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enquiry about reporting UK bank interests to HMRC

enquiry about reporting UK bank interests to HMRC

Old Oct 2nd 2023, 10:10 pm
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Default enquiry about reporting UK bank interests to HMRC

Hi guys

I assume lots of British living in the US will keep one or two UK bank accounts in UK just in case to come back to UK some day. Do we need to report UK interests as non-residents to HMRC? For me, I think I may have 100 to 200 GBP bank interests. As Brisith, I know that we can still have 12570 allowance as non-residence for UK income to HMRC, which is much more than UK bank interests. If we need to report, the payment to UK accountant is much more than 100 GBP. If I am correct, I think we cannot just go to self assement to simplely fill in the bank interests and we need to fill in SA109 as well, which cannot be filled in by self assement online. Does anyone experience it before and have some good advice?

Thanks,

Helen

Last edited by Helen1234; Oct 2nd 2023 at 10:12 pm.
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Old Oct 2nd 2023, 11:11 pm
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Default Re: enquiry about reporting UK bank interests to HMRC

I just don't report it to HMRC, I think there's a higher limit on bank interest beyond the personal allowance too which is way above the few £ I earn in UK interest each year.

I do report to it the IRS though each year.
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Old Oct 3rd 2023, 8:37 am
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by postbox134
I just don't report it to HMRC, I think there's a higher limit on bank interest beyond the personal allowance too which is way above the few £ I earn in UK interest each year.

I do report to it the IRS though each year.
That is exactly what I used to do when we moved to and lived in the USA. I also made sure my UK bank had my current overseas US address. It worked just fine for the 29 years we lived in the USA.
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Old Oct 3rd 2023, 7:09 pm
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by postbox134
I just don't report it to HMRC, I think there's a higher limit on bank interest beyond the personal allowance too which is way above the few £ I earn in UK interest each year.

I do report to it the IRS though each year.
ah cool, thanks
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Old Oct 3rd 2023, 7:09 pm
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by durham_lad
That is exactly what I used to do when we moved to and lived in the USA. I also made sure my UK bank had my current overseas US address. It worked just fine for the 29 years we lived in the USA.
thx
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Old Oct 7th 2023, 10:57 pm
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Default Re: enquiry about reporting UK bank interests to HMRC

I’ve kept a UK bank account open (with First Direct) for the last 15 or so years since leaving the UK, but it’s only a checking/ current account, which pays no interest. This seemed to be the simplest way of solving the problem of getting a trifling amount of UK income which would be more trouble than it’s worth.
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Old Oct 9th 2023, 8:29 am
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by kodokan
I’ve kept a UK bank account open (with First Direct) for the last 15 or so years since leaving the UK, but it’s only a checking/ current account, which pays no interest. This seemed to be the simplest way of solving the problem of getting a trifling amount of UK income which would be more trouble than it’s worth.
That is a good idea. I will try to close other accounts at this tax year.

Thanks,

Helen
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Old Oct 9th 2023, 9:56 am
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by Helen1234
Hi guys

I assume lots of British living in the US will keep one or two UK bank accounts in UK just in case to come back to UK some day. Do we need to report UK interests as non-residents to HMRC? For me, I think I may have 100 to 200 GBP bank interests. As Brisith, I know that we can still have 12570 allowance as non-residence for UK income to HMRC, which is much more than UK bank interests. If we need to report, the payment to UK accountant is much more than 100 GBP. If I am correct, I think we cannot just go to self assement to simplely fill in the bank interests and we need to fill in SA109 as well, which cannot be filled in by self assement online. Does anyone experience it before and have some good advice?

Thanks,

Helen
You do not have to report UK bank interest to HMRC, just to the IRS.

If the past when all interest was taxable then you could get a form from the bank so they did not hold tax from the interest paid because non residents are not liable to that tax anyway
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Old Oct 9th 2023, 10:40 am
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Default Re: enquiry about reporting UK bank interests to HMRC

Originally Posted by durham_lad
You do not have to report UK bank interest to HMRC, just to the IRS.

If the past when all interest was taxable then you could get a form from the bank so they did not hold tax from the interest paid because non residents are not liable to that tax anyway
thanks

H
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