because after all, Her Majesty’s Revenue and Customs (HMRC) does talk to the US Internal Revenue Service (IRS). However logic plays no part in the demands that government departments place on citizens, so you just have to grin and bear it.
>See also: Business rates reform key, says Labour business chairman Rachel Reeves
The bad
All US citizens need to file an annual tax return (Form 1040) with the IRS, even if they calculate that no tax is owed.
You must also notify the US Treasury Department every year of any UK and other non-US bank accounts and their balances using Form FinCEN 114. Your Foreign Bank Declaration (FBAR) must include any pension accounts and bank accounts where you are an authorised signatory, including joint accounts.
Failure to file either of these documents on time can cost you thousands in late penalties.
You will also need to file numerous extra forms with your Form 1040 to avoid being hit by late

Read more...

Government awards £2m to boost productivity and tackle late payments

Originally written by Anna Jordan on Small Business
The Government has given out £2m to fund projects aiming to boost productivity and tackle late payments today (11 October).
Up to half of the funding pot is there to encourage businesses to use technology which simplifies invoicing, payment and credit management, ensuring they work as effectively as possible. The funding is part of the Government’s broad package of measures to end the culture of late payments.
This funding comes from the £9m Business Basics programme, which has been running since 2018.  So far, 26 projects have been backed to run trials and develop ideas which encourage SMEs to use technology and more efficient management practices.
The 12 winners of the second round have been announced today. They include Cambridge Judge Business School; the Bournemouth, Christchurch and Poole Council; Northumbria University; and Tenshi Consulting Ltd. Funding has been distributed to look at opportunities in online networking, gaming and innovative coaching techniques that boost business productivity.
Small Business Minister Kelly Tolhurst said:
“As a former small business owner, I know how important it is to harness technology to make your business more productive. This is why we’re awarding another £2m from our Business Basics Fund and backing 12 more

Read more...