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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 16309
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I'd need some assistance for my Worldwide Disclosure

Customer Question

Dear Sir or Madam, I'd need some assistance for my Worldwide Disclosure Facility. This includes calculation of taxes on overseas rental income and capital gain over a period of 3 years. Do you think you can help with this if I reactivate my membership please? Thanks, Fabio
Submitted: 16 days ago.
Category: Tax
Expert:  Sam replied 16 days 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 16 days ago.

Hi

OF course

What tax years

How much net rental income

And details of the sale please to calculate your gain

Thanks

Sam

Customer: replied 16 days ago.
Thanks Sam, for coming back to me so quickly (BTW, I think we already had a chat a couple of months on the same subject and this is the follow up). Let's start with capital gain, that is probably the easiest.
Expert:  Sam replied 16 days ago.

HI

Of course

Thanks

Sam

Customer: replied 16 days ago.
I used to own an apartment in Italy (that was actually bought on my name and managed by my parents, this is a popular practice in Italy). I attach an excel with two tabs, one related to capital gain and one related to rental income. I made a few assumptions there, and this is where I need your help. Have a look and then we can talk please.
Expert:  Sam replied 16 days ago.

Hi

I cannot open the link as not secure

Thanks

Sam

Customer: replied 16 days ago.
I will send screenshots in a minute, hopefully that will work.
Expert:  Sam replied 16 days ago.

No worries

Thanks

Sam

Customer: replied 16 days ago.
File attached (S6P3T3V)
Customer: replied 16 days ago.
File attached (QZVS4ZS)
Customer: replied 16 days ago.
please let me know if you can access those files and can read them
Expert:  Sam replied 16 days ago.

Hi

I can but you need to convert them all to sterling at the appropriate exchange rate for the time

Thanks

Sam

Customer: replied 16 days ago.
I did it, using the exchange rates given by gov.co.uk
Expert:  Sam replied 16 days ago.

Hi

Its all in lira

So just tell me

date of purchase and amount in sterling

date of sale and date in sterling

Costs to buy and sell (legal fees etc

Costs of any capital improvements

Any dates you lived there

Thanks

sam

Customer: replied 16 days ago.
ok, give some minutes
Expert:  Sam replied 16 days ago.

HI

I think you need an accountant to do this for you local to where you reside (with respect)

Thanks

Sam

Customer: replied 16 days ago.
Ah ok, so you don't think we should continue this conversation?
Expert:  Sam replied 16 days ago.

Hi

I just think I fully answered your position back in March 2021 and you have done nothing to respond to HMRC so I think you need an local expert to not only disclose but argue the delay for you as its been three months since you were going to make this disclosure and make accurate calculations for you this is not really the forum to do that

Thanks

Sam

Customer: replied 16 days ago.
Well, you are making a lot of assumptions. I replied to HRMC with a letter within the terms and then called them and they suggested to use the online forms, which I did and now I have 90 days to submit my disclosure. Anyway, you dont seem to believe that this forum is the right one to check spreadsheets. Thanks anyway.
Expert:  Sam replied 16 days ago.

Hi

Im glad you contacted HMRC and were granted the extension but we cannot guide you through the completion of the WWD only an acting agent can do so

Thanks

Sam