Hello,
I'm an Irish citizen living in the UK and in employment here.
A few years ago, I did a very small amount of freelance work (outside of my usual employment) which I never got around to doing the self-assessment return for. However, I've declared it to HMRC and they are happy for me to fill in the 2013/2014 and 2014/2015 forms now without penalty.
I'm very confused by the Foreign Income section of the form. I inherited money in Ireland when I was growing up there as a teenager, and it was held in trust for me. I've never done anything with it in the years since, just leaving it in a savings account in Ireland when I came to the UK at 18 to study here (when I would have been dual resident of Ireland and UK) and later when I ended up staying in the UK and becoming employed here at 22. I'm now 28. Interest on this money is taxed under DIRT, and I had NO idea this would ever have to be declared in the UK. I wish my Irish bank had alerted me when I told them my address was now in the UK!
Could someone please explain if I should be declaring it on the Self-Assessment form?
If so, I'd appreciate if you could let me know the appropriate steps to take now. Contact the Irish bank to find out the exact interest amount? (I think it's around 2,000 euro annually). Do I need to then convert that into pounds in some official calculator? And if it's under £2000 can I declare that in a special place on the form? Should I be going back and filling out forms for every year since I became fully resident in the UK? And then apply for DIRT relief in Ireland? Should I be finding an accountant to help? My deadline is fast approaching from HMRC.
Many thanks in advance for any help you might be able to give.
Maire.
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