FAQs
Fees scale with complexity rather than location. A straightforward employee return with FBAR sits at the lower end of the market. In contrast, returns with foreign investments, self-employment income, or multiple accounts cost more because they require more reconciliation work between the two tax systems.
Usually not. Two separate firms each have to learn your full financial picture from scratch, and neither one is responsible for making sure foreign tax credits are claimed correctly on both sides. A single coordinated engagement typically costs less than two standalone ones and reduces the risk of double taxation.
Aim for at least six to eight weeks before whichever deadline applies to you. Starting in autumn for a January HMRC deadline, or in January for an April/June IRS deadline, gives your preparer time to work through your documents without rush fees or last-minute errors.
At minimum: your P60 or P45, W-2 if you have US employment income, year-end statements for any UK or US bank and investment accounts, pension statements, and details of any property income. Your preparer will confirm anything specific to your situation.
It depends on the firm. Some quotes bundle FBAR and Form 8938 into the base fee, while others price them separately. Always ask this directly before agreeing to a quote, since it changes the real cost of the engagement.
HMRC applies an automatic £100 penalty for late online filing, rising with further delay, as set out on GOV.UK. The IRS generally doesn’t penalize a refund-due return that’s late. Still, if tax is owed, interest and penalties accrue from the original due date, so it’s worth filing even a late return as soon as possible.