Reika

Hi, I will receive some saving interest soon and I am a basic rate taxpayer without the need of doing tax return. Understand that the saving allowance would be £1,000 in this case. If I receive an amount over £1,000 but below £10,000, I still won't need to do self assessment. In this case, how do I pay the tax for the amount that is exceeding the allowance? Do I wait for a notification letter from HRMC or it will be deducted automatically from my salary? Please could you let me know how it works? Many thanks!

Hi, I have a questions regarding currency exchange. Before I moved to the UK, I have some currencies in USD, CHF, EUR and HKD. After I moved to the UK, I transferred those currencies to my UK account and I exchanged some amount to GBP for daily expenses. 1. First of all, I believe this will not have any tax implication. Am I correct? 2. And now I would like to exchange the remaining CHF and USD to JPY. This is not a trade as I have a full time job and JPY is for future expenses, for example travel, shopping in Japan. If I have a gain here, is there any tax implication here? 3. And if someday, I would like to exchange the remaining JPY amount back to GBP, again for daily expenses. If there is a gain, is there any tax implication? Many thanks in advance! Best regards, Reika

Hi I have made a loss in 2022-2023 in foreign investment but I never submitted a tax return before. I do not want to claim/ utilise the loss, do I still need to submit a tax return? Many thanks! Best regards,