Financial Advisors in USA/UK
Mar 11th 2013, 7:51 pm
#1
Just Joined
Thread Starter
Joined: Mar 2013
Location: Cheshire
Posts: 2
Financial Advisors in USA/UK
Hi 'Y'all'. I moved to North Carolina in late 2011 with my husband and this is the first year we have had to do a full on US tax return. I realise during this wonderful tax return time that I have money dotted all over the place doing nothing for me, with shares, ISAs, pensions from different companies, etc. I need to get a financial advisor and I have asked my colleagues if they can help, but all their advisors only really know about American stuff.
Any ideas where I can get a well recommended financial advisor that deals with both UK and USA finances. It has really hit hard that I have no idea where my money is and what it is doing...... I should be ashamed of myself I know but now I will do something about it, I just need to figure out the best way to get started.
Any guidance, experiences or recommendation you have would be great!
Any ideas where I can get a well recommended financial advisor that deals with both UK and USA finances. It has really hit hard that I have no idea where my money is and what it is doing...... I should be ashamed of myself I know but now I will do something about it, I just need to figure out the best way to get started.
Any guidance, experiences or recommendation you have would be great!
Mar 12th 2013, 2:36 am
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Financial Advisors in USA/UK
It's not easy to find someone who is dual-qualified and with reasonable fees (Pete Newton has a good reputation on this forum but may not be taking new clients).
In any case, you may not need one. You do need a competent tax practitioner CPA who understands that all foreign income is taxable in the United States (even if "tax free" in another country) and who is capable of working through claiming foreign tax credits and understanding the information reporting that you normally need to do.
That includes identifying any of your investments that are "US-tax-unfriendly" and working out a strategy to divest of them as soon as possible, unless you plan to be back in the U.K. in the not too distant future. You might need a U.K. adviser as well - depends on your plans for the future and how complex your affairs are - if so, it's acceptable to have advisers in different countries so long as they are able to talk to each other.
Your situation is probably too complex for H&R Block and similar firms, but a lot of medium-sized CPA firms should be able to help you. Especially one that has dealt with international issues/clients before.
You've left things very late in this tax season to get it right for 2012. However, it is important to get your tax return right (rather than file it, and then have to amend it later on) so you may wish to request from the IRS an extension of the due date until October 15.
In any case, you may not need one. You do need a competent tax practitioner CPA who understands that all foreign income is taxable in the United States (even if "tax free" in another country) and who is capable of working through claiming foreign tax credits and understanding the information reporting that you normally need to do.
That includes identifying any of your investments that are "US-tax-unfriendly" and working out a strategy to divest of them as soon as possible, unless you plan to be back in the U.K. in the not too distant future. You might need a U.K. adviser as well - depends on your plans for the future and how complex your affairs are - if so, it's acceptable to have advisers in different countries so long as they are able to talk to each other.
Your situation is probably too complex for H&R Block and similar firms, but a lot of medium-sized CPA firms should be able to help you. Especially one that has dealt with international issues/clients before.
You've left things very late in this tax season to get it right for 2012. However, it is important to get your tax return right (rather than file it, and then have to amend it later on) so you may wish to request from the IRS an extension of the due date until October 15.
Mar 12th 2013, 3:36 pm
#4
Senior Member
Joined: Apr 2008
Location: Manhattan
Posts: 2,913
Re: Financial Advisors in USA/UK
