Savvy and Value for Money non-dom Tax Preparation

I am in the uncomfortable zone regarding Mr Darling's non-dom tax changes.  Nearly retired, no way of being able to pay £30K, no way of leaving the country for a couple of years at least.  My 7 years run out next year.  I have used a very nice London tax firm for my UK taxes but am concerned they do not know the ins and outs of US-UK double taxation.  I asked if they would work with my US CPA who does my US taxes and they said sure, but the US CPA is not used to UK issues and I am concerned that between them they will bill a lot of hours and still miss the useful loopholes etc. I have heard that with the right advice, UK-resident americans can pay significantly no more total--US and UK--tax than they would pay in US taxes if they lived there on the same income.  in my case that is mostly rental property, investments, and (soon) Social Security.  Just enough to live on here given the weak dollar and very part-time working.

does anyone know a tax advisor/preparer based in the UK with a good track record of this kind of return, with reasonable fees? 

Rental property is a big problem, as the UK does not give a deduction for depreciation but the US does.  You can end up with a big disparity between US and UK income tax during the rental years, and an even bigger disparity (the other direction) between US and UK capital gains tax when it's sold.  Even more crucial, your US-based CPA is probably doing his darndest to get your US tax as low as possible by using the maximum depreciation and lowest land value possible - without any idea of the ticking time bomb he's set up for the year of sale due to the disparity between the systems.  Your current CPA should be opting for the slowest, longest depreciation periods and the highest land/building ratio  possible.

Thanks Lizzit, that is very helpful and obviously well-informed.  In fact we told our US CPA not to depreciate at all because we didn't want to fact a low cost basis when it comes time to sell.

so.. can you recommend someone here who knows how to work these things?

Even if you did not claim depreciation it is mandatory for US tax purposes that it is 'recaptured' in the year of sale.  Thus your CPAs advice would not be one that a tax adviser could sign off on these days in the year of sale without the preparer  becoming subject to IRS penalties.

It is important that you know that the non-dom rules are not yet finalised.  For example the Finance Bill currently before Parliament does't give any deductions for non-UK rental expenses although senior Revenue officials have promised at several meetings that they this would be in the Finance Bill.

I suggest you appoint a Chartered Tax Adviser or Chartered Accountant who is also a US qualified CPA or Enrolled Agent.  That way you'll know that the adviser is qualified to advise on both sets of laws and their interaction.

Guya is right.  I am shocked that your US CPA did not claim depreciation - he should know that the depreciation must be added back in the year of sale whether or not you claimed it.  Your current CPA should be opting for the slowest, longest depreciation periods and the highest land/building ratio possible.   This can be remedied by filing a Change of Accounting Method and claiming the back depreciation on your next year's tax return.  You can't do this in the year of sale - you must do this in a year prior to the sale.