Fusion Consulting has launched a tax compliance and advisory arm to cater for advisers’ US and UK clients, in response to an influx of new international business.
The London-based firm - which consults on tax, social media, IT and business management - has seen unprecedented demand for tailored taxation services spanning both the UK and US tax regimes, according to co-founder Mitch Young.
It has invested “significant funds” in hiring a US tax team to complement its existing UK operation. New staff will help clients with UK or US filing requirements, making the firm one of only a few of its size which has dual-handler capabilities.
He added Fusion is able to offer a white-label service for firms who wish to badge its services as their own internal tax practice.
It has already completed a number of US compliance cases, handling the IRS Streamline service and managing international ex-patriation of US nationals to the UAE and UK.
Mr Young explained that since establishing Fusion in 2015, over 70 per cent of business has been generated from financial intermediaries, building relationships with wealth managers, private banks and trusts.
“We held a number of focus groups to understand the tax challenges faced by our partners when dealing with high-net worth private clients and we found that over 46 per cent of them had some kind of international filing requirement, so we felt that bringing US advisory and compliance in-house would be a great way to add value to our offering,” he stated.
“We have already signed a contract with a market-leading international wealth management firm to handle all their US and UK tax filing requirements for their client base.”
Fusion has recruited a head of US tax, who is currently building out a local team of both dual-handlers and UK/US specific tax specialists. These new hires will work from the London office.
It is also working closely with a US tax attorney for complex advisory work in relation to streamline and disclosure, along with securing a UAE office to deal with UK and US ex-pats in the middle east, which is expected to open in the fourth quarter.
“We have spent considerable funds in creating a bespoke UK and US tax portal allowing clients and financial advisers, to maintain oversight into the end-to-end tax compliance process,” stated Mr Young.
He added that Fusion is able to offer a white-label service for firms who wish to badge its services as their own internal tax practice.
peter.walker@ft.com
