Discussion
I'm not sure if this is best in here, or Business.
Can anyone assist with a few questions via email regarding filling in a FATCA form, HSBC require us to do this before opening a company account and are unable to provide us with any advice/guidance at all.
I've yet to find an accountant in my town that even knows what one is so far.
Can anyone assist with a few questions via email regarding filling in a FATCA form, HSBC require us to do this before opening a company account and are unable to provide us with any advice/guidance at all.
I've yet to find an accountant in my town that even knows what one is so far.
As said above, however I thought the bank should have been able to advise what categories are what.
I am not sure of the form exactly, but there has been a lot of work on setting up admin systems and reporting for FATCA at the place I work.
It started out for USA, as they wanted to make sure clients/companies didn't have overseas investments the IRS didn't know about.
Other countries are rolling out their own take on it.
If you are a UK Resident and Tax payer I wouldn't have thought it would have been too difficult to fill out.
I am not sure of the form exactly, but there has been a lot of work on setting up admin systems and reporting for FATCA at the place I work.
It started out for USA, as they wanted to make sure clients/companies didn't have overseas investments the IRS didn't know about.
Other countries are rolling out their own take on it.
If you are a UK Resident and Tax payer I wouldn't have thought it would have been too difficult to fill out.
The bank cannot tell you what to put as they are not accountants or tax advisors, I work for a differing outfit and can't imagine their rules are vastly different to ours.
Your point that it should be easy to see? Well I've seen the form, and the guidance notes, and easy is not the word I'd use. The phrase bloody complicated springs to mind!
Part of the issue being the very different tax codings and definitions that the U.S. use in comparison to those we know and just about understand in the UK.
I'll say it again, get professional advice. You really do not want to annoy the IRS.
Your point that it should be easy to see? Well I've seen the form, and the guidance notes, and easy is not the word I'd use. The phrase bloody complicated springs to mind!
Part of the issue being the very different tax codings and definitions that the U.S. use in comparison to those we know and just about understand in the UK.
I'll say it again, get professional advice. You really do not want to annoy the IRS.
manic47 said:
I'm sorted thanks, we found an accountant who asked a couple of questions and then printed out a populated form to sign.
It should be easy, as everyone involved have absolutely nothing to do with the USA whatsoever.
It really should be enough for them to ask the question of their customers rather than defaulting to kowtowing to the USA.It should be easy, as everyone involved have absolutely nothing to do with the USA whatsoever.
(makes a note not to even consider HSBC if we need a new account).
Out of interest what was your Fatca classification i.e. active nffe.
Having opened corporate accounts with shed loads of different banks over the past 2 months and in loads of different countries every single one would not process the account until a W-8BEN E with fatca classification had been completed.
Having opened corporate accounts with shed loads of different banks over the past 2 months and in loads of different countries every single one would not process the account until a W-8BEN E with fatca classification had been completed.
Edited by megapixels83 on Wednesday 21st January 21:45
king ball ache.....we just had to fill out a FATCA form as part of getting out W8BENE. The tentacles of the IRS are everywhere!
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