Can anyone recommend an accountant who can give me some (paid) advice on how to deal with RSUs on foreign stock? Or maybe somebody here has some experience.
The TLDR is that part of my new job’s compensation will include RSUs that vest quarterly as opposed to stock options. The company is based in California, I am employed through an employer of record service so I am technically employed by a UK legal entity not connected to the company I work for.
The employer of record deals with my salary / pension via payroll but they aren’t able to manage stock schemes so that will be something arranged privately between me and my real “employer”. Which means the RSUs won’t be taxed via PAYE as I believe they normally would so I will need to manage the tax myself on my tax return each year.
Does anyone know how this works? From what I can tell from limited Googling RSUs are taxed as income when they vest, so would I report them as foreign income? Also, I assume there would be withholding tax and I might need to submit a W8BEN to reduce that? Would I then offset the withholding against my UK tax bill? How does that work?
I understand that CGT would be due when I sell the shares on any gain in value between the value when they vested and when they are sold, that much at least seems straightforward.
Any help or accountant recommendations would be appreciated.
The TLDR is that part of my new job’s compensation will include RSUs that vest quarterly as opposed to stock options. The company is based in California, I am employed through an employer of record service so I am technically employed by a UK legal entity not connected to the company I work for.
The employer of record deals with my salary / pension via payroll but they aren’t able to manage stock schemes so that will be something arranged privately between me and my real “employer”. Which means the RSUs won’t be taxed via PAYE as I believe they normally would so I will need to manage the tax myself on my tax return each year.
Does anyone know how this works? From what I can tell from limited Googling RSUs are taxed as income when they vest, so would I report them as foreign income? Also, I assume there would be withholding tax and I might need to submit a W8BEN to reduce that? Would I then offset the withholding against my UK tax bill? How does that work?
I understand that CGT would be due when I sell the shares on any gain in value between the value when they vested and when they are sold, that much at least seems straightforward.
Any help or accountant recommendations would be appreciated.
