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Posted Mon, 25 Sep 2023 09:34:55 GMT by
I came to the UK in June 2022 via BNO Visa and become the tax resident at the time I arrived UK. I did security trading during the taxable year of 2022-2023 but with capital loss. When I am doing the "check if you need to submit a tax return for self - assessment" test, I have the following to clarify: 1) Question 3 of the test asking "Did you earn more than £1,000 from working for yourself?", May I know what kind of income (e.g. dividend income, interest income, capital gain, Foreign exchange and any others?) counting in this £1,000? 2) Also, if I have capital loss or foreign exchange loss, can I use it to off set the income from dividend, interest? 3) Question 9 of the test asking "Do you need to pay tax on any of the following?", there is an option of "Income from outside the UK", May I know what kind of income it is talking about? 4) If I am not sure the exact earning or income at the moment, should I register for the self-assessment first? If eventually I know I don't need to submit a tax return for self-assessment, do I need to inform HRMC and how?
Posted Mon, 02 Oct 2023 15:50:48 GMT by HMRC Admin 19 Response
Hi,
  1. This relates to self employed income only.    
  2. No, this can only be used against future capital gains.   
  3. Any income you receive from another country whether it be interest, dividends, employment.  
  4. No, you can wait until after 06 April 2024 and check again.

Thank you.

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