Silk Trading Route between China and India

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Do you have U.S. Tax Filing Obligations?

As a U.S. Citizen your worldwide income and gains are reportable and potentially subject to U.S. income tax, even if you are not currently resident in the USA. U.S. citizens living outside the USA have an automatic filing extension until the 15th June for filing their U.S. 2018 return, however interest and penalties will occur if the 2018 U.S. tax due is not paid by April 15th 2019, regardless of any extension to file the Return. A further automatic extension may be requested to extend filing to October 15th, and if required another discretionary extension to December 15th, but this is not guaranteed. Should you need and fail to request an extension, you will incur financial penalties. For

The Autumn 2018 Budget – What did it deliver?

The Autumn 2018 Budget – What did it deliver? The chancellor, Phillip Hammond, presented his Autumn Budget on Monday of this week, what were the highlights, benefits and was it trick or treat? If there is a no deal on Brexit then there is likely to be a further Budget in the Spring. The personal tax allowance previously announced increased from £11,850 to £12,500 and the higher rate threshold at £50,000 (being the allowance of £12,500 plus the basic rate band of £37,500) were both brought forward a year to April 2019 rather than 2020. The recent increases to the personal allowance will have almost doubled it by 2010/11. The 0% starting rate for savings remains at £5,000 for 2019/20. There i

The Perils of investment for US citizens in the UK

Whilst it may seem financially attractive for US citizens living in the UK to take advantage of UK based investments, it can often result in a painful financial outcome. US citizens are required to file an annual Tax Return with the Internal Revenue Service (IRS) on a global basis. However, for US tax purposes the functional reporting currency is the US dollar and this then means US citizens living outside of the US are exposed to exchange rate fluctuations. In certain circumstances this may then give rise to US taxation on income that has not occurred in the host country currency. This transpires in several ways. For example, if you are trading stock in UK sterling, for US tax reporting

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