The drive for perfection in our work can act as our greatest asset but also our greatest hindrance.

By Dawn Wotapka, August 17, 2020

As career-driven individuals, it is very natural to want our work output to be perfect. However, new research suggests that too much of a focus on this can, not only hinder your overall work output, but more importantly, promote undue feelings of stress, anxiety, and inadequacy.

Our founder, Alistair Bambridge, offered his insight into managing the strive for perfection and when it is and maybe is not necessary.

The Journal of Accountancy is the preeminent and authoritative publication for CPAs and professional accountants, providing timely, in-depth, practical, and comprehensive information to help maintain their status as the most trusted adviser of the 21st century.

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FORBES FR HAS CITED US IN THEIR ARTICLE “Why wealthy people are expatriating to the Caribbean ”

By Ollie Williams, 6th September 2020

Forbes FR has used references to Bambridge Accountants when discussing the various reasons why travelling to the Caribbean for longer periods may be attractive to wealthy Americans. Some of the reasons hinted being due to remote working, while others covered citizenship renouncement.

Forbes is a business magazine offering original articles on finance, industry, investing and marketing topics.

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The Daily Mail cited data Bambridge Accountants has found

By Rachel Sharp, 09 September 2020

American Expatriates have been renouncing their citizenship at a record rate. This is according to the data our New York office has unearthed.

Global media outlets across the world have been citing our information since its founding and most notably since our input to an article featured on CNN.

The Daily Mail has featured our data within their article suggesting that Americans have had enough with America.

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Forbes USA has cited us in their article “Why Rich Americans are fleeing to the Caribbean this winter”

By Ollie Williams, 6th September 2020

Forbes USA has used references to Bambridge Accountants when discussing the various reasons why travelling to the Caribbean for longer periods may be attractive to wealthy Americans. Some of the reasons hinted being due to remote working, while others covered citizenship renouncement.

Forbes is a US business magazine offering original articles on finance, industry, investing and marketing topics.

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Alistair Bambridge Talks With Sean Moncrieff About The Tax Obligations Of US Expatriates

By Newstalk, Sean Moncrieff

Our founder, Alistair Bambridge spoke with Sean Moncrieff about the tax filing obligations of US expatriates and why these obligations, coupled with the current political climate, are leading to a rising trend in US expatriates renouncing their citizenship.

Uni Lad Approached Us For A Statement About Data, Bambridge Accountants New York Recently Collated On US Citizenship Trends

By Lucy Connolly, August 12, 2020

Unilad recently released an article based off of commentary and data provided to CNN.

The data we are citing suggests US citizens are renouncing their US citizenship at a higher rate than seen before.

OUR CONTRIBUTIONS INCLUDE:

“What we’ve seen is people are over everything happening with President Donald Trump, how the coronavirus pandemic is being handled, and the political policies in the US at the moment.”

ABOUT UNILAD

Launched in 2014, UNILAD is a major youth platform for breaking news and relatable viral content. Acquired by LADbible Group in late 2018, it now forms part of the world's biggest social publishing company with over 120 million followers.

UNILAD is a growing force in original and branded content. Working in partnership with major brands, our in-house team specialise in producing content that reaches audience of millions across various social platforms and digital channels.

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House Beautiful wanted our thoughts on what the “Explore America Tax Credit” Could Mean For The American Tax Payer

By Kelly Corbett, June 12th, 2020

We were recently approached to contribute to House Beautiful outlining the “Explore America Deduction” purposed by trump at the roundtable discussion on May 18th, 2020.

OUR CONTRIBUTIONS:

"The Explore America Tax Credit would provide tax relief, proposed at $4,000 per household, for Americans to go back to restaurants and domestic travel."

Spotlight asked us to share our thoughts on how a Self-Employed Performer Should Manage Their Finances During The Coronavirus Pandemic

By Spotlight, 13th May, 2020

We were recently approached to contribute to Spotlight advising on the different options for UK performers who have been affected by Covid-19.

SOME OF OUR CONTRIBUTIONS:

COVID-19 has had a huge impact on our industry and many of us will have seen our incomes affected as a result. Alistair Bambridge from Bambridge Accountants explains what financial aid and relief schemes are available for self-employed actors.Over 90% of working actors are reporting upcoming jobs being either rescheduled or cancelled as a result of the COVID-19 pandemic. As a result, many self-employed actors have been left with a large income deficit. We've compiled the different government relief schemes and financial aid available in an effort to support self-employed performers through this difficult time. 

