DavidCheung89

Dear Officer, Hello ! I would like to ask few questions about Split Year Treatment & Self Assessment. I arrived in the UK in October 2023 on a BNO visa. From April to August 2023, I had a full-time job in my home city, Hong Kong, and I have already settled my taxes there. I have been working in the UK from December 2023 to May 2024 and from September 2024 to now. I would like to ask: 1. Do I need to do a Self Assessment? When I completed the Self Assessment questionnaire, it said I didn't need to, but I have some overseas interest income. Even if it doesn’t exceed the tax-free allowance, do I still need to do a Self Assessment? 2. Do I need to apply for Split Year Treatment? 3. I applied for a UTR in August 2024, but I haven’t received it yet. If I don’t get the UTR in time to apply for Split Year Treatment by the October deadline, will I have to pay UK taxes on my income from my job in Hong Kong from April to August 2023, even though I have already paid taxes on it in Hong Kong? 4. Can Split Year Treatment only be submitted in paper form by October, or can I use software to submit it? 5. If I end up not being able to apply for Split Year Treatment before October because I haven’t received my UTR, and I have to pay UK tax again on income earned in Hong Kong before applying for a BNO visa (which I have already paid tax on in Hong Kong), can I apply for a refund from HMRC once I get my UTR? Thank you very much!

Hello,Could you please kindly reply to my previous questions? We still feeling so confused about it. Thank you so much.

Hello, Thank you for your response. I'm still seeking clarification on the following points: In regards to the conversion from HKD to USD, and then from USD to GBP, aside from the interest tax generated from my USD deposit, are there any other taxes I need to pay? Does it mean that any differences generated during the conversion process of the three currencies, regardless of the amount, are subject to taxation? If so, which type of tax would it be? Would it involve taxing the principal amount as well, or only the differences? Furthermore, if I were to travel abroad in the future and exchange currencies, such as Euros, would the difference in exchange rates also be taxable? I would greatly appreciate your clarification on these matters. Thank you.

Hello! Last year I arrived in the UK on a BNO visa and have since become a tax resident. Let's say I have HKD 100,000. If I convert it to USD and deposit it to preserve its value, I'll report the interest income to HMRC. If, after several months or years, I need to convert this USD to GBP for living expenses or to buy property. Would the conversion from HKD to USD, and then from USD to GBP, be subject to income tax, capital gains tax (CGT), or considered capital gains? Besides interest income, would I be liable for any other taxes? Thank you very much!

Hello ! I have something about taxes would like to ask. I arrived in the UK in November 2023 and started working in December, but my payslip shows that I have not been subject to income tax. The company says this is because my income before April 2024 has not exceeded the income tax threshold for that tax year. Do I need to report my income for the period from December 2023 to March 2024 to HMRC? Thank You !

Dear HMRC officer, Greetings. I arrived in the UK in November 2023 on a BNO visa and am currently doing part time job. I have several tax-related questions: 1. If I transfer savings from before I became a UK tax resident to my UK bank account, do I need to pay tax on the principal amount transferred, in addition to the interest earned on those savings? (I do not use the remittance basis.) 2. If I transfer savings from before becoming a UK tax resident to the UK and use them for a bank fixed term deposit, besides the interest or dividend income generated by this money, will I be subject to any other taxes? 3. I arrived in the UK in November 2023 and started working in December, but my payslip shows that I have not been subject to income tax. The company says this is because my income before April 2024 has not exceeded the income tax threshold for that tax year. Do I need to report my income for the period from December 2023 to March 2024 to HMRC? 4. I have consulted with various accountants about tax issues, only to realize later that they were not qualified tax advisors. Where can I find qualified tax advisors? Thank you. Thank you very much!

Thank you very much! I have one more question to ask. Is this an appropriate approach if I report all the interest income from a joint account in my own name on my tax return form, but my family member who own the same joint account do not report it? Thanks!

Hi! I would like to know if I still keep an quantitative amount of HKD in my Hong Kong saving account which was my capital from past few years. I plan to transfer to my UK account. Please confirm if this is not taxable except the interest generated? Thank you!

I would like to know that all of my savings which I stll kept in Hong Kong and planned to transfer to my own UK account is not taxable except the interest generated after I become the UK tax resident? Thanks !

Hi Everyone! I used BNO Visa arriving UK in October 2023 and get a temporatory job which means I am an UK Tax Resident right now. I am confused about the savings which I stll kept in Hong Kong. I would like to know and being answered about the followings: 1. I still have quantitative amount of HKD savings in Hong Kong which are the capital by solding my property on early 2022 and salaries I earned in Hong Kong in the past few years. I planned to convert them into pounds and transfer to my own UK account.Please confirm if this is not taxable except the interest generated? 2.I had already finished the process of tax clearance in Hong Kong in September 2023 . I was still in Hong Kong from 6 April 2023 to late September, Do I need to report the interest gained during this period? 3. Is there any deadline which I must transfer my savings to UK or else the amount transferred will be taxable? 4. Nowadays, my UK bank account have several sources of money inside inculding the salaries from my temporatory job in UK. Does it mean that my account will be treated as a mixed fund and make all of my money become taxable once I transfer my savings from Hong Kong to this UK account? I am just confused and hope that I can get advices for my situation. Thank you very much !