Should I Be Concerned?

The_Edge

I have been working abroad since 1998, basically I got on a plane & went - never said anything to the tax man. I have always kept a UK Bank Account.

I have worked all over the place including 3 years in Moscow (I left there in January 2006). I then came back to work in the UK for 18 months, before going to Gibraltar to work for a year before being made redundant.

I am now living with my parents in Portugal & not working!

My question is this. I had a Bank Account in Moscow which I opened in 2006, which has been topped up on a regular basis by a Consultancy job I had with another Russian Company which has just finished. I basically used this as my rainy day fund - and the day has come!

I was paid in USD, and now I want to move this money over to my Account in the UK, because of the Exchange Rate. It has built up to a tidy sum, will there be any problems moving this money either with the tax man or the building society re money laundering?

Many thanks for any advice you can give.

fengirl_2

If you are not resident in the UK, there is no problem with HMRC, but need more info re dates of entry and exit from the UK to be more help.

The_Edge

I feel better already!

Well, I first left the UK in May 98 - then returned to the UK in April 2006 to work. I then worked in the UK until 31st August 2007. I have no property in the UK and rented during this period.

I then started work in Gibraltar on 1st October 2007. As I said I am now living in Portugal. When I arrived back in the UK I think I filled in some form, but when I left (both times) I didn't contact HMRC at all.

I probably have a P45 somewhere from when I finished working in the UK, but I have never needed it.

Do I need to even mention it to anyone beforehand? My UK Account is registered at my parents address in Portugal, and previously had my Gibraltar address.
Thanks for your help! :beer:

fengirl_2

I think you need to look at your 07-08 liability as you may be due a refund. Download form P85 from www.hmrc.gov.uk and complete it. Send it to your last Uk tax office with your P45 which you received on leaving in Aug 07. It looks as if you are non resident from then on. It does not matter where the money going into your UK bank account has come form - if you are NR, you are not liable for tax here.

Cook_County

In 2006/07 and 2007/08 you are taxable in the UK on any interest credited in Russia so this would need to be reported.

From what you say, you are now a resident of Portugal - not the UK - so will be taxable in Portugal on any interest. I do not know if Portugal taxes gains on foreign currency so you may wish to find out (the UK certainly does).

The_Edge

Thanks for all your help!!! :money: