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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13974
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Once i have registered for self assessment how before i get

Resolved Question:

once i have registered for self assessment how long before i get a tax return/prove this - so i can show letting agencies and move?
Submitted: 3 months ago.
Category: Tax
Expert:  Sam replied 3 months ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 3 months ago.

HI

Registering for self assessment does not give you tax exemption - as rental income will always remin liable to tax in the UK if it arises in the UK. But sometimes the tax bill is low or NIL if you have no other UK income and its less than the UK personal tax allowances (if you are either resident in the UK or move abroad but still be a British citizen or EEA citizen) What makes you think you will be exempt?

Thanks

Sam

Customer: replied 3 months ago.
You're misunderstanding. So i was made homeless. My dad is putting money into my account but in some ways this is doing more harm than good. I am renting a flat but looking to move. I'm not working. I do work for my dad from time to time. He has his own company - lives in the US. In order for me to move flat they can't just accept that I work for my dad. I have been advised need to pay 6 months rent upfront or show that I'm working for my dad. A letter will not do. they are asking for proof. I believe i need to register for self assessment but then how do i prove this - my income. Will i get a letter or form - like when you leave a job P45 or P60 (or whatever they are when you're working) from HMRC? Also like if I'm applying for new jobs I need to 'prove' i'm working for my dad rather than just people taking my work - or if I were to apply for a mortgage.
Expert:  Sam replied 3 months ago.

HI

I am sorry I misunderstood but your question gave so little information

Are you in the UK ? How can you work for your Dad in the US? Is this taxed in the US as well - and have you been declaring this to the UK tax office (is this why you will complete self assessment?)

But if you have this foreign income this is NOT proof that you work for your Dad - but the tax calculation form SA302 will show that this income exists - however it does not sound like its income at all - but rather an allowance that you are paid to help you out financially so why are you stating its income when it isnt ?

So if you do declare this as income then for ach UK tax year you treat this as income then HMRC will supply form SA302 for each tax year AFTER the tax returns have been processed but this can take several weeks for them to process. So this will take some time.

Maybe you should ask whether you qualify on the local housing association lists - who may consider renting out to you as even with these SA302 if you are no deemed to have enough income - then you would need a guarantor OR 6 months rents upfront still

Let me know if I can assist further

Thanks

Sam

Customer: replied 3 months ago.
Hello?
Expert:  Sam replied 3 months ago.

I have just replied - it takes time to type out an answer

Thanks

Sam

Customer: replied 3 months ago.
Well my dad owns a venture capital firm. I don't know if this is taxed in the US. Could my dad get into trouble if he's not paying taxes in the US? Infact, his company is listed as being in Gibraltar but he lives in the US. Oh dear! I just had a look at SA302 online. It says 'You can’t print your documents until 72 hours after you sent your tax return.' I was looking at self assessment before online. It was saying 10 days to get a letter, then 10 days to get an activation code so could i 'prove it' 72hrs after that? I have also seen SA106 - 'income from overeas sources', and 'Foreign tax paid on employment, self-employment and other income.' I'm guessing this needs to be filled in? and may highlight any tax dodges my dad is doing? Worried about this
Expert:  Sam replied 3 months ago.

Hi

I cannot offer expert advsie on the US tax position as we are Uk tax experts but I imagine he should be declaring any profits/income made to the IRS but this is something he needs to establish himself as regardless of where his income comes from (i.e Gibraltar) he will be liable for tax on worldwide income he takes into the USA

You cannot file online returns as you have a residency page to complete and this is not online as yet so you will have to fill in paper versions of the tax returns or purchase third party accredited software that can file the residency part of the tax return - and as the whole return has to be filed together you will have to use the paper versions o this can several weeks

So the main part of the return SA100 2017 and then the SA106 foreign income and the SA109 residency 0

Thanks

Sam

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