When would I need to submit a tax return?

Brie
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in Cutting tax
Never done a tax return in the UK. Where I used to live, yes, as there was no easy PAYG system.
So now that life is getting a bit more complicated how do I know if I need to submit a return?
I have a salary from a part time job, monthly income from a DB scheme, about to have SP kick into payment, looking at what I'll do potentially with some DC funds (buying an annuity is likely). I think that all of those are pretty normal.
But I also have what is essentially a SP from another country. I suspect that tax will be payable there - except it won't because I don't get very much paid to me. But will have to submit a tax return there (I think, not sure). But if I don't pay tax there and I do pay tax here do I have to submit something about this foreign income? I mean, how would the UK government even know about it unless I told them (or they're spying on me......)
So now that life is getting a bit more complicated how do I know if I need to submit a return?
I have a salary from a part time job, monthly income from a DB scheme, about to have SP kick into payment, looking at what I'll do potentially with some DC funds (buying an annuity is likely). I think that all of those are pretty normal.
But I also have what is essentially a SP from another country. I suspect that tax will be payable there - except it won't because I don't get very much paid to me. But will have to submit a tax return there (I think, not sure). But if I don't pay tax there and I do pay tax here do I have to submit something about this foreign income? I mean, how would the UK government even know about it unless I told them (or they're spying on me......)
"Never retract, never explain, never apologise; get things done and let them howl.”
2023 £1 a day £553.26/365
2023 £1 a day £553.26/365
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Comments
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Brie said:I mean, how would the UK government even know about it unless I told them (or they're spying on me......)
I think the reasoning for that question is so that DWP can identify if you are possibly eligible for a foreign pension and if so to liaise with their counterparts in those countries...
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p00hsticks said:Brie said:I mean, how would the UK government even know about it unless I told them (or they're spying on me......)
I think the reasoning for that question is so that DWP can identify if you are possibly eligible for a foreign pension and if so to liaise with their counterparts in those countries..."Never retract, never explain, never apologise; get things done and let them howl.”
2023 £1 a day £553.26/3650 -
With regard to where you will pay tax on the overseas state pension, this is usually defined in a Double Tax Agreement (DTA) between the two countries. Generally, but not always, if you are UK resident you will pay tax in the UK, but you will receive a credit for any tax you had to pay in the other country.
You usually need to fill in a Self Assessment form if you’re a UK resident with foreign income. You should be aware that there is a lot of information exchanged between countries, so it’s a risk to assume that HMRC won’t know about your overseas income.
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KathysBoy said:With regard to where you will pay tax on the overseas state pension, this is usually defined in a Double Tax Agreement (DTA) between the two countries. Generally, but not always, if you are UK resident you will pay tax in the UK, but you will receive a credit for any tax you had to pay in the other country.
You usually need to fill in a Self Assessment form if you’re a UK resident with foreign income. You should be aware that there is a lot of information exchanged between countries, so it’s a risk to assume that HMRC won’t know about your overseas income.
"Never retract, never explain, never apologise; get things done and let them howl.”
2023 £1 a day £553.26/3650 -
Brie said:KathysBoy said:With regard to where you will pay tax on the overseas state pension, this is usually defined in a Double Tax Agreement (DTA) between the two countries. Generally, but not always, if you are UK resident you will pay tax in the UK, but you will receive a credit for any tax you had to pay in the other country.
You usually need to fill in a Self Assessment form if you’re a UK resident with foreign income. You should be aware that there is a lot of information exchanged between countries, so it’s a risk to assume that HMRC won’t know about your overseas income.ADIOS - ES HORA DE IR 🙋♂️
(Ha sido divertido)0 -
Another question for you......how do I know what amount to put on a tax return? My pension that is being paid is not in ££. So do I take the set monthly amount I'm getting, translate that once into ££ and then just give them that? Or do I wait to 5 April and use the FX rate at that date? Or use the FX rate when I move the money to the UK? (I've yet to get my bank to allow that to happen....but that's another boring story)"Never retract, never explain, never apologise; get things done and let them howl.”
2023 £1 a day £553.26/3650 -
All entries on a self assessment tax return must be in pounds sterling.
To convert from a foreign currency to pounds sterling, please use the official rate of exchange at the time of the exchange.
You are free to use the yearly rate, the monthly rate or the spot rate.
If a conversion was undertaken to deposit the money into a UK bank account, then this figure can be used.
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ADIOS - ES HORA DE IR 🙋♂️
(Ha sido divertido)1 -
purdyoaten2 said:Historic rates here:"Never retract, never explain, never apologise; get things done and let them howl.”
2023 £1 a day £553.26/3650
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