Skip to main content

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

  • RE: Register self-assessment tax return

    Hi HMRC Admins, May I confirm with you that the 5 October 2022 deadline is fulfilled either by the sending of a SA1 form by post (for someone who cannot verify ID for GovGateway), or by the submission of the online SA1 form (for someone who can do this via GovGateway), before 5 October 2022? Presumably, the taxpayer (first time registration) does not have to do anything after submission of SA1 form (either by post or online) until the UTR number from HMRC is received by the taxpayer? Correct? Thanks in advance.
  • Foreign currency: foreign currency bank accounts - periods from 6 April 2012

    Dear HMRC Admins, Thank you for taking time in answering this query. The information in https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg78321 refers. Is it correct that, for an individual who hasn't been a UK tax resident ever before, for the tax year 2021-2022 (hence, after 6 April 2012), there is no capital gains issue for any withdrawal/transfer out/disposal from an account denominated in a foreign currency held with a foreign bank under the name of that individual (or jointly with another individual)? Put in other words, where an individual has a foreign currency account with a foreign bank and has made some withdrawal from/transfer out of the account during the tax year 2021-2022 (say, inter-bank transfers), is it correct that there is no chargeable gains for such transactions? Let's assume that all withdrawals/transfers were made directly to another account under the name of the individual held with a foreign bank, and hence, no "physical" bank notes/currency were involved. Thanks in advance.
  • RE: The HMRC Self Assessment tax return tool - How to answer this question?

    Hi HMRC Admins, Thank you for the reply. What if the combined UK and foreign dividend income is above the dividend allowance of £2000, and the combined UK and foreign interest is above the PSA of £1000, BUT the total income is below the personal allowance of £12,570 (hence no tax to pay). Is SA still required in such a case? When you said all other sources of foreign income would meet SA criteria, does it mean that SA is required for all other sources of foreign income even if the total income for the person is below below the personal allowance of £12,570 (hence no tax to pay)? Thanks again.
  • The HMRC Self Assessment tax return tool - How to answer this question?

    Dear HMRC Admins, Good day, and thank you for taking time to answer this question. Going through HMRC's "Check if you need to send a Self Assessment tax return" tool (https://www.gov.uk/check-if-you-need-tax-return). After the first few questions there is this question “Do you need to pay tax on any of the following?”. One of the “following” being “Income from outside the UK”. Where, in the applicable tax year, a person has some income from outside the UK and the person's total annual income does not exceed the annual personal allowance of £12,570 (applicable to foreign income, right?), there should be no tax to pay on any income (whether UK or foreign), right? Let's say the foreign income is some bank interests not exceeding the starting rate of £5,000 (basically there is no tax to be paid right?). Given that, should the answer to the question “Do you need to pay tax on … Income from outside the UK” be a “no" in this case? By choose the "no" answer (more precisely "none of these") in the HMRC tool, the tool would eventually come to the conclusion that there is no need to register for self-assessment (despite the person has some income outside the UK during the tax year). Is this correct? To frame the question the other way round, for a person having some foreign income during the tax year (say bank interests not exceeding the starting rate of £5,000), but whose total income does not exceed the annual personal allowance, does the person have to register for self-assessment solely because there is some foreign income (for which no tax is to be paid because the total income does not exceed the personal allowance)? Thanks again.