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  • RE: Foreign currency conversions

    Hi, In other words, when I convert my savings in Hong Kong Dollar into GBP, despite of the exchange rate going up and down, there will be no taxes involved, am I correct? On the other hand, there is also no taxes involved while I moving my money from banks in Hong Kong to banks in the U.K. or to banks in the Isle of Man, am I correct? For my case, I can ignore all the 'Tax on foreign income' and 'Exchange rates from HMRC in CSV and XML format' as follows: https://www.gov.uk/tax-foreign-income https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat Is that correct?
  • RE: Foreign currency conversions

    Hi, Thanks for the reply. However, those money are my savings, that is not income made between 6 April 2021 and 5 April 2022. Is the 'Tax on foreign income' guidance still relevant to this question? https://www.gov.uk/tax-foreign-income Thx.
  • Foreign currency conversions

    Hi, I am from Hong Kong, newly moved into the UK. I have an amount of Hong Kong Dollar, which is in the bank account in Hong Kong. In the passing months, I converted them into GBP for many times. As the exchange rate fluctuate from time to time, I might got different amount of money among every conversions. Is it any tax involved? Am I need to declare it in the self-assessment?
  • Loan

    Hi, I am going to lend money to a friend by sending money into his bank account. On the other hand, he will return the money to me by sending it into my bank account. There will be no interest. For this, is it any tax involved? Am I need to declare that in the self-assessment? Thx.
  • Reporting about tax return

    Hi, I would like to ask the following questions: 1 My father had no income for many years, and he has newly moved into the U.K. at last November. We have did the following test for him: https://www.gov.uk/check-if-you-need-tax-return The result is 'You do not need to send a Self Assessment tax return'. For this, should we to inform the HMRC about this? Could we finish this without the national Insurance number? Actually we have applied a national insurance number for him, but the application was failed because he has no income. 2 I received a telephone call at the 13-July-2022 morning, the number was 07488 799019. It was a recorded call claims that they were from the HMRC . Could you check if that number was a real HMRC call?