UK bank interests for non-UK residence
#1
Forum Regular
Thread Starter
Joined: Feb 2023
Posts: 96
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
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
#2
BE Enthusiast
Joined: Jun 2015
Location: France
Posts: 864
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:
You can also complete your Self Assessment tax return with:
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:
- commercial software
- help from a professional, such as an accountant
Last edited by Helen1964; Oct 3rd 2023 at 4:53 am.
#3
Forum Regular
Thread Starter
Joined: Feb 2023
Posts: 96
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.
#4
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,135
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.
#5
Forum Regular
Thread Starter
Joined: Feb 2023
Posts: 96
#6
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.
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.
#7
BE Enthusiast
Joined: Jun 2015
Location: France
Posts: 864
Re: UK bank interests for non-UK residence
Indeed.
And I just noticed this on the HMRC site:
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.
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.
#8
Forum Regular
Thread Starter
Joined: Feb 2023
Posts: 96
Re: UK bank interests for non-UK residence
2. BTW, do you have any idea whether they will contact me by email or only by mail?
Thanks,
Helen
#9
Forum Regular
Thread Starter
Joined: Feb 2023
Posts: 96
Re: UK bank interests for non-UK residence
Indeed.
And I just noticed this on the HMRC site:
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.
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.
Helen