Form 5471 is one of the most misunderstood — and most penalised — information returns in the US tax system. If you’re a US person with an interest in a foreign corporation, you may be required to file it alongside your annual return, even if the company made no money.

This is a short placeholder while we finish the full guide. In the complete article we’ll cover the filing categories, the ownership and control thresholds that trigger a requirement, and the $10,000-per-form penalties that apply when a return is filed late or not at all.

Have a UK limited company and a US passport? You’re exactly the kind of person this form is aimed at. Get in touch and we’ll help you work out whether you need to file.