michael.s
Joined: 10/9/2023
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Tax Obligations for Overseas Company and UK Bank Savings Interest
Hello, I have a couple of tax-related questions regarding my family's financial situation. I would appreciate any guidance or information you can provide. 1. My dad has an overseas company based in Hong Kong, and its total year profit is less than £4,000. Does he still need to pay tax in the UK and file a tax return? If so, which specific tax return form should he use? 2. My mom has earned £9,000 in interest from a UK bank savings account. Does she need to pay tax on this interest income, and if so, which tax return form should she fill out? Thank you for your assistance in clarifying these tax matters. Best regards, Michael