Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

In Houston - looking for an international accountant?

In Houston - looking for an international accountant?

Old Dec 31st 2015, 11:15 pm
  #1  
Just Joined
Thread Starter
 
Joined: Nov 2015
Posts: 1
HusbandOfABrit is an unknown quantity at this point
Default In Houston - looking for an international accountant?

Hi. I am a US citizen. My wife is an English citizen. She's working here in Houston, Texas where we live - we met and got married last year. She's purusing her green card so she's not locked into her current employer.

We would like to find a local accountant, finance and/or tax professional that can assist us with questions about her current property and mortgage in England, her pensions, and other financial matters that will need to be addressed once she localizes here and makes the US her permanent residence.

Would any one be able to either recommend someone or point me in a direction that might help me locate someone like this? Key requirements would be:

1. Located in Houston - we would like to deal with someone face to face
2. Knowledgeable in English tax code
3. Knowledgeable in the area of expats and their finances.

Thanks in advance!

Robert
HusbandOfABrit is offline  
Old Jan 1st 2016, 6:59 pm
  #2  
BE Forum Addict
 
Owen778's Avatar
 
Joined: Jan 2014
Location: Anchorage, AK, USA
Posts: 1,292
Owen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond reputeOwen778 has a reputation beyond repute
Default Re: In Houston - looking for an international accountant?

Welcome to BE!

I'd love to help, but the accountant we used in my first year here doesn't know anything about the British tax code. Since then, I've done our US taxes, and we've had no requirement to do UK taxes. You may struggle to find someone really knowledgeable about both codes in Houston.

I and others can answer some of your questions on US taxes for expats if you tell us more, but you will probably still need the services of a professional.

One key thing to note is that several British investment types are tax-free in the UK, but not excluded from US taxes. ISAs are the most obvious example. Unfortunately, if she has any of these, the best time to get rid of them would have been before becoming tax resident in the US.
Owen778 is offline  
Old Jan 1st 2016, 7:27 pm
  #3  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 47,635
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: In Houston - looking for an international accountant?

As Owen said, many of the questions are commonly answered here, and the best advice is to sever most financial ties as they make for unnecessary complications.

For example, it would be best for most people, unless they envisage returning to the UK, or holding their real estate "for ever", to sell their home soon after leaving the UK, otherwise the house will attract capital gains tax in one or both countries, often much more tax that the "fair" reflection of the gain during the time it was NOT occupied as your home.

Generally pensions do not need ongoing tax advice as they are tax free, until drawn, in both the UK and the US. They may need to be disclosed under FBAR and FATCA, but their is no tax impact.
Pulaski is offline  
Old Jan 4th 2016, 8:04 pm
  #4  
Just Joined
 
Joined: Sep 2015
Posts: 4
InTX is an unknown quantity at this point
Default Re: In Houston - looking for an international accountant?

Hello! I have been reading this forum for awhile now as I am planning to go for an L1 visa through my employment either later this year or next year. For example, it would be best for most people, unless they envisage returning to the UK, or holding their real estate "for ever", to sell their home soon after leaving the UK, otherwise the house will attract capital gains tax in one or both countries, often much more tax that the "fair" reflection of the gain during the time it was NOT occupied as your home.This post caught my eye, as I am planning on leaving my property for rental purposes here in the UK. If I understand correctly, I would need to pay Capital Gains Tax on the amount above tax-free allowance ? Also, would I incur additional tax if I would decide to sell the property while living in the US? How much tax would I need to pay in the US for the same property? These may seem like silly questions, but I am only starting on the 'serious' reading Any advise is much appreciated.
InTX is offline  
Old Jan 4th 2016, 8:44 pm
  #5  
Lt Col (Retd)
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 47,635
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: In Houston - looking for an international accountant?

Originally Posted by InTX View Post
Hello! I have been reading this forum for awhile now as I am planning to go for an L1 visa through my employment either later this year or next year. For example, it would be best for most people, unless they envisage returning to the UK, or holding their real estate "for ever", to sell their home soon after leaving the UK, otherwise the house will attract capital gains tax in one or both countries, often much more tax that the "fair" reflection of the gain during the time it was NOT occupied as your home.

