Hello!
I have few question regarding foreign income taxation while having settled status in UK. Would be much appreciated for any help and advise!!!
Do residents with settled status must report and pay taxes on foreign income?
Ex.:
Somebody worked all financial year through abroad, 35 hours a week, didn't spend any time in UK.
Would that person be required anyhow to report foreign income and pay Taxes to HMRC if already paid abroad? (settled status not passport)
Ex. 2:
Person got his/ her settled status granted in 2020 and had to leave UK (29 August 2020) without sending P85 and notifying HMRC about leaving. Then started new job overseas in December 2020 and worked all the way through till the end of financial year (5 April 2020).
Outcome:
According to 365 days cohort he or she may be considered as UK resident for that year due to spending 99 days from begging of financial year (6 April 2020) till date he or she left UK (29 August 2020).
Questions:
1. What would that person need to do? Is it providing details from P45 of UK income and reporting foreign one through self-assessment?
2. Would sending P85 form be too late in this case if wasn't done while/ before leaving?
Ex. 3:
Somebody worked all financial year through abroad, 35 hours a week, didn't spend any time in UK. Received gross interest on his /her UK's saving account which is below saving allowance and under 100 pounds. Would that interest anyhow be reported to HMRC?
Any help would be appreciated!
Let me know if any additional information is required!
Thank you!
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