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UK bank interests for non-UK residence

UK bank interests for non-UK residence

Old Oct 2nd 2023, 6:26 pm
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Default UK bank interests for non-UK residence

Hi guys

I have one quick question. At the moment, I am the british working in the US at the moment. I would be the non-UK residence next year. I have one UK bank with a little UK bank interets income. I know that as the british, I can still have 12570 GBP allowance for my UK income. My UK bank interests may be 100 GBP, which is far away from the allowance. Do I still need to do the self assesment or I can directly ignore it, which I shouldnt owe any tax to HMRC? I beleive most people want to keep their UK bank just in case coming back UK.

Thanks,

Helen
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Old Oct 3rd 2023, 4:47 am
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Default Re: UK bank interests for non-UK residence

Hi

Have you already informed HMRC that you’ve moved abroad?

If so, I wouldn’t bother doing a self-assessment return for such a small amount of income.

If, however, you have NOT already informed HMRC that you’ve moved abroad, I would do one more self-assessment return and take that opportunity to inform them you’re now abroad.

I live in France and use the commercial software 1,2,3-filing to do my UK return. It’s very easy (especially compared with the French return).

Here’s the official advice from the Gov.UK site:

If you usually complete a Self Assessment tax return

You can tell HMRC you’re leaving through your Self Assessment tax return. Complete the ‘resident’ section (form SA109) and send it by post. You cannot use HMRC’s online services to tell them you’re leaving the UK.

You can also complete your Self Assessment tax return with:You’ll be charged a penalty if you do not meet the deadline - It’s 31 October if you send your return by post.


Last edited by Helen1964; Oct 3rd 2023 at 4:53 am.
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Old Oct 3rd 2023, 7:14 pm
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Default Re: UK bank interests for non-UK residence

Ah, thanks. I am doing the self-assement return for 2022-2023 and telling them I just left UK. Nice, I assume that means from the next year, I do not need to report to HMRC and can still save some money into my UK bank just in case I would like to come back, right? Thanks again.
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Old Oct 3rd 2023, 7:29 pm
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Default Re: UK bank interests for non-UK residence

Originally Posted by Helen1234
Ah, thanks. I am doing the self-assement return for 2022-2023 and telling them I just left UK. Nice, I assume that means from the next year, I do not need to report to HMRC and can still save some money into my UK bank just in case I would like to come back, right? Thanks again.
That sounds right. Just remember to add your bank account to your annual FBAR if you meet the limits, and in any case report any interest on your IRS return.
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Old Oct 3rd 2023, 7:33 pm
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Default Re: UK bank interests for non-UK residence

Originally Posted by durham_lad
That sounds right. Just remember to add your bank account to your annual FBAR if you meet the limits, and in any case report any interest on your IRS return.
gotcha, thx
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Old Oct 4th 2023, 6:33 am
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Default Re: UK bank interests for non-UK residence

Hi Helen,

Please be advised that if HMRC issue you with a tax return then under UK tax law you must file it so please do not ignore any future tax returns you are issued with or you will incur late filing penalties which can be quite harsh.
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Old Oct 4th 2023, 12:59 pm
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Default Re: UK bank interests for non-UK residence

Indeed.
And I just noticed this on the HMRC site:

If HMRC has told you to send a return

You must tell HM Revenue and Customs (HMRC) if you believe you no longer need to send a tax return.

If HMRC agrees, they’ll send a letter confirming you do not need to file a return.

You might have to pay a penalty if you do not contact HMRC and get confirmation before the Self Assessment deadline.

You can tell HMRC:

· online using HMRC’s digital assistant

· by filing in an online form - you’ll need a Government Gateway account

· by phone or post

You’ll need to provide your National Insurance number and your UTR number.

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Old Oct 9th 2023, 8:26 am
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Default Re: UK bank interests for non-UK residence

Originally Posted by TopNik
Hi Helen,

Please be advised that if HMRC issue you with a tax return then under UK tax law you must file it so please do not ignore any future tax returns you are issued with or you will incur late filing penalties which can be quite harsh.
1. Many thanks. I am filling my self assessment return for 22-23 and telling them I just left the country before the April. So, I assume that if HMRC contact me next tax year, then I have to complete the self-assessment and SA 109 again. If they do not contact me any more, I do not need to fill anything any more, right?
2. BTW, do you have any idea whether they will contact me by email or only by mail?

Thanks,

Helen
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Old Oct 9th 2023, 8:32 am
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Default Re: UK bank interests for non-UK residence

Originally Posted by Helen1964
Indeed.
And I just noticed this on the HMRC site:

If HMRC has told you to send a return

You must tell HM Revenue and Customs (HMRC) if you believe you no longer need to send a tax return.

If HMRC agrees, they’ll send a letter confirming you do not need to file a return.

You might have to pay a penalty if you do not contact HMRC and get confirmation before the Self Assessment deadline.

You can tell HMRC:

· online using HMRC’s digital assistant

· by filing in an online form - you’ll need a Government Gateway account

· by phone or post

You’ll need to provide your National Insurance number and your UTR number.
Many thanks. I will keep an eye on it. If they contact me again next april, I will contact them again to double check. If they do not contact me any more, I assume I will not need to fill in any UK tax return any more, right? BTW, do you have any idea, they will send it by post or by email?

Helen
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