US tax services

International Tax (HK) Co. Ltd. US tax team offers a full range of U.S. tax compliance and consulting services to individuals, fiduciaries, family offices and private and public companies. These services include:

  • Federal, State and Local Income Tax Preparation and Planning for –
    • Individuals
    • Estates
    • Trusts
    • Partnerships
    • Corporations
  • Corporate Tax Services
    • US inbound and outbound corporate tax compliance and planning
    • tax audit defense
    • withholding tax issues
    • transfer pricing issues
    • tax-efficient structuring
    • income tax provision preparation under US GAAP
    • cross-border tax planning and tax treaty analyses
  • Report of Foreign Bank and Financial Accounts (FBAR) Preparation
  • Trust, Estate and Gift Tax Compliance
  • Offshore Voluntary Disclosure Program (OVDP) Consulting
  • Filing of Back Taxes to Fulfill U.S. Tax Obligations
  • U.S. Expatriate Tax Consulting
  • Representation before the Internal Revenue Service
  • Consulting with individuals considering relinquishing their US citizenship or permanent residency, including 
  • preparation of Form 8854
  • Planning and compliance for Americans and Green Card Holders with ownership in foreign corporations

UK tax services

International Tax (HK) Co. Ltd. assist our clients for UK tax return filings for individuals, offshore and onshore companies. UK tax returns are required when UK sourced income arises. Certain non-resident individuals or companies must file a UK tax return when they receive income, such as rental income, UK pension, or trading profits that are deemed to arise in the UK.

The main forms of UK tax related to individuals are as follows:

  • Income tax, depending on your residency and the type of income (see below).
  • Capital gains tax, depending on your residency.
  • Inheritance tax, depending on your domicile and the location of the asset.

The UK provides many general exemptions from UK tax for non-residents, or, where resident, to non domiciled people. However, such exemptions do not apply to UK sourced income, such as rental on UK properties, or receipts from UK pension schemes, etc. The capital gains tax exemption for residential property also no longer applies in full. In addition, there are several anti-avoidance measures for people who become non UK resident for a short period (less than 5 full tax years) such as:

  1. Dividends received from a close company (one owned by 5 or fewer people); and
  2. Receipts from life insurance policies and lump sums from pension schemes.
  3. Capital Gains arising.

If the period of residency is less than five full tax years, these are UK taxable in the first tax year of returning to the UK.

Inheritance tax (tax on death and gifts) depends on domicile and location of the asset. For UK domiciled people, location does not matter as you are taxed on your worldwide assets. For non-domiciled people, then only UK assets are taxed. The Inheritance Tax rate is high, but and there are several inheritance planning opportunities to help reduce this tax, if taken with sufficient time.

 

Hong Kong tax services

Hong Kong Tax Compliance

Hong Kong requires tax returns to be completed annually, with the type of Return required depending on circumstances.

  • For individuals:
    • Individual’s Tax Return
    • Property Tax Return
  • For companies and employers:
    • Profits Tax Return
    • Employer’s Tax Return

Deadlines for Hong Kong Tax Returns can be extended if you appoint a tax representative such as Lusk Moore Group Tax Solutions to look after your Hong Kong tax affairs.

International Tax (HK) Co. Ltd. specialize in clients who have the more complex Hong Kong tax issues.

Appeals and Disputes.

  • Offshore claims for companies whose source of profit is wholly or partly offshore.
  • Time apportionment claims for individuals with an expatriate employment contract.
  • Other exemption claims, such as for exempt portions of deferred share swards, bonuses paid, or severance awards.
  • Lodging objections against disputed assessments and holdover claims of provisional tax.
  • Representing client in Court, at the Board of Review or in IRD field audits

 

Hong Kong Tax Advice

Tax Planning

The following are typical questions asked by business managers seeking to gain tax efficiencies by using Hong Kong in their corporate structure:

  • What are the merits to basing our Asia Pacific headquarters in Hong Kong?
  • How should we develop our transfer pricing policies to satisfy not just Hong Kong requirements, but also those where other group companies are based?
  • How can I or my company satisfy the requirements to be Hong Kong tax resident?
  • Is there a sufficient case to argue that part of my business is offshore, and so we can make an offshore claim to reduce taxable profits in Hong Kong?
  •  How can our employees’ salary be structured so as to mitigate tax for our employees not just in Hong Kong but elsewhere where their work takes them?
  •  For our ex-pat staff, how can they validly exclude part of their remuneration from Hong Kong taxation?

 

Miscellaneous Tax Services

  •  Advanced rulings.
  •  Retirement Schemes – MPF and ORSO Schemes.