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Where Taxpayers and Advisers Meet

Money from overseas company

JAMC
Posts:4
Joined:Tue Jul 04, 2017 7:43 pm
Money from overseas company

Postby JAMC » Tue Jul 04, 2017 9:58 pm

My brother-in-law emigrated to Canada a number of years back and runs a company there. However he still has a few invoices to pay in the UK - a storage unit in his company name, a personal credit card etc. Instead of paying these bills from his company directly (laziness, not being setup properly for online banking etc) he's sent money to my wife in the UK to take care of these bills. This money has come from his company rather than his personal account via an international transfer. This money has gone directly to pay his bills and my wife has made no financial gain out of it. She has a full spreadsheet showing the credits and debits. The total over two years (14/15 and 15/16) is about £10k and £8k respectively - it's now been stopped. We hadn't even thought about this but it has cropped up as we are now completing our first self-assessment. Any advice much appreciated.

AmanSood
Posts:216
Joined:Mon Jan 09, 2017 4:12 pm

Re: Money from overseas company

Postby AmanSood » Tue Jul 04, 2017 10:19 pm

I wouldn't worry about this. The money given to your wife is clearly not for any services rendered and as there's no gain being made by your wife, your wife doesn't need to declare/report it on her self assessment tax return.
Advising on UK employment, expatriate and personal taxes
aman.sood@e-taxconsulting.com.
+44 (0) 207 846 0155

JAMC
Posts:4
Joined:Tue Jul 04, 2017 7:43 pm

Re: Money from overseas company

Postby JAMC » Tue Jul 04, 2017 10:25 pm

I wouldn't worry about this. The money given to your wife is clearly not for any services rendered and as there's no gain being made by your wife, your wife doesn't need to declare/report it on her self assessment tax return.
Thank you for your reply Aman, much appreciated.


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