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Mo Tax Expert
Mo Tax Expert, Accountant
Category: Tax
Satisfied Customers: 640
Experience:  Accounting and Tax Expert
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I was talking to someone.What does the trial for £5 get me?

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I was talking to someone.What does the trial for £5 get me?
JA: Have you talked to a tax professional about this?
Customer: When can I start the trial
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No

Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.

Thank you for your patience.

Kindly state the nature of your question?

Customer: replied 16 days ago.
Hello.I sent some money to my brother in USA from an Indian account ,which I share with my father.Now the HRMC want me to declare foreign assets and gains.How much tax will U have to pay?
Customer: replied 16 days ago.
I mean I have to pay.

How have you arrived at the funds in India?

Customer: replied 16 days ago.
It is my father's money.I am named on the account,on an either or survivor basis.

Thank you.

Are you a Uk resident and UK Domicile?

Customer: replied 16 days ago.
UK born and lived my whole life.

Great. Thank you for this information.

As your name is ***** ***** bank account, and you are a UK resident, you are required to file a tax return declaring the interest on the income, if any.

I suspect you have received a digital disclosure letter from HMRC, requiring you to declare your foreign earnings. Would that be correct?

Customer: replied 16 days ago.
to declare foreign assets and gains.When will they tax me from,and is it 20% tax on interest accrued ?

Do you live in the UK or abroad?

Customer: replied 16 days ago.
Uk
Customer: replied 16 days ago.
But I did not bring the money into the UK
As you are a resident in the uk, you would need to declare the income in the uk.
Customer: replied 16 days ago.
I am still unsure about what I will be taxed on..is it the interest?

You would be taxed on the profit or in your case on the income received as you don’t have expenses.

The income tax rate is in the link below:

https://www.gov.uk/income-tax-rates

I hope that this completes your question for today.

Customer: replied 16 days ago.
One more qu pls..for example if there was £20,000 in my dad's account,which has now become joint with me,then for me the profit is £20,000,or the interest accrued?

Sorry don’t understand your question.

Your dad has 20000. And you become a joint owner. The funds will still be your dads until it’s gifted to you.

Gift over 3k would be subject to inheritance tax.

Mo Tax Expert and other Tax Specialists are ready to help you
Customer: replied 16 days ago.
in other words ,I just will pay tax on the interest accrued,which is the profit.Thank you for today,this answers my questions.
Great.

Thank you for the inquiry. It is my pleasure to assist you today.

Best wishes