LONDON NEW YORK THE PREMIER UK/US TAX FIRM TRANSATLANTIC TAX AND ACCOUNTING

Transcription

1 LONDON NEW YORK THE PREMIER UK/US TAX FIRM TRANSATLANTIC TAX AND ACCOUNTING

2 Our specialist international tax focus is what makes us different. It s why clients have been trusting Frank Hirth since LONDON NEW YORK

3 Paul Hocking As the chairman and senior tax professional at Frank Hirth, Paul is a leading figure in the tax arena, advising private and business clients on a variety of UK/US tax issues. He served two years on the Electronic Tax Administration Advisory Committee, a US Congressional body, and was highlighted in Accountancy Age s 2011 Financial Power list.

4 LONDON NEW YORK Welcome to Frank Hirth We are experts in international taxation. Since 1975, we have been helping clients by providing tax and accounting services across borders. With a specialist team that spans both sides of the Atlantic, we will ensure you, your family and your business comply with all your tax obligations in the UK, US and other global jurisdictions, in the most efficient way possible. Using our industry expertise we will guide you through the process of managing your tax obligations in a smarter way. And you can rest assured that as your opportunities grow and the tax issues multiply, we have the resources to help you. We are committed to professional excellence. To providing first-class services. To developing long-term relationships with every one of our clients. As your trusted tax adviser, we re here to ensure your tax world is managed effectively and efficiently. Read on to find out more, or contact us for a detailed discussion.

5 Sarjul Patel Sarjul is an assistant manager within our private client group. He is one of our trust specialists and also handles UK and US tax and compliance issues. We provide a comprehensive service that takes into account both your business and your personal position, advising the best possible tax outcome for you.

6 How we can help With offices in London and New York, we can manage your international tax obligations on your behalf. Working in close partnership with you, we will ensure you gain the maximum return from your income and your savings, and don t pay more tax than you need to. Transatlantic There are two overarching arms to the business that combine to provide a holistic solution to your tax and accountancy needs. Private Clients Our private clients include high net worth individuals, sometimes with complex family arrangements which are multi-jurisdictional. They include senior figures within business and multinational organisations and entrepreneurs. Whatever your role, we formulate strategies which take into account your savings, investments, business ownership, residential and lifestyle plans. Clients come to us for numerous reasons, whether it s help with UK/US tax affairs, wealth preservation, divorce and family matters, foreign trust issues or estate and gift arrangements and philanthropy. And if you are a senior business executive, we specialise in expatriate tax strategies, a multitude of professional partnerships, including compensation, retirement and after life planning. Business Advisory Our business advisory team provides owner-managers, fund-based businesses, professional partnerships and unincorporated businesses with accountancy and tax services (UK and US) plus auditing services (UK). Whatever your corporate structure, we will work closely with you to develop a deep understanding of your business and its tax position, and then tailor a unique tax solution for your situation particularly when the complexities of a combined UK/US tax presence needs to be considered. We will advise on strategies for ensuring that income and capital returns are considered in the plan for your business. Private Client Services UK/US personal tax compliance UK tax planning (including residency, domicile and remittances) Tax planning for UK/US pension interactions Advising corporations and partnerships with mobile workforces UK and US trusts Inheritance, family tax and estate planning Business Advisory Services US businesses inbound to the UK and Europe UK businesses inbound to the US and Europe Advising US and UK entrepreneurs located in the UK Private equity (US principals, investors and investments) Hedge funds Financial accounting International payroll Case Study: minimising tax on UK/US trusts Thomas is an American who had been living in the UK for several years. Following a trip back home to Philadelphia, he decided to set up a revocable US trust with himself as the sole trustee. However, because of the different definitions of residence under UK and US tax law, the trust was deemed resident in both jurisdictions and therefore liable for tax in each. After Thomas explained his situation to us, we fully examined his estate to ensure he paid the minimum tax, while staying compliant with tax rules on both sides of the Atlantic.

7 Working with us Our team of tax specialists in London and New York are ready to help minimise the tax compliance and planning burdens you face, guaranteeing your tax compliance in both jurisdictions with the minimum of tax cost. Clients of all sizes, from private individuals to multinational corporations, turn to us for the kind of support and insights which make a tangible difference to their bottom line. As their wealth develops or their circumstances change, they know that our scalable approach to business and range of expertise means we will always be there with the right solutions at the right time. Work with us and you will quickly discover that we pride ourselves on personal attention. We will spend time getting to know you and learning about the intricacies of your world, so that we can explore all potential opportunities while dealing effectively with any challenges. To make sure no opportunities are missed, we examine the whole picture both your personal circumstances and your relationship to your business. Of course, we always apply short, medium and long-term perspectives to your tax planning, allowing you to prepare for life milestones such as repatriations, business exit strategies and retirements. We have a tried and tested approach to navigate our clients through tax issues, working with lawyers, wealth managers and other professionals as a complementary client-centred solution. Our people are the best in the business. They will work passionately to serve your tax needs with imagination, with clarity and with attention to detail. And because we are committed to a friendly, transparent approach to doing business, picking up the phone to talk things over with us should always be a pleasure, too. Case study: managing complex taxable presence rules Two American executives were relocated to London to develop their business. They needed support on the ground, so they hired some local staff. But this created a taxable presence in the UK and introduced complex issues such as intra-group transfers and profit repatriation. We provided targeted guidance in two core areas: strengthening their business by devising a corporate tax strategy, and helping the executives themselves with their personal income tax and compensation planning in both jurisdictions.

