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Old 20th September 2017, 07:30   #41 (permalink)
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Re: Tax on Foreign Accounts

We made a claim on our house insurance and I was surprised to get a letter from Bradford and Bingley (who we had our mortgage with), I rang them up and was told it was a block booking ....they handled the insurance
I then asked them why they wanted my mortgage roll call number when the letter asking for it had at the top of the page my name, address and my MORTGAGE ROLL CALL NUMBER
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Old 20th September 2017, 14:56   #42 (permalink)
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Re: Tax on Foreign Accounts

If you don't work, don't earn anything and have no pension then the tax allowance per year could be used for interest earnings surely? Or am I missing something?

Sara

Had same letter from HSBC and panicked until I realised the above!
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Last edited by Sara-666; 20th September 2017 at 14:57.. Reason: forgot a line!
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Old 20th September 2017, 16:11   #43 (permalink)
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Re: Tax on Foreign Accounts

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Originally Posted by Hilsjw View Post
here's a little something to cheer us all up lol!!

Letter to the Sunday Telegraph, Paul Rutherford.

A few years ago I received the standard green letter from HMRC saying that I owed £0.00. in tax, Diisappointed that there was to be no refund, I filed the letter, thinking I would hear no more. A few weeks later I received a red letter, saying that I hadn't paid I hadn't paid the tax due and should do so immediately. It did add that, if I had settled in the last few days, I didn't need to take any further action. As I owed nothing, I filed this letter as well. Shortly after, I received another letter, only this time from the debt collection department. If I didn't settle the amount due £0.00. they would send bailiffs to my home to seize goods to the value of £0.00. Now concerned, I decided to resolve the issue and sent a cheque for the princely sum of £0.00. Nothing more was heard. I have always regretted taking the course of action. What would a bailiff select to seize which had a value of precisely nothing ?
A Tory party manifesto?
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Old 20th September 2017, 17:42   #44 (permalink)
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Re: Tax on Foreign Accounts

Quote:
Originally Posted by Sara-666 View Post
If you don't work, don't earn anything and have no pension then the tax allowance per year could be used for interest earnings surely? Or am I missing something?

Sara

Had same letter from HSBC and panicked until I realised the above!
Of coarse you are right ,so long as all your earnings do not go over your allowances . The catch is you still have to tell them about your bank accounts or you can be fined. It's the same with self assesment you need to tell them .they will ask you some questions and if you answer no to them all ,they will most likely tell you no need for self assesment .That's what i did 5 years ago.
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Old 20th September 2017, 19:16   #45 (permalink)
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Re: Tax on Foreign Bank Accounts

This is a guide for who should file a return, follow the link in section 2, it confirms you may not be liable, but its no big deal to fill a return in anyway.

https://www.gov.uk/self-assessment-t...d-a-tax-return

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Old 21st September 2017, 17:11   #46 (permalink)
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Re: Tax on Foreign Bank Accounts

Just so nobody thinks its just the UK government that want your eyes out, Filing U.S. Taxes from Turkey

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Old 21st September 2017, 18:14   #47 (permalink)
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Re: Tax on Foreign Bank Accounts

Gorgeous George (Osborne) gave the first £1000 interest taxfree to all UK taxpayers in his last budget. That's on top of the personal tax allowance.
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Old 21st September 2017, 18:18   #48 (permalink)
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Re: Tax on Foreign Bank Accounts

Question?

What if a joint bank accounts spouse/wife who is retired and had no income other than the interest of their joint account could the husband have her Personal allowance transferred to him to offset the tax on their joint income.

Or would it be easier and more beneficial to just put everything into a separate account in her sole name?
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Old 21st September 2017, 18:48   #49 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by Kanga View Post
Gorgeous George (Osborne) gave the first £1000 interest taxfree to all UK taxpayers in his last budget. That's on top of the personal tax allowance.
"There are different rules for tax on foreign savings and children’s accounts."

https://www.gov.uk/apply-tax-free-interest-on-savings

not sure what those different rules are though.

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Old 21st September 2017, 19:07   #50 (permalink)
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Re: Tax on Foreign Bank Accounts

Quote:
Originally Posted by oldfogy View Post
Question?

What if a joint bank accounts spouse/wife who is retired and had no income other than the interest of their joint account could the husband have her Personal allowance transferred to him to offset the tax on their joint income.

Or would it be easier and more beneficial to just put everything into a separate account in her sole name?
I suppose this answers the first part off my question.
https://www.gov.uk/marriage-allowance
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