steph17

Hi. I arrived UK with a student visa in September 2022, and recently switched to BNO visa in February 2024. I have stayed in UK for 184 days by 5th April 2023. I will be finishing university by June 2024. May I confirm if I am a tax resident for 2022/2023 tax year? Before I arrived UK in September 2022, I had worked for 2 years as full-time worker in Hong Kong with an income below 30,000 pound yearly. I had purchased stocks and bonds in Hong Kong before coming to UK and the interest generated were less than 100 pounds. As I received salary and interest before arriving the UK, may I confirm if I am required to use arising basis to report my local and foreign income, both before and after arriving the UK? Are there any tax implication for the stocks and bonds I obtained, the interest I gained and the salary I received in Hong Kong before coming to UK? Since September 2022, my parents have been transferring money to my Hong Kong saving account which I then transfer it to my UK current account for school fee, accommodation and living expenses. No interest have been generated from the current account until part of the money has been put into a fixed rate saving and a bonus saving account in UK HSBC in February 2024. Are there any tax implication involved? May I ask if any of the above situation needs to be reported through self-assessment? If yes, is it considered as 2022/2023 or 2023/2024 tax year? Which reason (e.g. untaxed income which cannot be coded in PAYE) for tax return application should it be? Many thanks!

Hi. I have been on a student visa for the past 17 months and just switched to a BNO visa three weeks ago. I will be finishing university in 4 months and currently am not employed in the UK or overseas. May I ask if I am a non-residents for this tax year? My parents have a permanent address in Hong Kong and they transfer money from a current Hong Kong bank account to my UK current bank account for my daily expenses, may I ask if i need to pay tax on these payments? And would this tax be due for the tax year ending this month or in 2025? I have a Hong Kong mixed fund bank account with stock and bond. Do I need to report these assets to the UK government if I keep them in my bank account? Is the interest generated from the bond taxable? Or, if I sell the stock and bond now (as a non resident), will I need to pay tax to the UK government? I also have a UK HSBC fixed rate saving account which I opened one month ago with less than £5000 in it, may I ask if the interest generated is taxable? Many thanks!