tax on transferring money to the UK?
Does anyone know if tax is payable on any money that I transfer to my UK account via my account in Qatar.
I know that i will have to pay tax on the interest but what about the actual amount?
I am classed as non resident for uk tax purposes.
Any ideas about if the tax man will want payment on these transfers once I will return to the UK?
Any support will be helpful
Alternatively does anyone have a number for a UK tax adviser who is based here in qatar?
Many Thanks
I spoke to the tax office and various people before I left the UK - I was told that as long as I am non-resident and either claimed non-residency before I left or can prove non-residency you are not liable to pay tax for earnings. What you will pay tax on is from interest in a savings account - since the money is in the UK you are liable for tax on the interest. But you wouldn't have to pay tax just because you transfer your 'savings' back to the UK.
Sha,,,
Call me on 5718221
I can give you all the exact accurate information you need to know
kind regards
Steve
B2dogs thanks for your reply.
Thats fine as long as you don't intend to go back. What concerns me is what they do once you're back in the uk. Don't really wanna find out that for the last 4 years all the transfers made are liable to uk tax.Thank you for your correction.
I hope to go back within 5 years
Any Ideas?
A reputable accountant told me, before I left the UK that the law is, any payment for work done abroad, for a company abroad, is none taxable in the UK.
The correct term is "Normally non-resident". once you are away for a FULL TAX YEAR, you can send whatever you want. I actually got a letter from the tax man many years ago which said, and I paraphrase .. "We won't bother you tll you come back."
Thank you novita for your response
Have been trying to figure this out for a little while. Just kept on getting mixed information.
Do you know anything about having to be away from the UK for 5 yrs or more so that you don't have to may tax as it is seen as remittance?
Super Nurse - I thought that as I am non resident no money can be put it the ISA account. As i have one in the uk but according to the inland rev your not supposed to put money in it. Don't ask me why.
My husband says:
If you are tax exempt due to non residency, as you say, then you are not liable for tax on money transferred to UK OR any interest paid to you on your savings there from overseas income.
On your return to the UK, be it short or long term, the tax office will ask YOU to prove your tax exemption for that period. If you have complied with the tax rules, then no tax is payable.
If you invest money in the UK i.e. Building Society etc, then there is either a box to tick on the form so that you receive the interest gross, or, depending on the establishment, a separate form to complete.
One note of caution, it is up to you to prove compliance with the tax exemption rules on your final return, not the tax office, so keep all proof i.e. boarding cards, visas, old passports and anything else to support your claim.
Hope this helps.
Ok pal, im not sure bout it ...
but from a couple of month i sent Qr 4000 to Germany ..in qatar (al fardan) they deducted the sending expenses which was 70 Qr or smth, and the bank in europe deducted 270 Qr as well ..
i think all in europe have the same financial system ....dont they !
I'd like to know too! I'm putting some in an ISA, this is supposedly tax free, will I have to pay tax on that?
I hope theres someone out there that can help us!