Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Handling of oversea income & tax if different from UK tax period

    Hi admin, Thank you for the reply, how about my Q3? For example, the (1st time) agent fee is not tax deducible in MY but in UK it allows, can I further deduct these expenses in my UK return? Thanks
  • Handling of oversea income & tax if different from UK tax period

    Hi, I have a question regarding oversea income / tax, I have an oversea property with rental income in Malaysia (MY), the tax period of MY is Jan-Dec i.e. full year 2023. I will report my rental income of whole 2023 in MY and will pay the tax in 2024 second half of the year. When I report my income in UK self assessment, how should I report this income and oversea tax relief? 1. Should I report my oversea income following the UK tax period i.e. Apr 23 - Apr 24 regardless the corresponding oversea country tax period? 2. Although I know the oversea tax amount to be paid when I report the self assessment for 2023/24, the tax is actually pay within UK 2024-25 tax period, should this tax relief fall into which self assessment ? 2023/24 or 2024/25 ? 3. In term of rental income deductible expense, the type of expense allowed may not align in MY and UK, if the expense in not allowed to be deducted in MY but allow in UK, can I still deduct this amount in my income when report in self assessment in UK? Thanks a lot.
  • RE: Self assessment with foreign income but no need pay tax

    Hi there, Thanks for the reply. Actually I am using the tool provided by HMRC to check if I need to return a self assessment. The Question 6. of the tool asked "Do you need to pay tax on any of the following?" -Income from a trust -Income from outside the UK -£2,500 or more in commission or cash in hand payments -A payment or charge on a private pension -A Self-Employment Income Support Scheme (SEISS) grant -None of these I would like help to clarify "need to pay tax" in this question means 1) "taxable income" of those followings i.e. if I have 10GBP of foreign income, I still need to ans yes in this question. Or 2), it really means "need to pay tax as the result" i.e. the taxable amount of those item is above the threhold of 0% tax rate tier? Thanks for your help
  • Self assessment with foreign income but no need pay tax

    Hi, I am retired with little forign income (e.g. 3,000 GBP a year) which will not need to pay tax. I use the HRMC web site to check if I need to do self assessment and the question 6. Do you "need to pay tax" on any of the following? Should this answer "no" if the forign income is small enough that will not trigger a UK tax? Thanks
  • Amount saved in pension in excess of the annual allowance

    Hi there, My pension admin informed me the input of the pension saved amount of this year has an exceed 380GBP to the annual allowance (i.e. input as 40,380, exceeded 380 to the 40,000 allowance). The admin also informed me my previous year did not used the full 40,000 allowance, and thus it can be carried forward to this year. May I ask, do I need to file a self assessment in this case to inform HMRC of this 380 excess, and which part should I fill in if I want to use my carry forward of previous year to cover this excess? Thanks a lot for your help . Regards,