Entrepreneurs and Business Owners services (US connected)
The US/UK Cross Border team can help navigate the US and UK tax complexities of individuals having an interest in a business — particularly, where a US person holds an interest in a non-US business — as this can present real challenges and inefficiencies if not managed appropriately.
What EY can do for you
When advising an individual or a business, the way in which the US imposes tax can differ significantly from the UK. Therefore, it is crucial to take clear, helpful advice on how the systems interact if there is exposure in both countries. This generally needs specialist advice with an awareness of both systems.
We recognise that an entrepreneur’s or a business owner’s personal and professional worlds are closely connected, and every business has different goals and priorities. We also understand that many entrepreneurs multitask and expect their advisors to do the same, with a bespoke service tailored to their specific needs and not to those adopted by industry standards.
Our US and UK dual-qualified professionals specialise in the integration of the US and UK taxation systems, optimising the relationship between the owner and their business. This enables a responsive service for a large number of issues and questions from the dedicated engagement team, with other teams within the firm providing knowledge and support on specific matters.
Our team has extensive experience in supporting family and entrepreneurial businesses, and offer a range of services which can help our clients to preserve, manage and get the most value from their businesses and wealth, now and in the future.
Our advice is flexible to client needs, whilst continuously evolving to ensure that the focus always remains on what is important to them and their overall goals.
EY consulting services include:
- US and UK tax interaction and planning, between business and owner
- Efficient US and UK tax structuring, and use of US tax elections
- US and UK tax planning regarding profit extraction
- Controlled foreign corporation (CFC), Subpart F or global intangible low-taxed income (GILTI) analysis and reporting
- Passive foreign investment company (PFIC) review and guidance
- US and UK inbound business planning
Compliance services include all areas of federal income tax and information reporting, including, but not limited to:
- Form 5471: Information return of US persons with respect to certain foreign corporations
- Form 8865: Return of US persons with respect to certain foreign partnerships
- Form 8858: Information return for US persons with respect to foreign disregarded entities and foreign branches
- Form 926: Return by a US transferor of property to a foreign corporation
