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bigduckontax
bigduckontax, Accountant
Category: Tax
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I have no assets in the UK anymore, and have been living in

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Hi, i have no assets in the UK anymore, and have been living in Germany for the last 10 years. I now have a letter from the inland revenue saying that i have offshore assets that are liable to tax. So my question is, what assets are they talking about, and how do they know?
JA: Where are you? It matters because laws vary by location.
Customer: Germany, Munich
JA: What steps have you taken so far?
Customer: i just got the letter today, and i asked my financial advisor, who cant help me.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no , thank you.

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

 

When you left the UK for Germany did you send a FormP85 to your tax office?

Customer: replied 13 days ago.
Hello, the only thing i have left in the uk is a HSBC bank account, and last year we sold our flat, so i am assuming HSBC has informed the tax office of a spike in my bank account. however it was my only home, and we sold it owing to my divorce, from my German wife. So my real question is how do i ask the tax office, what they know and what they believe i need to pay tax on. I dont know if i sent a p85 to the tax office, what is that? as the tax office here knows about my uk affairs, and vica versa.

I would strongly advise sending your tax office a P85 telling that Department of your original departure date. On receipt HMRC will classify you as non resident. Once so classified you can spend up to 90 days in the UK in any one tax year without breaching your status. Fortunately, there i no time limit on its submission, it is available on the web and can be filed on line. Sale of your sole or main domestic residence would not normally attract Capital Gains Tax (CGT) as Provate Residence Relief (PRR) ia allowed at 100%.

Customer: replied 13 days ago.
ok, so along with my p85, should i explain my status of being non resdent, and this should suffice?

It is always a good idea to put your residence house in order and the P85 does just that.

Customer: replied 13 days ago.
perfect, many thanks, i hope this enough for the tax office, have a good evening.

The P85 tells HMRC that you have left the UK.

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