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Posted Sat, 27 Apr 2024 19:44:49 GMT by Julia
Hello, I have been an UK Tax resident for the past year, however originally domiciled in another country. I have a saving bank account in my country which accrues interest of about £50 per year. In the UK I have easy access savings account for which I received an interest of £350. I am eligible for £500 GBP personal allowance (Higher rate), hence do not need to pay any Tax. Do I still need to register and file for self assessment. I verified my self assessment requirement from here: https://www.gov.uk/check-if-you-need-tax-return Specifically, I answered the following question as : NO 8. Do you need to pay tax on any of the following? Income from outside the UK (includes pensions) - NO Because I do not need to pay any Tax, I have answered as NO. Can someone please clarify if my understanding is correct. If not, what should I do. There are multiple confusing information in this form itself, hence really appreciate a clear guidance on this.
Posted Thu, 02 May 2024 09:52:41 GMT by HMRC Admin 19 Response
Hi,

You can see additional guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Thu, 02 May 2024 10:27:50 GMT by Julia
Hello, Thanks for your advice. I had reviewed the remittance basis. However, for £50 saving bank interest all this appears very complex. For example, if I purchase something in my home country and bring it to the UK, then it could become remittance basis, not sure how to prove if the purchase was with that £50 or my UK income. I understand the default is arising basis. If that means I need to pay £10 extra tax each year, then I am happy to pay that. However, is there a minimum threshold for which I do not need to file a Self assessment. I am a higher rate earner, hence not eligible for £100 minimum threshold (9.11, 9.12). But for £50 having to file a Self Assessment or hiring a Tax consultant feels like an overkill. This amount is also taxable in my home country and having a double taxation treaty with UK. Please advice the minimum that I need to do stay complaint. Do I have to file a Self Assessment and pay whatever Tax arises. Is that the simplest way available. I don't have any other sources of foreign income.

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