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Few questions about my tax return
imamutant
Posts: 55 Forumite
in Cutting tax
Hey all,
I'm doing my tax return and have a few questions. I'm a sole trader and in the UK, I sell online and receive income from all countries (Paid into my paypal which is then withdrawn into my bank as £). I'm also occasionally wired money from banks in the US and Spain (This is wired to my UK bank, and I give the business sending me the money a w8-ben tax form if that makes any difference?!), the money comes from music royalties. My question is do i need to check 'yes' on the section: If you received any foreign income, do you need to complete the foreign section? and Do you wish to claim Foreign Tax Credit Relief on Capital Gains?
My other question is, I have added up all income, do I then have to subtract the personal allowance £12,570 from the total before i enter it on my return?
Thankyou
I'm doing my tax return and have a few questions. I'm a sole trader and in the UK, I sell online and receive income from all countries (Paid into my paypal which is then withdrawn into my bank as £). I'm also occasionally wired money from banks in the US and Spain (This is wired to my UK bank, and I give the business sending me the money a w8-ben tax form if that makes any difference?!), the money comes from music royalties. My question is do i need to check 'yes' on the section: If you received any foreign income, do you need to complete the foreign section? and Do you wish to claim Foreign Tax Credit Relief on Capital Gains?
My other question is, I have added up all income, do I then have to subtract the personal allowance £12,570 from the total before i enter it on my return?
Thankyou
0
Comments
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My other question is, I have added up all income, do I then have to subtract the personal allowance £12,570 from the total before i enter it on my return?
No, you are over complicating things.
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Just because you may have overseas customers doesn't mean you have foreign income. Include it in your trading figures.0
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