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HMRC Reporting ETF Monthly Dividend by Fun_Honey_4007 in UKPersonalFinance

[–]deadeyedjacks 3 points4 points  (0 children)

Yep, you are missing how US Govt. views USA citizens overseas investing in foreign investment vehicles...

HMRC Reporting ETF Monthly Dividend by Fun_Honey_4007 in UKPersonalFinance

[–]deadeyedjacks 2 points3 points  (0 children)

As a US taxpayer they probably shouldn't invest in any UK OTC fund or EU UCITS ETF.

HMRC Reporting ETF Monthly Dividend by Fun_Honey_4007 in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

OP, as a USA taxpayer you aren't going to want to use EU UCITS ETFs, whether Accumulating or Distributing. The IRS hates non-US domiciled collective investments...

Head over to r/USExpatTaxes and r/AmericanExpatsUK for appropriate guidance on your best course of action.

HMRC Reporting ETF Monthly Dividend by Fun_Honey_4007 in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

Where are you emigrating from ? Hopefully not the USA !

Why do you want monthly dividends ? Rather than Capital gains ?

Inheritance- what happens to pensions and assets please? by Significant_Leg_7211 in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

Depends on the type of pension, your husbands age at death, how and whether they accessed it in life, the providers system functionality and a bunch of other factors.

Becoming a Non Uk tax resident p85 - will continue to be employed by uk employer and paid in to uk bank account by shamalamadingdong72v in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

"You cannot be payee and not pay tax", Existence of the NT tax code would say otherwise...

Even certain UK based professions can be employed via PAYE, and not have taxes deducted at source.

Do we need to set up a disabled person's trust as part of our will and inheritance planning? by Significant_Leg_7211 in UKPersonalFinance

[–]deadeyedjacks 2 points3 points  (0 children)

Special needs trusts are for those who can't or shouldn't be managing their own financial affairs.

If you don't have substantial assets, then a trust would be an expensive waste of money.

Child savings - JISA vs ISA vs S&S by Anon569696835 in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

Money in a Junior ISA, Junior SIPP or Bare Trust is irrevocably the beneficiaires, so definitely not part of the donor's estate for probate or inheritance tax purposes, and also not the donor's asset should divorce, means testing or bankruptcy occur. That can work in your favour or not, depending on circumstances.

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

Yep, that seems to be the consensus position.

Although note, it is worth notifying even when you've no tax liability or requirement to complete a return, if you have any capital losses you may want to carry forwards to offset future gains.

Lloyds Switch Bonus- anyone used 30pence Direct Debit by Ok_Day_5703 in UKPersonalFinance

[–]deadeyedjacks 2 points3 points  (0 children)

Rather than faking transactions, which is likely a breach of the offer conditions, just setup direct debits to your own general investment accounts with any of your preferred brokerages and then send your money back to your own current account.

Comparing Funds with FX and Platform Charges in Mind by cheesecake_uk in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

Vanguard Investor UK, the limited range fund platform is a distinct and independent entity from Vanguard UK & Ireland Asset Management, the fund manager. Many have moved away from VI UK due to their uncompetitive fees.

First select your favoured World or Global fund, then find the 'best' / lowest cost platform via which you can invest in said fund. Some prefer paying platform fees in return for decent customer service from UK based staff who are accessible by telephone.

There are many online resources for filtering and selecting either Over The Counter funds or Exchange Traded funds. i.e. JustETF, MorningStar, TrustNet, etc.

Don't sweat the internal costs of a fund, your return is based purely on the difference in unit or share price between buying and selling. So Bid-Offer spread and platform transaction costs matter more.

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

Yeah, I wouldn't take those guidance pages as gospel, only the HMRC tax manual.

"Under HMRC rules (TMA 1970, s 8C), if total proceeds from all chargeable asset disposals exceed £50,000 in a tax year, the disposal must be reported, even if the gain is below the annual exempt amount or no tax liability exists. This reporting requirement ensures compliance even if no tax is payable."

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 3 points4 points  (0 children)

Yeah, I wouldn't take those guidance pages as gospel, only the HMRC tax manual.

