Income received by person abroad

This section allows input of income arising as a result of the transfer of assets to a person abroad. All income chargeable under the transfer of assets provisions should be entered in this section. For more information see HMRC Helpsheet 262 Income and benefits from transfers of assets abroad and income from non-resident trusts.

All amounts of foreign income received and foreign tax paid must be entered in sterling.

In most circumstances foreign income only needs be declared where the tax payer is resident in the UK for all or part of the tax year. Do not enter foreign income if the tax payer is non-resident as Taxfiler will include all entered income on the return and computation.

  • Country’ Enter the country where the income is to be treated as arising.
  • Description of income’ Enter a brief description of the income or benefit.
  • ‘Is this dividend income?‘ Tick the box if the income is dividend income.
  • Amount received‘ Enter the amount to be treated as received.
  • ‘Amount of exemption claimed’ If exemption is being claimed, enter the amount.
  • Foreign tax paid’ Enter the amount of foreign tax suffered.
  • ‘Claiming foreign tax credit?’ Tick the box if claiming foreign tax credit relief.
  • UK tax paid’ Enter the amount of UK tax withheld.
  • Taxable amount‘ This field will display the taxable amount of the income.

Finance costs for residential properties

  • ‘Finance costs applicable for relief’
  • ‘Residential finance costs brought forward’

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

The information given in the white space note should include:

  • the full name and address of the person abroad receiving the available relevant income
  • the details of the relevant transactions that have given rise to the income
  • how the benefits have been calculated.

Where the benefit has come from a UK resident trust also give details of those circumstances including the full name of any other trust involved.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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