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Posts sent on: 2015-12-31

31 Dec 2015 

Figures recently released by the US Treasury have highlighted that a record number of American expatriates chose to renounce their citizenship in the first quarter of 2015.

American expats living outside the US now total over 7.6 million. In the first three months of 2015 alone 1,335 expats chose to give up their passports - nearly 40% of the 3,415 Americans who renounced their citizenship in 2014. This increase can be directly linked to growing tax regulations for Americans living abroad including the implementation of the Foreign Account Tax Compliance Act (FATCA) last year which requires banks to report details of all accounts held by US expats to the US authorities. If banks fail to disclose information, or they mistakenly give the wrong details, they could face massive penalties.

For US expats there is no escape from filing US tax returns. No matter where they reside in the world, Americans earning more than $10,000 per annum are required to file their taxes, even though more often than not they will be required to pay nothing, or only a minimal amount in tax, because of the foreign tax credits they receive.

US tax filing has only been further intensified this year as the IRS and Treasury have been actively enforcing the Foreign Bank Account Report (FBAR), which requires all US citizens regardless of their income to file tax returns if they hold one or more foreign accounts totaling more than $10,000. Failure to do so can result in hefty fines of up to $10,000.

The fear of penalties by the United States has increasingly led many UK banks to restrict the services available to expats to the point that some banks are even refusing to allow US expats to hold accounts rather than have to comply with the exhaustive demands of FATCA. Such restrictions have only served as an added incentive for expats already contemplating renouncement of their U.S. citizenship.

Renouncing citizenship is a very big step however and should not be considered lightly. If you renounce your US citizenship you give up all legal rights of being a US citizen and can only visit the United States for a maximum of 90 days a year. It also does not come cheap; the fee has recently quadrupled from $450 to a costly $2,350. In addition, if you owe money in taxes to the IRS prior to renunciation, this does not disappear, you will still be required to settle your tax bill.

For More Information expat tax, us uk accountant, expat tax return



Admin · 28 views · Leave a comment
31 Dec 2015 

The streamline program is a voluntary disclosure procedure for Americans who have not filed their US tax returns, or reported foreign assets from previous tax years.

First offered by the IRS in autumn 2012, the streamlined filing procedure has recently been expanded and modified to accommodate a broader group of U.S. taxpayers. Major changes to the streamlined procedure include: 

  • Extension of eligibility to      U.S. taxpayers residing in the United States
  • Elimination of the $1,500 tax      threshold
  • Elimination of the risk      assessment process associated with the streamlined filing compliance      procedure announced in 2012

Criteria for eligibility 

The streamline procedure is available for both American tax payers residing within the United States (Streamlined Domestic Offshore Procedures), and for US expats (Streamlined Foreign Offshore Procedures).

To qualify you will need to prove that you did not file your taxes due to ‘non-willful circumstances’. According to the IRS

“non-willful conduct results from negligence, inadvertence, or mistake that is the result of a good faith misunderstanding of the requirements of the law”.

It does not include those willingly trying to commit tax evasion to avoid paying required taxes.

The Streamlined process

If eligible for the streamlined procedure, an individual must follow specific instructions to ensure their forms will be processed correctly as outlined below:

  1. If you’ve never previously      filed a US tax return you will need to complete your return using Form      1040 (US Individual Tax Return) with the other necessary completed forms      (including forms 3520, 5471 & 8938) for each of the most recent three      years of missed US tax returns.
  2. If you have previously filed a      US tax return you will need to submit a Form 1040X             (Amended US Individual Tax Return) with the necessary corresponding      returns for each of the most recent three years of missed US tax returns.
  3. For both above situations at      the top of the first page of each amended return you should include      “Streamlined Foreign Offshore” written in red to ensure your forms are      processed correctly under the special streamlined conditions. Failure to      write this will result in your taxes not receiving the special processing      and you will be required to pay the late fee penalties.
  4. You will also need to complete      and sign a statement on the certification by U.S. person residing in the      US form to confirm you are eligible for the Streamlining process and that      your previous negligence to file your taxes correctly was from non-willful      conduct and all outstanding FBARs have now been filed.
  5. It is important this form is      completed, if it isn’t your returns will be processed normally and not      under the special streamlining process. If this form is not completed and      returned, your returns will be process normally, not under the special      streamlining process.
  6. Submit payment for any tax and      interest due on any of the returns. It is important you pay any      outstanding monies in full otherwise a balance notice will be sent to you.      You must include your taxpayer identification number on your check.

Things to note….

In order to participate in the streamlined procedure taxpayers require a valid Taxpayer Identification Number (TIN). For U.S. citizens, resident aliens, and certain other individuals their TIN is a valid Social Security Number (SSN).

If you do not have a Social security Number or TIN, submit an application for an TIN along with your required forms.

For individuals who are not eligible for an SSN or TIN their tax returns will not be processed under the streamlined procedures.

