I don't understand. I asked a simple question. I paid £36 and I did not get answer. Is it cheating?
ok, so what answer is?
When you are UK resident you are normally taxed on the arising basis of taxation. This means that all your worldwide income and gains will be taxable in the UK. Therefore, even if your foreign income and gains have already been taxed in another country they will still be taxable in the UK and you must declare all of your foreign income and gains on your tax return by completing supplementary pages SA106 - Foreign.
You would claim Foreign tax credit relief for any tax suffered on that income abroad.
So to answer your question, you would pay tax on rental income from your flat abroad to the UK tax authorities. You may also have to pay tax to the local authorities in the country where the property is but you would claim tax relief against that tax. Income from the same source is not taxed twice under double taxation agreement between the UK and many countries.
More information on DTA can be found in RDR1 here
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Thank you. So, what I have to do to declare my income? Now I pay tax automatically, when I get my wages.
Thank you for your reply.If you are filing a tax return at present then you would complete supplementary pages SA106 as mentioned in the previous posting and declare this income.If you are not filing a tax return, then you have to register for self assessment. You will be issued with a unique tax reference number to enable you to file a tax return. UTR is 10 digits long (12345 67890).You can register for self assessment here
There is some useful information on this site.I hope this is helpful.
Thank you for all information. You are very helpful. Can I have more question later? I have to go now.
Thank you for your good words. You can ask follow up question here.
In the meantime I will appreciate if you would kindly rate the service I have provided, so I can be credited for it.
In future I would like to trade on Forex market. I would like to ask when I will earn :) ( I hope), do I need to pay tax and what if I will lose?
I have insurance for life and for my retirement. I have it for many years. Can I deduct it from my tax. I started the insurance when I was living in my country, but never knew how to deduct it from tax. The insurance company is registered in my country, but the insurance covers me wherever I am. .
Do I need to rate every your answer? When I rate, can I still ask questions?