nunheadmum Posted December 10, 2015 Share Posted December 10, 2015 Forgive a rather technical question but hoping some of the other school PTA's parents will be on this board.We've received a FATCA questionnaire form from HSBC for our piddling PTA account - I guess it's just a technical requirement in the current climate. But as it's all in US Tax-speak - and not in any way written with small charities in mind - I'm struggling to work out exactly what category we should tick. Equally I don't want to tick the wrong one and end up causing ourselves headaches. HSBC state on the paperwork that you should consult a tax advisor with questions as they don't give advice on this.I suspect HSBC probably have sent these out to all their account holders so wondering if any of the other PTA's out there have worked out what we are? Or any in financial services who could assist? Link to comment https://www.eastdulwichforum.co.uk/topic/86509-any-pta-treasurers-filled-in-fatca-form/ Share on other sites More sharing options...
JackieO Posted December 10, 2015 Share Posted December 10, 2015 I thought FATCA applied to US nationals only? I.e HSBC only have to report information on accounts held by US nationals. Also I thought that some types of accounts were excluded as they were judged to be low risk, so even if you are a U.S. national then it may be the case that this sort of account need not be reported on. HSBC ought to be able to advise. Link to comment https://www.eastdulwichforum.co.uk/topic/86509-any-pta-treasurers-filled-in-fatca-form/#findComment-937138 Share on other sites More sharing options...
Coach Beth Posted December 11, 2015 Share Posted December 11, 2015 Unfortunately, under US tax law, US nationals need to declare if they are signatories on any joint or organisational accounts. So yes, strictly speaking, they need to send these out to all organisation and club accounts. I would just ignore it frankly or send it back and say there are no US nationals on your bank account. Link to comment https://www.eastdulwichforum.co.uk/topic/86509-any-pta-treasurers-filled-in-fatca-form/#findComment-937216 Share on other sites More sharing options...
goosemum Posted December 12, 2015 Share Posted December 12, 2015 All Small businesses in the UK need to fill in this form if you are with HSBC - nothing to do with nationality. It's a new formality. If you can bear it, go into a branch and ask them which box to tick. Link to comment https://www.eastdulwichforum.co.uk/topic/86509-any-pta-treasurers-filled-in-fatca-form/#findComment-937516 Share on other sites More sharing options...
nunheadmum Posted December 12, 2015 Author Share Posted December 12, 2015 Yes, I got the impression that we don't have much choice but to complete it. I'll try HSBC and see what they say. The paperwork gives the impression that they won't advise but maybe that's just a formality. Fingers crossed. Link to comment https://www.eastdulwichforum.co.uk/topic/86509-any-pta-treasurers-filled-in-fatca-form/#findComment-937576 Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now