Foreign Income – Worldwide Disclosure
If you are a UK tax resident then you need to declare your worldwide income in the UK, regardless of whether you have transferred money back to the UK or not.
All income earned (income and capital gains) must be declared in the UK together with all your UK income.
Convert all foreign income into GBP using HMRC’s average exchange rates.
Accurately calculate the amount of foreign tax credit you can claim in the UK.
Convert and apply UK tax rules to foreign rental income earned to ensure correct treatment according to UK tax rules.
Ensure income earned from a trust is correctly declared in your personal tax returns. Earning income from a trust fund can be a particular complex area. We work with trust fund specialists to give you the best guidance.