Declaring Foreign Income Using The Remittance Basis

In our video we cover the following topics:
What is the remittance basis
Who can use the remittance basis
Mixed Funds
Self Assessment entries
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[@Vijinger10]

Very good explanation which is useful

[@flurinjenal374]

Top video, subscribed!

[@gosimpletax]

Welcome aboard!

[@flurinjenal374]

One more question: Where do the GBP 10 come from at 16:40? The amount you nominate for the remittance basis. Is GBP 10 a valid standard answer for those cases, even the amount of income (not disclosed in this case) is far greater than GBP 10?

[@gosimpletax]

Thank you for subscribing! Answering your question too - the £10 is an example amount as the minimum nomination amount can be from £1. We would advise you seek professional advice as it is not a one rule fits all and pre-planning is required/advised. Hope this helps? - LR

[@flurinjenal374]

@Sure, thanks!

[@flurinjenal374]

@@gosimpletax Ok, thank you!

[@flurinjenal374]

Good video, one question! If I send myself just a little bit of money from abroad to the UK in order to pay bills in the UK, which part counts as remmited? Only the bits I send to the UK? Or the whole original bank account?

[@gosimpletax]

Only the bits you send to the UK. Hope this helps? - LR

[@flurinjenal374]

@@gosimpletax Only saw your answer now. Sure, very helpful, thanks!

[@kevinwong3554]

Further to my last question, on your company website regarding SA 106, it mentioned that if "You’ve claimed remittance basis, unremittable income and foreign tax credit relief" then you might need to fill in SA106. However, on the software any income filled in would be taxed even i chose to be taxed at remittance basis, is there something wrong? Or there's no need to complete or declare in SA106 if none of those foreign incomes get remitted to UK? Thanks for your clarification!

[@gosimpletax]

You may be able to claim a portion as a business expense. I’d recommend that you consult an accountant or HMRC for definitive guidance.

[@rummansaeed5277]

Hello. Can I open ISA account while claiming remittance basis?

[@kevinwong3554]

Hello, thanks for your video. I just tried out the software regarding non dorm using remittance basis. If i have say £50000 of foreign interest income and not remitted to UK should I put that number in "BOX 34"? On the "Please provide details box" what kind of information should i write? thanks!

[@gosimpletax]

Hey Kevin, thanks for your comment. If you email our support team, they'll be able to let you know how to do this - our email is [e-mail] thanks!

[@datafactor]

One qustion, you mentioned that normally people create a separate account with 10$ income and declare that. But shouldn't you be declaring all foreign income you earned as you are going to pay 30k surcharge anyway no matter what income is? isn't not declaring income wrong as per HMRC rules?

[@gosimpletax]

When claiming the remittance basis you would be charged £30k when you meet certain criteria. You must nominate income but that nominated income doesn't need to be relevant to the income you're not remitting nor does it need to be the full amount. Given the complexity of the situation, we always recommend you seek advice from a tax professional. I hope this helps :) - AG

[@Sudkum11]

When doing online self assessment the foreign income for the non domiciled uk tax residents even if it is less than £2000 is taken into account to calculate the tax. Is this the form to be filled in addition to online self assessment for individuals who are non domiciled UK tax residents who have had less than £2000 in interest income from overseas bank which was never remitted to UK ? OR in the online self assessment itself there is a place to mention is separately to save the additional tax being calculated for the amount ?

[@gosimpletax]

Hey, if you're a GoSimpleTax user, please email our support team and they'll be able to help you. Our email is [e-mail] - Thanks!

[@BibimbapRi]

Can I choose not to provide the foreign income and gains and loss figures under remittance basis?

[@gosimpletax]

You have to declare all foreign income and gains, regardless if you're a UK resident. If you're not a UK resident, then it may not be required to choose. Hope this helps you? Let me know if you need anything else. - LR