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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4198
Experience:  FCCA FCMA CGMA ACIS
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I have received a letter from HMRC asking about assets

Resolved Question:

I have received a letter from HMRC asking about assets abroad,We have a holiday home in France which we do not let out so collect no income from it.Do we have to declare it?We have a bank account also which we use to pay associated bills for the house,never more than €400 in the account.Does this count?We fund this from our English account
R and MM Dann
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello Mr & Mrs Dann, I am Keith, one of the experts on Just Answer, and pleased to be bale to help you with your question.

You are not receiving any income from this property so there is nothing to declare on your self assessment tax return. If you receive interest on your bank account then this should be declared, but remember that the first 1K of deposit income is tax free anyway. HMRC are, as usual, fishing with the small man rather than the palaver of going after the big boys with their armies of lawyers and accountants.

I do hope that I have been able to set your mind at rest on this matter.

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Expert:  bigduckontax replied 1 month ago.

Thank you for your support.