8 Ursule Diankela Ursule is a manager in our private client group. She specialises in capital gains tax on the sale and transfer of property, usually with non-domiciled clients with dual UK/US tax filing obligations. Your circumstances might change, but our determination to find the best tax result for you will not. That s why we re such an indispensable partner for our clients.

9 Understanding your needs No two people have precisely the same tax position. Similarly, no two businesses face identical commercial challenges and opportunities. At Frank Hirth, we know that a one-size-fits-all approach doesn t work in the complex world of money and tax. Quite the opposite. We have the experience to understand that the best results come from talking to you in depth about your tax situation and your vision for the financial future. This allows us to tailor our advice for your circumstances, making sure that our expertise and insights add tangible long-term value to your bottom line. In the short term, for example, we will consider the various issues surrounding your tax obligations in the UK and US (and further afield, if necessary), analysing your overall tax profile to design the best tax strategy for you. And over time, as your changing circumstances impact how you are taxed globally, we can help you stay one step ahead of the game. Our wide range of services, and our expertise in personal and business tax strategies across multiple countries, means we can scale-up our services as your tax needs develop. We build relationships based on trust, understanding and empathy. This personal one-to-one touch is why we are recognised as a leader in the complex arena of international expatriate taxation. Talk to us to find out how we can transform your tax position into something better: something simpler, something safer, and something tailored to provide the best overall tax position for you in the UK and the US. You might think your business and personal tax position is as good as it can be, but until we ve applied our unique insights, you ll never know how much you could be saving.

10 Suzanne Willis Suzanne is an associate director and a leading figure in our private client group. She is known for advising trust settlors and beneficiaries on UK and US tax matters. Case study: tailored expertise, when you need it most After George, an American living in London, was made redundant, he teamed up with some ex-colleagues to launch a new fund. His international taxes had always been taken care of by his employer, but now he was on his own and unsure how to proceed. Happily, we were able to help him not only with structuring and managing his new fund, but also with his personal and business tax filings on both sides of the Atlantic in addition to estate planning and asset protection. Now he s free to earn with total peace of mind.

11 We re equally adept in taxation matters on both sides of the Atlantic, indeed, all over the world. This translates as real global knowledge and real value for our clients. Chris Nagle Associate director Chris operates in our business advisory groups in London and New York. He has made his career providing tax and financial advice to high net worth people in the UK and US, along with financial and tax advice within the hedge fund industry.

12 Our international reach The modern business world spans different time zones, multiple continents and competing legislative frameworks. It is complicated, technical and bureaucratic but that doesn t mean your tax affairs have to be. With the right expertise and insight to navigate the complexity, you can ensure you don t get caught out by the labyrinthine regulations and competing legal frameworks. Getting it wrong, on the other hand, could lead to numerous pitfalls things like double taxation, penalties and dense administrative mazes. Our integrated team of tax specialists across London and New York won t simply examine your tax position from a UK or US perspective we will examine the global picture and turn our expertise to your benefit. We have also developed an international payroll consulting team, ensuring crossborder employers meet their tax obligations in a way they can both afford and understand. In a nutshell, the service helps employers handle the practicalities of their international HR strategies, administration and payroll departments. At Frank Hirth, we are single-minded in our pursuit of finding the best possible tax position for you, for your family and for your business. Our expertise translates into real value, while keeping you firmly in charge of your tax world both in the UK and the US. Case study: capital gains strategies in the UK and US A wealthy American couple living in the UK wanted to sell their London home, but were uncertain about their potential liability for US tax on the resulting capital gains especially since the value in dollars was far higher than in sterling. We combined the insights of our teams in London and New York to calculate the potential tax implications of the sale and to minimise their liabilities. The sale went ahead and the couple were happy to tell us afterwards that we d made a six-figure difference to the sum they walked away with.

13 Our memberships and qualifications Association of Chartered Certified Accountants (ACCA) Association of Taxation Technicians (ATT) Certified Public Accountants (CPA) Chartered Institute of Taxation (CIOT) Chartered Tax Advisors (CTA) Enrolled Agents (EA) Institute of Chartered Accountants (ICA) Society of Trust and Estate Practitioners (STEP) Our services can be provided in most languages. London Office T +44 (0) F +44 (0) E mail@frankhirth.com W New York Office T F E mail@frankhirth.com W

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