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Posted Fri, 09 Aug 2024 15:52:44 GMT by Query
I received a letter from HMRC that stated I may have received overseas income or gains that I may have to pay tax on. I am currently on a Basic Rate low income, tax deducted via PAYE. I do have overseas interest which has not been remitted to the UK. In checking Tax on Foreign Income and reading the guidance on Reporting Foreign Income, it states 'If you need to pay tax, you usually report your foreign income in a Self Assessment Tax return.' My question: if no tax is due, as total salary plus overseas saving interest fall below Personal Allowance, what actions, if any, are required? Thank you for your guidance in this matter.
Posted Wed, 21 Aug 2024 06:29:19 GMT by HMRC Admin 25
Hi Query,
A Self Assessment is required even though the tax due may in fact be ‘nil’ (for example, in any case in which the taxpayer’s total chargeable income for the year is less than the personal allowances due for that year).
Foreign income and capital gains, regardless of the amounts, meet the criteria for completing a Self Assessment tax return.
You can check if you need to send a tax return here:
Check if you need to send a Self Assessment tax return
Thank you. 

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