HMRC Admin 10 Response

Hi mimifefe
Please refer to guidance at :
Tax on foreign income
Thankyou.
Regards.

Hi
As a UK resident you are required to declare your worldwide income please see guidance for declaring foreign earnings :
Tax on foreign income
If Romania state they will tax you on the shares then you can apply for a Certificate of UK Residence to avoid double taxation at:
How to apply for a certificate of residence to claim tax relief abroad
Another scenario would be if they tax you on your overseas income, you can claim Foreign Tax Credit Relief when you report your income on the Self Assessment form. 
Thankyou.
Regards.

Hi
If your return has been submitted, if you login after 48 hours you will be asked to go through additional security when requesting the repayment.
Thankyou.
Regards.

Hi TT JB
Yes this is correct.
You only report foreign income if you do not claim or qualify for split year.
If you do, then you can elect for this on the SA109 form and then not record the income received in the overseas part of the year.
The income for the UK part of the year will be entered as self employment income.
Guidance on the completion of the SA109 can be found here:
Residence, remittance basis etc (Self Assessment SA109)
Thankyou.
Regards.

Hi
As a UK resident all foreign income, including any interest from foreign accounts should be declared to the UK unless there is a double taxation exemption to negate this.
Tax on foreign income
There are no income tax implications of transferring capital from one account to another.
In terms of an NRE account, although NRE interest income is not taxable in India NRE interest income has often been mistaken as non-taxable in the UK this is incorrect, UK tax residents are subject to UK taxation on their worldwide income and gains subject to any remittance basis claims.
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit for Indian tax even if this has not been paid as the credit relief amount is calculated through the tax spared mechanism, which deems Indian tax to have been paid at the marginal rates applicable there. (UK-India DTC notes page HMRC’s Double Taxation Relief Manual DT9553).
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid.
UK tax relief not exceeding 15% is available for ten years from the opening date of the NRE account per Article 24(5) UK-India Double Tax Convention.
NRE interest income should be declared within an in individuals UK self-assessment return.
Thankyou.
Regards.

 

Hi kapula
Yes that is correct. 
Thankyou.
Regards.

Hi absolutely Desperate
We are unable to access tax records on the forum.
Please contact your won tax office for an update on your query.
Self Assessment: general enquiries
Thankyou.
Regards.

Hi suzy king
Thank you for your question.
Although I have not seen your original question if you are referring to claiming tax relief in respect of mortgage interest payments on a rental property then I would advise you that can claim this whether or not you have claimed the property allowance or allowable expenses ( IE. If your allowable expenses are over £1000) .
Since the 2020-21 income tax year the tax relief on mortgage payments (Interest only element and not the capital element) on a rental property is no longer given as an expense but your Income Tax liability will be reduced by a basic rate 'tax reduction'.
Regards. 

Hi Giovanni
If you are leaving the UK then you would complete the form P85 to allow us to apply split year and update your records.
Get your Income Tax right if you're leaving the UK
Thankyou.
Regards.

Hi YY@2022
You should be completing these together but the SA109 is not available online unless you purchase third party software.
You can either do all on paper or if you prefer online, details of software suppliers can be found here:
Self Assessment commercial software suppliers
Thankyou.
Regards.