Tax Planning 25/26

DRS1

Because you have foreign income you need to do a self assessment tax return for 25/6. If you haven't already done so you should register for that so you get all the things you need to sign in to the HMRC site and they set up a self assessment page for you.

On the foreign interest you should check if you have paid any tax in Norway. Actually forget that it looks like the UK Norway DTT says Norway cannot tax a UK resident on interest arising in Norway. So maybe just check you haven't paid any Norwegian tax.

Your description of the pension calculations suggests you may have hit the annual allowance for 25/6 and used up some carry forward of previous years annual allowance. You should look at those calculations to see if there is any more headroom for personal SIPP contributions this tax year. If you have used up all the carry forward allowance then you can't contribute any more this tax year without triggering an annual allowance charge (which you probably don't want to do).

eaustin

https://forums.moneysavingexpert.com/discussion/comment/81911140#Comment_81911140

Thanks for your reply, much appreciated. I have definitely not paid any Norwegian tax. I had some help with calculating my annual allowance re.pension contributions so I don't think there is much, if any, headroom. It looks like I will be liable for tax on the interest at 40%. From next year this will be less of a problem because my overall income will reduce.

DRS1

Worth just seeing how much headroom there is. It may not get you all the way down to basic rate but whatever there is will get you higher rate tax relief (if you make the relevant net contribution to a pension).

Also those gift aid payments will get you some higher rate relief as well so make sure you include them in the tax return.