sign

ok i am a resident here in oz but am a citizen in the uk. i pay my taxes here in oz and declare all world wide income here in oz. i have savings in the uk which i pay 20% tax on. I reclaim this tax through utilizing me personal allowance which as an overseas uk citizen you are perfectly allowed to do, so i reclaim all my tax i pay on my savings in the uk. I also have savings offshore in Jersey/guernsey. The ATO are fully aware, but is it anything to do with the HMRC? What i am asking is when i reclaim my monies i paid in tax on my uk savings held onshore in the uk, do i have to tell them about interest earned offshore in Jersey or Guernsey. as i am not a resident of the uk anymore, just a citizen living here in oz and paying taxes here in oz, a resident here in oz. thanks

john in oz

Speak with Alan Collett on this site as your situation is more complex than what it seems on face value as you have savings within the UK.

cheers john

Alan Collett

In brief, if you are not a tax resident of the UK there is no obligation to advise HMRC of income arising outside the UK.

Maybe consider placing all of your funds in a gross paying jurisdiction?

Or talk with someone such as John regarding investing your funds in Australia?

Best regards.

louie

Or see if your UK bank(s) will accept R105s?

Alan Collett

Most don't seem prepared to these days ... but it is worth asking, if you want to maintain the account in the UK.

Best regards.

sign

Hey thanks for the replies, much appreciated.Been looking over my accounts today, and i have a problem, i made a mistake last year assuming something that was wrong to assume.I did my tax return here in Oz, but i missed of an income from an income bond i have in the UK. I made the assumption which was wrong, but i made the assumption of because i paid tax in the UK on the income then i would not need to add it to my tax return here in Oz, as the tax i paid in the UK was more than enough to cover what i owed here in Oz. Now when i redo my tax return here in Oz for last year 12-13. When i add this income and add the tax i paid to offset the tax i would owe the ATO here in Oz, it makes no difference to the amount i did owe the ATO, the amount paid the ATO last year. But i intend to add ths income this year to my 13-14 tax return which was not on my 12-13 tax return. So it will just show up, as last year was my first Oz tax return. Should i get in touch with the ATO now, to tell then i made a mistake, but owe no more tax for last year, or should i just add the income this year, and pay any tax it may add, and say nothing about last years mistake. The income and tax paid in the UK is a five figured sum of money so it will be easily noticed. thanks

Alan Collett

Having some difficulty reading through this, but from what I can see you should lodge an amended 2013 tax return.

It isn't difficult to do - discuss with your tax agent (if you have one - if you don't, maybe you should!).

Best regards.

sign

Yep cheers Alan i spoke to my accountant last night in the uk he said what you said. i called the ato and they said to submit an amended four page form outlining the discrepancy. I have two years to do this from July 1st 2013 to June 30th 2015. If there is any tax to pay i just pay it but there are no fines or penalties. which i feel is a pretty fair system and encourages people to be honest. but i cannot do it through etax or online which is a pain so it has to be a paper method.