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  • Salary adjustment of 2022/23 but paid out in 2023/24

    Hello, I moved to the UK in 2023 and have become tax resident in the 2023/24 tax year, so I'm trying to complete Self-assessment to report tax on the arising basis for 2023/24. I have a question about the following foreign income: - My former employer in Hong Kong paid the 2022/23 merit increase to me in mid-2023, i.e. several months after I had resigned and arrived in the UK, due to their delay in processing the merit increase for 2022/23. - Although the merit increase sum was paid out during the 2023/24 tax year, it actually belonged to the 2022/23 tax year. I have therefore paid additional salaries tax to Hong Kong for that merit increase sum under the 2022/23 tax year of Hong Kong. I would be grateful if you could let me know whether it's still necessary to report this 2022/23 merit increase in the Self-assessment for the 2023/24 tax year of the UK. Thanks.
  • RE: Special type of 'interest'

    Hi, Many thanks for your reply. I would be most grateful if you could kindly clarify whether the following understanding re. your reply to no. 1 is correct: 1. There is NO need to report such special type of 'interests' in the Self-assessment in the year when the 'interest' entries appear in my mortgage-linked account (as the entire 'interest' amount each month is actually taken back by the bank immediately against the outstanding mortgage loan). Thank you.
  • Special type of 'interest'

    Hi, I have become UK tax resident and will report and pay tax on the arising basis, so I would like to seek clarifications on the following two issues: 1. I still have a mortgage for my family's home in Hong Kong. For the mortgage, I have a mortgage-linked saving account, to which the bank gives monthly 'interest'. However, such 'interest' could not be used or taken out by me because the bank immediately takes the entire 'interest' amount back each month against the outstanding mortgage. Should I still report such 'interests' in the Self-assessment in the year when the 'interest' entries appear in my account (although actually taken back by the bank immediately)? Or, should such 'interests' be reported in the future if and when the property is sold? 2. If I work for a company in Hong Kong on an ad hoc project and receive a small payment, such salary is taxable in Hong Kong but since the sum is below the personal allowances threshold of Hong Kong, there is no need to report it for tax payment in Hong Kong. Does double taxation relief still apply in such a scenario? Or, such salary should be reported as foreign income in the Self-assessment for UK tax? Thanks.