RE: Income and Foreign income taxHello HMRC, Do I need to submit tax return if I earn interest from bank in UK? Or submit tax return ONLY when interest excess my personal savings allowance? Thank you
RE: Income and Foreign income taxHello HMRC, So, does my friend have a personal savings allowance of £5,000? Since you mentioned that personal savings allowance covers all interest in UK and abroad. What if she receives interest from Hong Kong more than £2,000 but less than £5,000. Does she still need to pay any tax? Or just submit a tax return? Thank you.
Income and Foreign income taxHello HMRC, I am from Hong Kong. I immigrated to the UK with BNO visa. I am a UK tax resident. I do not earn any income in the UK. But I have monthly pension that arise from Hong Kong. And I also have some savings in both Hong Kong and the UK. Base on above scenario, there are questions I would like to ask. 1) The UK/Hong Kong treaty states that I ONLY have to pay tax in Hong Kong. Do I still need to submit the tax return? 2) Since I do NOT earn any income in the UK, but I earn monthly pesion in Hong Kong. If I receive interest from bank in the UK. What will be the personal savings allowance? Does my foreign pension affect my personal savings allowance? As HMRC does not mention the allowance will take into account of foreign pensions. Is my allowance equal to the starting rate of £5,000? 3) According to HMRC website, interest arise from bank in Hong Kong counts as "tax on foreign income". Does it also count to"tax on saving interest"? If not, the allowance for the UK and Hong Kong interest are seperate? 4) Does my interest earn in Hong Kong counts as my income? Will it affect my personal savings allowance? 5) If my friend does NOT have a pension but earn interest in Hong Kong under £2,000. Does she need to submit the tax return?