Vivian2024

Hi, recently I have received a letter titled overseas assets, incomes or gains stating that I may have received overseas income or gains that I may have to pay tax on. The letter did not specify which tax year are referring to. I have only moved to UK in Jul 2021 and I am confident that my foreign interest income does not exceed the personal saving allowance (£1,000) for FY2021/2022. The certificate of tax position issued together with the letter suggested to register with worldwide disclosure facility if I have not bring my tax affairs up to date. And I note that the worldwide disclosure facility is for reporting disclosure for tax year up to and including 2021-2022. In which case, I am confident that my all saving interest gain is within personal allowance £1,000. Nonetheless, it seems that I should still fill in a tax return for the foreign interest gain no matter how small it is. Please correct me if i am wrong. And the only way to amend this for FY2021/2022 is to disclose using the worldwide disclosure facility so I should register using the worldwide disclosure facility. For the FY2022/2023, previously I followed the guidance using the gov. uk 'Check if you need to send a Self Assessment tax return' and the tool concluded I was not required to submit a self-assessment return. I believe what confused me is that 'Step 6 - Did you get more than £10,000 from dividends or savings and investments?' mislead me to answer 'Step 7 - Do you need to pay tax on any of the following?' wrong as I took £10,000 as the allowance limit for dividends or savings and answered Step 7 that i do not need to pay tax on the income from outside UK. While I did not receive more than £10,000 combining the onshore and offshore saving interest, However, after reading some more post on this forum, it appears that as long as i have foreign interest income whether they are taxable or not I should submit a self-assessment return. I have just applied for registration online to submit a self-assessment return and hoping to fill in a later return for the FY2022/2023 as soon as possible. I hope that I can appeal for exempt from penalties with the reasonable excuse listed on gov.uk -Disagree with a tax decision - you were unaware of or misunderstood your legal obligation. I would like to know if I am doing this right. Last, I am confused as to what allowance is applicable to saving interest in UK and foreign countries. Again after reading post on this forum, it seems that for only foreign interest more than £2,000 it should be reported under SA106. For FY2022/2023, am I correct that the allowance for foreign saving interest is £2,000 and the allowance for saving interest gained within UK is £1,000?