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The Financial Times approached us due to reports Bambridge Accountants New York published stating that the IRS has identified an Alarming amount of Fraudulent Tax refunds

By Financial Times, April 22nd, 2020

We were recently approached to contribute to Financial Times, the article features information regarding the fraudulent tax refunds identified by the IRS. The report referenced states that the IRS has identified $135 million worth of fraudulent tax refunds. This is an increase of 760% when compared to the same period in 2019. Our founder, Alistair Bambridge, discusses this with the financial times and states that this could only be “the tip of the iceberg”.

OUR CONTRIBUTIONS:

Coronavirus has seen an epic increase in fraudulent tax refund claims from the IRS according to a report by the Enrolled Agents and accountants Bambridge Accountants New York.

· $135 million in fraudulent refunds identified for the first two months of 2020, compared to $15 million in the same period for 2019 (increase of $120 million, 760%)

· 751% increase in fraudulent returns identified by the IRS in the first two months of 2020 compared to 2019 (30,038 returns identified in 2020, 3,529 in 2019)

· 924% increase in fraudulent returns identified and stopped by the IRS in the first two months of 2020 compared to 2019 (29,634 returns stopped in 2020, 2,895 in 2019)

The Treasury Inspector General for Tax Administration (TIGTA) has published interim results for the 2020 filing season, comparing the first two months of 2020 to the same period in 2019.

The results show a huge increase in the number of fraudulent returns being submitted (751%) and the amount of fraudulent refunds trying to be claimed from the IRS (760%).

TIGTA again issued guidance on April 20, 2020 warning U.S. taxpayers to be on the lookout for coronavirus related scams. Taxpayers should be aware that the IRS will not call, text or email to request bank or other financial details to process the $1,200 stimulus payments (officially called the Economic Impact Payment).

The Secret Service is working with the U.S.Treasury to protect refunds and prevent fraudulent stimulus payments. In a press release this week, the Secret Service provides tips on how citizens, retailers and financial institutions can protect themselves and identify any counterfeit paper checks for the stimulus payments.

The CARES Act provides for $1,200 payments to individuals earning less than $75,000 and an additional $500 per child. For those earning more than $75,000, a proportion of the payment will still be made up to an income threshold of $99,000.

Alistair Bambridge, partner at Bambridge Accountants New York, explains: "As the filing deadline has been extended to July 15, 2020, with these results only for the first 2 months of 2020, the $135 million may only be the tip of the iceberg."

If you receive a call, text or email claiming to be from the IRS or another 'government agency' do not disclose your online banking username, password or personal details - immediately cut contact and make a report to TIGTA at tips.TIGTA.gov"

TIGTA calls the current level of identity theft for tax refunds an epidemic - coronavirus, with the stimulus payments, is going to add another level to that."

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By Amy Beardsley, 4th April 2020

We were recently approached to contribute to Credit Knocks, the article explains what to do if you are negotiating debt with the IRS.

OUR CONTRIBUTIONS:

"By suspending the lien and levy, there is now an opportunity for taxpayers who are late or have not filed for a while to get into compliance and put forward offers," 

About Credit Knocks

Credit Knocks is a company aimed towards American Citizens with “sub-prime credit”. Their goal is to help people across America attain better credit scores through informative articles and sound financial advise

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Actors Expo Approached Us For Advice On What Self-Employed Individuals Should Do Regarding Their Finance In The Current Climate

By Actors Expo, 30th March 2020

Actors and Self-Employed individuals across the country have been left unable to work due to the current coronavirus pandemic. Actors Expo, contacted us for information regarding what self-employed actors who had lost all income due to Covid-19 should do.

OUR CONTRIBUTIONS:

Actors, performers and directors are some of the biggest hit professions by Covid-19. Popular productions, such as the BBC’s Eastenders and Holby city, have either been paused or scaled down. The filming of upcoming films such as James Bond and the remake of Mulan have been postponed until 2021. The postponing of productions and cancellations of shows has left many self-employed actors with no income in the foreseeable future.

