G

Hi Thank you very much for the prompt response. I have two further questions: (1) are foreign savings interests prioritised over dividends when calculating the tax amount? (2) Do I need to declare "I have Capital Gains to pay" in the self assessment registration form if I had more capital losses than capital gains in the year? Thank you.

Hi Thank you for the response. I would greatly appreciate it if you could further clarify whether certain types of income are prioritized when considering them for the personal tax allowance. To illustrate, suppose my total income for the year comprises £5000 from a job in the UK, £6000 from freelance work for foreign companies, £3000 from foreign stock dividends, and £4000 from foreign capital gains. The total amount of £18000 exceeds the personal tax allowance. In this case, I am curious to know which portions of the income sources are eligible for further tax allowance and how I can calculate the taxable amount. Thank you for your assistance.

Hi, Thanks for the reply. I'm still confused how the allowances are applied and need further clarification. Could you please confirm if the personal tax allowance is the fundamental allowance that applies to all types of income, such as salary and investment returns? Additionally, are the other allowances (Interest savings and dividends at £1000 each, and capital gains at £6000) in addition to the basic personal allowance of £12570? In simpler terms, for individuals who both invest and earn interest from savings, would their total allowance be £12570 + £1000 + £1000 + £6000? Thank you.

Hi Thanks a lot for the confirmation. I would also like to know if I decide to take up a freelance position offered by a company out of the UK, am I required to set up myself as a sole trader for tax self assessment during or after the current tax year? Moreover, assuming that I have to declare all my foreign income, including bank interests, dividends, capital gains and overseas wages, am I correct that there is additional allowance for each category on top of the £12,570 personal tax allowance? If so, how much is the allowance for each category? Thank you.

Hi Thank you for the reply. Does this mean the Article 19 of the Double Taxation Agreement with Hong Kong only applies to students only if s/he is holding a Student Route visa, and that the article does not apply to any full-time student holding another kind of visa? Thank you.

Hi I am a full-time student at a UK university from Hong Kong holding a BNO visa. I have a part-time casual job in the UK that I work for a few hours a week and earn less than £500 a month. On top of this, I receive income from dividends and selling of shares in Hong Kong. Now that a company in Hong Kong intends to hire me as a freelancer, I am confused about tax issues. Being a full-time student, am I correct that I DO NOT need to report or pay UK tax on my foreign income, as all these funds are used solely for covering my course fees and living costs, even though I am holding a BNO visa rather than a Student Route visa? Thank you.

Hi Thanks a lot for the reply. May I further confirm whether it means I do NOT need to submit a self-assessment form, provided that I had no other source of income both from the UK or from Hong Kong other than this foreign income for course fees and living costs?

Hi I am a full-time student at a UK university from Hong Kong holding a BNO visa. I have never worked in the UK but the amount I received from dividends and selling of shares in Hong Kong exceeded £2000 in the last tax year. Being classed as resident, the page on tax on foreign income instructs me to report my foreign income in a Self Assessment tax return. However, being a full-time student, am I correct that I DO NOT need to pay UK tax on my foreign income or gains despite the need to report them, as the amount is used for course fees and living costs, even though I am holding a BNO visa rather than a Student Route visa? Thank you.