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Posted Wed, 10 May 2023 19:06:46 GMT by tobbbby
Hi, i have a sole trader company in Hong Kong. If i gain any profits from this company and the profit remains in Hong Kong bank. Do i have to apply self assessment in UK?
Posted Thu, 11 May 2023 23:22:41 GMT by DomZee
That depends. Overall, you have to pay tax on those profits in the UK, regardless of whether you keep them in Hong Kong or transfer them here. There are, however, some exceptions that may allow your income to be treated on a remittance basis (so you would only pay tax on money transferred here). Have a look at the guide to find out if you would classify:
Posted Wed, 17 May 2023 13:26:49 GMT by HMRC Admin 32
Hi tobbbby,

If you are tax resident in the UK, then the income should be declared here.

Tax on foreign income

Thank you.

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