Submitting streamlined returns

All paperwork together with any payment must be sent in paper form to the following address:

Internal Revenue Service
3651 South I-H 35
Stop 6063 AUSC
Attn: Streamlined Foreign Offshore
Austin, TX 78741

Tax returns submitted under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures will be processed like any other return submitted to the IRS. Consequently, receipt of tax returns will not be acknowledged by the IRS and the streamlined filing process will not culminate in the signing of a closing agreement with the IRS. 

Future tax returns

Following participation in the Streamlined Process, it is important to file your taxes fore all subsequent years using regular filing procedures in order to avoid any further penalties for neglecting to pay your taxes. 

How we can help 

At Bambridge Tax Services we have an expert team of IRS enrolled agents who are on hand to guide you through each step of completing your taxes and make the whole process as smooth as possible. 

We offer fixed rate fees and free initial  consultations so contact us today to find out how we can help you. 

For More Information expat tax, us uk accountant, expat tax return



Admin · 6 views · Leave a comment
31 Dec 2015 

If you are sitting alone and have nothing fruitful to do, you can sink into boredom. You need something entertaining, to make your free time worth living. People generally try to watch the famous series, from the internet. If you think that you have finished watching all of the series, and you are not getting interested in watch more of them, you can switch the shows. Try to watch the shows you think will help you to forget about the world. Let your secret curiosity be exposed and watch the hot videos, which will be great for passing the time.

People look at the catwalk for various reasons. Some people are artists, and they try to follow the dresses and the designs of the videos. The aspiring models watch the videos, to watch and learn how to walk and present themselves in the ramp. The other people watch these shows because they get to see the beautiful woman with the impressive body. The confidence in their walking makes them look more attractive. If you want to see beautiful girls with gorgeous figures, you should watch the fashiontv hot videos. You should definitely find the best way to spend your free time.

The women you see walking on the ramp works hard on maintaining their perfect figure. They have to be flexible enough so that they can fit into any dress. They have to be the blank canvas in which the artist, that is the designer, experiment their art like dresses. So maintaining their body, skin and hair is very important for them. It is essential for them to be attractive so that people come and see them walking on the ramp. If you do not get any chance to watch them live, you can get to see them in the video websites. You can find the fashion tv hot video easily, on the internet.

If you are bored of watching the same funny series over and over again, it’s time for you to take a break from all of this and watch the fashion tv hot videos. See the best looking girl walking on the ramp, with confidence wearing the hot dresses. See how they carry those clothes confidently. You will not get a chance to see girls like them in those clothes, every day on the street. So bring out your curiosity as satisfy them by watching them from the internet.

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Admin · 100 views · Leave a comment
31 Dec 2015 

Fashion and style have become the new identity of people. And with the latest progress in electronics media, men and women are becoming more fashion conscious with television shows and videos. It represents an idea and also an entire personality of people from different cultures. All the exclusive fashion channels and changing in the psychology of the people has helped in the progress of fashion entirely. Liberalism has also taken place as society is now considering the changes in style in a fair way without creating any fuss. Following fashion channels is thus, beneficial at different levels.

Costume designers and creators have got an excellent platform to express their talents via the media of fashiontv hot shows. Previously there was little or no opportunity for the artists to show their skills and bring them to the attention of the people. But fashion channels have made that possible with the association of digital media.  Moreover, students who are aspiring to become fashion designers can get ideas and techniques to implement in their work front and bring out the best innovations in the world. The designers can create new styles that blend with various cultures and bring them to people with television shows.

Models that are looking forward to join the world of fashion can get to know the dynamics of this industry with several fashion tv hot videos.  It helps women to groom themselves properly before they are finally going to walk the ramp. Models that are showcasecostumes of certain designer gains in popularity more rapidly, and are worn by people in occasions and also during the festivals. Thus, it also electronic media also helps attract the demand of the common mass. This in turn also motivates the designers to create newer outfits and continue to impact people on different levels.

Previously, fashion shows used to be a private affair, and only VIPs and aristocrats could see fashion shows. But television has blurred the thin line and has made fashion accessible to all. Every household, all over the world is able to keep track of the fashion world and follow it in daily life with fashion tv hot shows and videos. Not only the television but the internet also plays a similarly significant role in creating awareness amongst people and giving an opportunity to adapt it to the day to day life. Thus, shows like this have complementing and enhancing effects on people starting from designers to common mass.

Sometimes extreme exposure of certain costumes leads to videos like fashion tv oops.  These videos are able to create awareness amongst all the sections of the society. Models are able to learn tactics to save the moment of embarrassment and at the same time, the designer learns to check on the costumes and outfits before taking them officially on the floor. Hence, it is quite a proven fact that television helps fashion to travel to every household and evolve at the same time giving rise to another set of original style statements. Fashion shows has now became an life enhancing aspect.



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31 Dec 2015 

Everyone loves to opt for free codes and coupons, as that helps them to save some of their money and choose for their favorite items. Now, at present, the importance of coupons and codes are elevating the needful quotient now. Therefore, it is always promising to get hold of those websites, from where you will receive discounted deals and coupons, absolutely free of cost! The codes and discounted coupons are available for different kinds of products, as there is no such particular restriction or limitation associated with these websites. There are featured vouchers available, along with some new vouchers and deals.

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