For employed actors there is an option to receive 80% of your income, up to a monthly cap of £2,500 while out of work.

WHAT TO DO IF YOU ARE A SELF EMPLOYED ACTOR?

Details of support for freelancers and contractors have been issued by the Government.

Chancellor Rishi Sunak, has announced an emergency support package to protect Britain’s 5 million self-employed workers. This will be claimable for the majority of actors.

The scheme is available if you’re self-employed or a member of a partnership and have lost income due to coronavirus.

HOW MUCH COULD YOU RECEIVE?

The maximum payment is £2,500 per person, per month.

The government will provide up to 80% of your self-employed earnings (up to the maximum £2,500 per month).

HOW DO I QUALIFY?

• The government will review the self-employed income on your last 3 tax returns. If you haven’t been self-employed for 3 years, you can still claim as long as you filed as self-employed for 2018-19.

• To be eligible, you must have annual profits (self-employed income less expenses) of less than £50,000 a year on average over the last 3 years, according to HMRC.

• That you have lost income due to the coronavirus.

• Are still self-employed and will continue to be into the 2020-21 tax year (6 April 2020 to 5 April 2021).

• More than half your income comes from being self-employed.

HOW TO APPLY

• HMRC have advised you should not contact them now.

• The government will use existing information to check potential eligibility and invite applications once the scheme is operational.

• The grant will paid directly to your bank account – they anticipate this will start in June 2020, with 3 months being paid as a lump sum and then monthly amounts.

• If you have not submitted your 2018-19 tax return, you now have 4 weeks to file your return and become eligible for this scheme.

WILL THESE GRANTS BE REPAYABLE?

• The chancellor has confirmed that the grants will be fully taxable and so you will need to include these as income on your 2020-21 tax return as income.

• Based on 3 months grant being paid in June 2020, at £2,500 per month, the total taxable income would be £7,500.

• The income tax on that as a basic rate taxpayer would be £1,500 and National Insurance of £675 – total tax of £2,175 – plus there will be student loans to pay if you are in repayment – these will all be due by 31 January 2022.

• The government has been trying to tax self-employed individuals at the same rate of National Insurance as employees for years now and as part of his speech the chancellor hinted that he would be looking to create parity – it may be that NI rates for self-employed are raised from 9% to 13% as a method to help fund these grants.

• It may also be that the grants are repayable if your self-employed profits for 2020-21 are more than £50,000 or more than your average for the last 3 years – the government has yet to provide guidance on that

I RUN MY OWN STAGE COMPANY AS SELF-EMPLOYED

HMRC have confirmed you will not be eligible for the self-employed coronavirus help if you run your self-employed income through a company and take salary and dividends.

In that case you will need to apply for the coronavirus job retention scheme.

HOW LONG WILL THE GRANTS BE PAID FOR?

The chancellor has guaranteed 3 months until June 2020. The government will then review the scheme in light of the impact of the pandemic and decide if an extension is necessary.

SUPPORT AVAILABLE NOW

1 – Deferral of Self-Assessment payment
The Self-Assessment payment on account, that is due to be paid to HMRC by 31 July 2020 can now be deferred until 31 January 2021
This is automatic, you don’t need to apply. No penalties or interest will be added as long as the payment is made by January 2021.

About Actors Expo

Actors Pro Expo was set up by actors for actors to help and encourage them in all areas of their life as a professional. We run trade shows throughout the year in the U.K. and USA to help creatives develop and sustain their career and to create new opportunities for themselves. We do this by creating an environment where attendees can meet other industry professionals.

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Debt.com got in touch to talk about what a small business should keep in mind as we approach tax season

By Steve Horton, 23rd March, 2020

We recently talked to Debt.com, revealing our best tips for how small businesses filing their taxes. It’s easy to get confused when it comes time to file your tax return, we are always here to help if ever you should want professional tax advice.

OUR CONTRIBUTIONS:

File early. The temptation is to leave filing to the last minute, if you can file early then you get your refund now, and if you do have any tax to pay, you know early and can budget rather than face the shock at the last minute.

About Debt.com

“Debt.com is comprised of journalists, financial experts, certified credit counselors, and industry veterans. They offer consumer education, self-help guides, and professional solutions. Debt.com offers daily expert advice about money – how to make it, how to save it, and how to spend it.”

