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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13657
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I had a question on the HMRC tax self assessment form.

Customer Question

Hello, I had a question on the HMRC tax self assessment form. Are you able to help?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - I am Sam one of the Uk tax experts and I certainly can help with your self assessment question, please expand Thanks Sam
Customer: replied 1 year ago.
Hello. I am about to fill in a self assessment form and for last tax year I had the following sources of income and accounts:
Main income: salary from full time job at UK based bank
Other income: UK saving account and ISAs
Foreign income: rental income from property in Cyprus owned jointly by myself and my sister but the rental income is paid into my bank account in a Cypriot bank. The property has been rented out for around 6 months now.
Foreign account: I have an account with a swiss private bank and they disclose all income to HMRC but I was never charged any withholding tax (I came to own the account after my father passed away last year so I have never reported any income from it before). Apart from saving account and interest on cash I only invest in a structured gold product, no equity or dividend income.
My question is regarding my foreign rental income and swiss account - do I need to report the income from both when I fill in the form? Since the income from swiss account is already disclosed to HMRC?
Do you specialise in filling in the self assessment forms and how much do you charge?
thank you
Elena***@******.***
Expert:  Sam replied 1 year ago.
Hi Elena Thanks for your response I am afraid whilst we cannot be engaged directly by you as a client, Just Answer now offer this additional services which allows telephone calls - which may suit helping you get this right should you need further assistance beyond my response here. Yes you must declare the foreign income regardless what may or may not be disclosed to HMRC unless you are treated as not domiciled in the UK and said income does not come into the UK (or is spent indirectly in the UK) in which case a review to be taxed under the remittance basis must be made which could incur a remittance basis charge. If you think the remittance basis might be of interest/relevant to you - then please advise 1) Where you were born2) When you came to live and work in the UK3)Whether the rental income in the Swiss bank is used at all in the UK I can then advise further Thanks Sam So please advise
Customer: replied 1 year ago.
Thank you Sam, I am domiciled in UK, the answers are below:
1) Moscow, Russia
2) I came to study to UK in 2000 and have been working and living here since (I hold a UK citizenship)
3) rental income is in the Cypriot bank account and is separate from swiss bank account, but I do not spend any income from either account in UK. I use the money to pay for my siblings in Cyprus and send money to my sister and mother who live in Russia
thank you, ***** ***** on remittance is appreciated.
Expert:  Sam replied 1 year ago.
Hi Thanks for your response and the additional information A you hold a UK citizenship (are then treated as a UK domicile for the time that you reside here) then you have to be taxed on the arising basis, (you do not qualify for consideration of the remittance basis) this means that ALL income (so this includes any interest that arises from the Swiss bank account along with your half share of the rental income) has to be declared to HMRC on your UK self assessment tax return. So you will need (in addition to the employment page and usual UK investment income (other than your ISAs) need to complete a foreign income page also Let me know if you require any further assistance - Thanks Sam

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