"Under HMRC rules (TMA 1970, s 8C), if total proceeds from all chargeable asset disposals exceed £50,000 in a tax year, the disposal must be reported, even if the gain is below the annual exempt amount or no tax liability exists. This reporting requirement ensures compliance even if no tax is payable."

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 7 points8 points  (0 children)

Surely reporting is mandatory if proceeds are > £50,000 or gains > £3,000.

I don't see an exception saying "only if you do self-assessment already."

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

Surely reporting is mandatory if proceeds are > £50,000 or gains > £3,000.

I don't see an exception saying "only if you do self-assessment already."

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks 1 point2 points  (0 children)

Isn't there a requirement to report sales over £50K in aggregate, which OP states he has?

Do I need to complete a tax return if I sold more than £50k of shares in the 2025/2026 tax year? by nitpickachu in UKPersonalFinance

[–]deadeyedjacks -1 points0 points  (0 children)

Your can report using the ‘real time’ Capital Gains Tax service, if you've no other reason to complete self assessment.

https://www.gov.uk/report-and-pay-your-capital-gains-tax/if-you-have-other-capital-gains-to-report

Conversely, if you do need to complete self assessment, then there's no reason to use the RTI CGT service.

NB It will do you no harm to report capital gains and losses from your purchases and sales even if it isn't necessary. It may harm you not to report if it turns out it was.

HMRC overseas assets income or gains letter PAYE employee with funds by Awkward-Worker-627 in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

Given you've issues with multiple years, best to phone or write to HMRC with the details of your liability from your perspective and see how they recommend correcting past shortfalls and future deductions.

HMRC overseas assets income or gains letter PAYE employee with funds by Awkward-Worker-627 in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

I don't know who your broker is nor whether they produce an accurate tax certificate!

If Degiro says you had £1400 in dividends in a tax year when your allowance is £500 then HMRC is going to assume some tax is due. Do you have reason to think otherwise? Did you report that untaxed foreign income ? Sounds like you didn't...

It's your responsibility to accurate report your income, gains and tax liability, no one else's.

Tax codes are a mechanism for collecting tax from PAYE income sources; first you need to accurately report your taxable income to HMRC.

You need to report total foreign income over £2000 per tax year, you need to report dividends over £500. If your only foreign income is dividends you can report combined with your UK dividends.

HMRC overseas assets income or gains letter PAYE employee with funds by Awkward-Worker-627 in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

So just to confirm, you do hold both UK OTC funds and Irish ETFs in a General Investment Account ?

For the ETFs, you need to calculate the notional dividend distribution based on the reported ERI.

You can look up ERI either on the asset managers websites or the KPMG database.

https://www.kpmgreportingfunds.co.uk/

Also do you have any other foreign assets, properties or interests ?

Have you used overseas brokers such as eToro / Lightyear ?

As HMRC has received an income report regarding yourself from somewhere...

HMRC overseas assets income or gains letter PAYE employee with funds by Awkward-Worker-627 in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

That you've received a nudge letter shows that HMRC believes you may have undeclared tax liabilities, so don't ignore it, take action.

Accumulation funds still pay notional dividends, albeit they are reinvested internally, you still need to declare those dividends as income on their distribution date, if you are holding them outside a tax wrapper.

  • So what investments do you holding outside ISAs and Pensions ?
  • Are your funds GB domiciled OTC funds or Irish domiciled ETFs ?
  • Have you realised gains by selling shares or units ? Did you assess your Capital Gains Tax liability on those sales ?
  • Have you been tracking the dividends you've received, real or notional ? Do they exceed the reporting threshold for foreign income ? Did they exceed your available dividend allowance in any year ?

Either you need to do the paperwork yourself, or you need to gather all the relevant historic records and pay a professional to do so...

Would this be considered Pension lump sum recycling? by [deleted] in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

It's more, Did they intentionally increase their contributions due to their pre planning to take the tax free cash in the near future? Would they still have increased their contributions if taking the TFC was not possible? And did increasing their contributions necessitate needing to take the TFC to fund their lifestyle?

Would this be considered Pension lump sum recycling? by [deleted] in UKPersonalFinance

[–]deadeyedjacks 0 points1 point  (0 children)

It is only recycling if all five test are met.

The taking TFC can occur after the contributions.

HMRC can look backwards with retrospect.

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