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Feeds Portal recently approached us for information on What American Tax Filers Should do If They Fall Behind On Their Taxes

By James Williams, March 13th, 2020

Feeds Portal spoke to us about the steps American tax filers can take should they fall behind on their taxes. We offered in detail advice on the subject matter so that US citizens can get back to “tax compliance”

Our accountancy firm specializes in all UK and American tax advice. Should you want some independent help, make sure to contact us. We will make the process simple for you.

OUR CONTRIBUTIONS:

For US citizens who have foreign income which has not been disclosed the IRS has two different routes to get back to tax compliance.

1 – LIVING IN THE US – STREAMLINED DOMESTIC OFFSHORE PROCEDURES

If you spent 35 days or more in the US for each of the last 3 tax years, then you will need to use the domestic offshore route.Although taxpayers residing in the United States can still benefit from the protection of the streamlined compliance procedures, there is a potential 5% penalty if you have funds in foreign financial accounts that have not been declared to the US Treasury.However, you will not be subject to accuracy-related penalties, information return penalties, or FBAR penalties. FBAR penalties (for your foreign accounts) alone are $10,000 per year.You will file the documents listed in part 3 below.

2 – LIVING OUTSIDE THE US – STREAMLINED FOREIGN OFFSHORE PROCEDURES

In contrast to the domestic offshore procedure, there is no 5% penalty for not reporting your foreign financial assets.If you can use this route, it offers more protection and enables you to catch up with your US tax returns without penalties.We’ll go through the facts and circumstances and the documents that you need to file below.

About Feeds Portal

Feeds Portal is a news outlet that offers daily news on a vast array of topics.

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By The Digital Journal, 2nd March 2020

We were recently approached to contribute to The Digital Journal to contribute our advice on filing your self-employed tax return as a US actor

OUR CONTRIBUTIONS:

“Actors can struggle with taxes, the law is complex, the Actors' Tax Guide helps to simplify the tax rules and put actors back in control.“

Actors have many expenses that most professions can't claim, the tax guide helps to demystify what can and can't be claimed."Since the Tax Cuts and Jobs Act was introduced, actors have been left at a disadvantage - the 2020 Actors' Tax Guide explains the changes for actors and how they can still save tax.“

Donald Trump’s election promised tax cuts and opportunities, but for actors, they have been left with unfair new tax rules. Expenses that they need to work as an actor like headshots, travel and agent fees are no longer deductible. These expenses can be up to 30% of their income and there is no relief.“

Actors have hope for 2020 with the introduction of a bill in Congress to allow them to claim all the expenses that were allowed before 2018. Actors are just looking for fairness, a level playing field when it comes to paying tax.“The Performing Artist Tax Parity Act will bring much-needed relief to these hard-working families and it should be a priority to be passed in 2020.”

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Yahoo Finance wanted us to offer some advice to US Actors filing their tax return in 2020

By Yahoo Finance, March 2nd 2020

We offer specialist tax advice for the creative industries. Actors have been left in a difficult spot with the recent changes in tax regulation. “Expenses that they need to work as an actor like headshots, travel, and agent fees are no longer deductible.” We decided to be proactive and talk to Yahoo Finance about the areas they can still save on their tax

OUR CONTRIBUTIONS:

 "Actors can struggle with taxes, the law is complex, the Actors' Tax Guide helps to simply the tax rules and put actors back in Withcontrol."

Actors have many expenses that most professions can't claim, the tax guide helps to demystify what can and can't be claimed."

Since the Tax Cuts and Jobs Act was introduced, actors have been left at a disadvantage - the 2020 Actors' Tax Guide explains the changes for actors and how they can still save tax."

Donald Trump's election promised tax cuts and opportunities, but for actors, they have been left with unfair new tax rules. Expenses that they need to work as an actor like headshots, travel and agent fees are no longer deductible. These expenses can be up to 30% of their income and there is no relief."

Actors have hope for 2020 with the introduction of a bill in Congress to allow them to claim all the expenses that were allowed before 2018.

Actors are just looking for fairness, a level playing field when it comes to paying tax."The Performing Artist Tax Parity Act will bring much-needed relief to these hard-working families and it should be a priority to be passed in 2020."

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