This post caught my eye, as I am planning on leaving my property for rental purposes here in the UK. If I understand correctly, I would need to pay Capital Gains Tax on the amount above tax-free allowance ? Also, would I incur additional tax if I would decide to sell the property while living in the US? How much tax would I need to pay in the US for the same property? These may seem like silly questions, but I am only starting on the 'serious' reading Any advise is much appreciated.
For starters PLEASE leave the [QUOTE] and [\QUOTE] (the \ is the other way around i.e. / ) tag around the post you quote, otherwise it is very difficult to work out what you quoted and what you asked.

You are confusing capital gains (profit when you sell) with income from renting the property (excess of rent over allowable expenses).

You will have a fairly complicated calculation to perform each year to reach net taxable income, including but not confined to, deductions for mortgage interest, insurance, and depreciation on the value of the building but not the land, separate calculations for depreciation on appliances, as well as the exchange rate. A competent tax accountant is pretty much essential to guide you through the US tax maze.

I think the UK now calculates capital gains tax on sales just 18 months after you move out. There is a separate US capital gains tax calculation, with different allowable deductions. Again, the services of an accountant are pretty much essential.

Last edited by Pulaski; Jan 4th 2016 at 8:47 pm.
Pulaski is offline  
Old Jan 4th 2016, 10:54 pm
  #6  
nun
BE Forum Addict
 
nun's Avatar
 
Joined: Aug 2004
Posts: 4,722
nun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond repute
Default Re: In Houston - looking for an international accountant?

Originally Posted by HusbandOfABrit View Post
Hi. I am a US citizen. My wife is an English citizen. She's working here in Houston, Texas where we live - we met and got married last year. She's purusing her green card so she's not locked into her current employer.

We would like to find a local accountant, finance and/or tax professional that can assist us with questions about her current property and mortgage in England, her pensions, and other financial matters that will need to be addressed once she localizes here and makes the US her permanent residence.

Would any one be able to either recommend someone or point me in a direction that might help me locate someone like this? Key requirements would be:

1. Located in Houston - we would like to deal with someone face to face
2. Knowledgeable in English tax code
3. Knowledgeable in the area of expats and their finances.

Thanks in advance!

Robert
I think you'll find it almost impossible to find a local accountant that knows anything about UK taxes. Luckily if your spouse is resident in the US there will be no UK tax on pensions (other than UK Government ones)and no US tax due until income is taken. There will be UK tax due on any UK source income, like rent on the house, and also US tax due as US residents are taxed on their worldwide income. The tax treaty and HMRC and IRS code will allow you to avoid double taxation. One area of potential trouble is if your spouse owns any UK investment funds outside of a UK retirement plan.
nun is offline  
Old Jan 5th 2016, 1:14 am
  #7  
Grumpy Know-it-all
 
Steve_'s Avatar
 
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Steve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond repute
Default Re: In Houston - looking for an international accountant?

Who is that guy everyone recommends, is it this guy? US - UK Tax Preparation and Advice | BritishExpatsTax.Com I don't think so, I can't remember his URL.

Anyway the likelihood of finding anyone local is remote.

And I can tell you from personal experience - don't think you're going to walk into somewhere like PriceWaterhouseCoopers and do any better.

People with transnational tax experience are few and far between.
Steve_ is offline  
Old Jan 6th 2016, 12:33 pm
  #8  
Just Joined
 
Joined: Sep 2015
Posts: 4
InTX is an unknown quantity at this point
Default Re: In Houston - looking for an international accountant?

and \QUOTE (the \ is the other way around i.e. / ) tag around the post you quote, otherwise it is very difficult to work out what you quoted and what you asked. You are confusing capital gains (profit when you sell) with income from renting the property (excess of rent over allowable expenses). You will have a fairly complicated calculation to perform each year to reach net taxable income, including but not confined to, deductions for mortgage interest, insurance, and depreciation on the value of the building but not the land, separate calculations for depreciation on appliances, as well as the exchange rate. A competent tax accountant is pretty much essential to guide you through the US tax maze. I think the UK now calculates capital gains tax on sales just 18 months after you move out. There is a separate US capital gains tax calculation, with different allowable deductions. Again, the services of an accountant are pretty much essential.
Thanks! I will surely seek professional accountant assistance when the time comes. Meanwhile I will continue my readings
InTX is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.