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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I have received a letter from Hmrc today. About offshore

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Hi
JA: Hello. How can I help?
Customer: i have received a letter from Hmrc today. About offshore assets, income or gains.
JA: Have you talked to a tax professional about this?
Customer: We do have a property in Spain, which we have rented out, and paid tax to Spain Have not spoken to a tax professional, no idea where to find one
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

You should have declared this Spanish net income on your annual self assessment tax return. However, there is no cause for panic as, under the Double Taxation Convention between the UK and Spain, which precludes the same income stream being taxed in both jurisdictions, any tax paid in Spain is allowed as a tax credit against any UK liability. Does that help?

Customer: replied 2 months ago.
Thank you. I do not work, so therefore do not pay any tax or complete a self assessment tax return, but I will rectify this.
My husband works and has a Post Office pension, so as the property is both names, should he also complete a self assessment tax return ( the tax office have not written to him)?

Yes, you should each declare this income though from what you say HMRC will probably tell you not to bother in future. The net sum to be declared will have to be 50/50.

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Customer: replied 2 months ago.
Thank you

Delighted to have been of assistance.

Thank you for your support.