How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8033
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I am looking for some advice on Uk tax on foreign income? FY

This answer was rated:

JA: Hello. How can I help?
Customer: I am looking for some advice on Uk tax on foreign income?
JA: For which tax year do you need advice?
Customer: FY 2018-19 and current FY
JA: Anything else you want the Accountant to know before I connect you?
Customer: UK tax on foreign income is what i am looking for.
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 1 year ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.

Hello and welcome to JustAnswer. I am here to help you.

Please expand on your question

- are you UK resident for tax purposes

- what is the source of income
Many thanks

Customer: replied 1 year ago.
Hi, i am a UK resident and have income from employment in UK. I file regular return for UK income. My question is specific for foreign income and the country in question here is India. I had savings account interest income there, no other income. This interest is tax free in India. What is the requirement for me to declare foreign income in UK?

Thank you for your reply.

As UK resident for tax purposes, you are taxed on your worldwide income and gains.

Interest earned on savings held in India should be declared under Foreign section of the tax return. You have not suffered any tax as it may be in a NRE account (no tax deducted at source). Had you suffered tax on it, you would be able to claim foreign tax credit relief on tax paid in India against your UK tax liability.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 year ago.
Thanks for the info. For the future purpose, is there any tax planning ideas you would have for me to follow?
Customer: replied 1 year ago.
Secondly, i have come across certain dividend and interest income, which are tax free in US, and UK residents are not required to declare. Shouldn't the same principle apply for tax free income from other countries too?
Customer: replied 1 year ago.
i will certainly rate your service. Can i ask what is the process, if i need to connect with you in future, like help with filing my return etc?

Thank you for your reply.

To be honest, there is little tax planning that can be done with interest on savings unless it is in tax free accounts e.g. ISA.

If the acount is in sole name, consider having it in joint names to maximise personal savings allowance of £1,000 each.

I am happy to help you in future. Just use this thread to contact me.

I hope this is helpful and answers your question. and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
great, thanks a lot.

My pleasure