Self Assessment Help - Foreign Income

always_sunny

[Deleted User] wrote:

It appears not, at least from my recent experience. Your tax credit relief claim is £1000 if your UK tax liability ON THE £3500 is equal to or more than this. If you are a basic rate tax payer the UK tax due would be £700 and this would be your claim. The remaining £300 is 'lost'.

Ok, so if I understand correctly the Tax Relief I can apply is based on my tax bracket and up to that limit; any excess cannot be applied elsewhere.
I pay tax on final net amount (i.e. rent minus expenses) or to the full amount (full rent)?
I thought/understood is on the final net amount minus expenses.

When I go to 'View my calculation' next, I am presented with the Source of income, Amount of Income and Foreign Tax. Taxable amount is the same as Amount of Income.

When I click next, the Foreign tax credit against UK Income Tax is £0. I can use this figure or calculate manually.

If I choose to use this figure, my tax bill goes up to pretty much the amount of foreign tax I already paid.
If I choose no and do it manually, enter the amount of Foreign Tax I already paid, the tax bill goes pretty much aligned to my calculation.

Reviewing the amounts, it looks like the Self Assessment completely ignores the foreign tax amount already paid unless I manually override it?

My main source of income in the UK is fully and properly taxed so it's definitely correct.

Arthur_Penney

For 40 years I have been sending in an R40 during May without any bother. In the last 3 years i Have been putting in an entry for dividends from F&C European Assets. This year I noticed just in time that I can't do this any more. I have to go self assessment and the worry and stress is driving me crazy. I am sure that it has to entered on sa106. I think it goes on the first page with a ZZZ for country and a note on main form to say explicitly what investment fund the numbers relate to. But I am not sure that I have got this right. I worried sick about it. it is so difficult compared to before.