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  • Exchange rate of saving interest in other currencies received in different months

    I have income from fixed deposit and saving accounts in various currencies. I understand that I can convert the income using the suggested rate provided by the HMRC website. But since the incomes are received in different dates/months, e.g income in USD received in April 2022, Euro in Jun 2022 and CAD in Feb 2023, can I use the monthly rates in April for the mentioned currencies even though I only received Euro and CAD after April 2022? Or I need to use the rate of the month which I received the interest? Or can I use any rates at any time for different currencies? Sorry that I am a bit confused and hope you can enlighten me on that!
  • RE: Self assessment Return - loss in sale of share be offset against saving interest?

    hi Thank you for the prompt reply. I have a web chat this morning with a HMRC staff (Chat ID : 188698945978978772) regarding my case mentioned above. I was told that I DONT need to file a tax return and advised that "all you need to do is write in to us with a covering letter explaining the loss so we have it on record." I was a bit confused as suggestions to the same case is totally different. I am not sure if it is because the sale of shares i mentioned above was in 2021/2022. In fact, I sold some shares with loss in 2022/2023 also. Would you please check and advise? Many thanks.
  • Self assessment Return - loss in sale of share be offset against saving interest?

    Hi, I tried to use the tool to find out whether I need to file a self assessment return during 2022/2023. However, I did not know how to answer the following question correctly 5. Did you get more than GBP10,000 from dividends or savings and investments? My case is that 1. I do not have a job and just have saving interest of around GBP12000. However, I have realized loss in sale of share of in 2021/2022. Will the loss in sale of share in previous year /current year be counted as a negative investment income as above and offset against the saving interest in 2022/2023? Many thanks.
  • Saving on Interest

    May I know if my ONLY income is from saving interest which is over GBP 5000 allowance and I am retired. 1. How much should i pay for the interest tax? 2.Do I only need to pay when the interest from saving is over GBP17570 (starting rate of interest GBP5000 + Personal allowance GBP12570)? 3. If in the coming year, I find a part time job with GBP6000 income, can the unused personal allowance of GBP6570 (GBP12570-6000) and the starting rate of interest GBP5000 be taken together so that I only need to pay tax on interest if my saving from interest is over GBP11570 (GBP6570 + 5000) ? I tried to find the answers from many sources but couldnt be able to sort it out. Would anyone please help? Thanks.