Declaring interest from foreign accounts - Change to form 2047

[scott]

Hi all, it's my first post here. [:)]

Just filling in my tax declaration and noticed that there's been a change to the overseas revenue form 2047. Last year interest from foreign accounts went into section B column 5, and the total was put into box TS. This value was then carried over to 2TS on the main form 2042. Now, however, I see that interest goes into column 8 and the total ends up in box TR on form 2047.

My question is, does this value still get carried over to box 2TS on the main form 2042, or is it somehow combined/added to 2TR, that relates to interest received from French accounts? [8-)]

Any help would be much appreciated.

Regards,

Scott

[Kong]

2TR

[scott]

[quote user="Kong"]2TR[/quote]

Thanks for your reply about this change.

I have a follow-up question though. My main form 2042 came pre-filled with interest from my French savings account in 2TR and the same amount in 2BH. Would I be right in thinking that I cross-out the amount in 2TR, and write the sum of the French and foreign interest to the right of it, but leave box 2BH and any others untouched?

Thanks again, in advance.

Scott

[Kong]

Sorry, can't answer that because I don't know.

[Doodle]

Hello Scott

I was advised to leave the French interest as it stands in the 2TR (ie don't cross it out and add the UK interest to it) and continue to put UK interest in 2TS which is what I've done.

Fingers crossed it's OK as I don't want to have to visit the Impot again this year!

KG

[parsnips]

[quote user="scott"][quote user="Kong"]2TR[/quote]

Thanks for your reply about this change.

I have a follow-up question though. My main form 2042 came pre-filled with interest from my French savings account in 2TR and the same amount in 2BH. Would I be right in thinking that I cross-out the amount in 2TR, and write the sum of the French and foreign interest to the right of it, but leave box 2BH and any others untouched?

Thanks again, in advance.

Scott

[/quote]

Hi,

  That is correct ; the french interest has had CSG taken at source , but the foreign interest has not .  2BH is for interest which has already paid CSG.

[suein56]

[quote user="knee gel"]

I was advised to leave the French interest as it stands in the 2TR (ie don't cross it out and add the UK interest to it) and continue to put UK interest in 2TS which is what I've done.

Fingers crossed it's OK as I don't want to have to visit the Impot again this year! [/quote]

Was your visit to the Impôts this year ?

I ask because that's what I always used to do re foreign interest but Parsnips has suggested that all interest should now go in 2TR; so it seems some further research might be needed.

Sue

[Doodle]

Hi Sue,

No the visit was last year after receiving a shock at the size of the tax bill I received but that wasn't down to the 2TR/2TS boxes.

So although it's too late for me as I've delivered my forms to the tax office maybe it would be wise for you to do some research - crikey I feel another headache coming on.

Have a read of this - I have fixed investments (not life assurance) hence the reason I've used 2TS rightly or wrongly!

http://www.barclays.fr/file/documentsite/documentation/AnnexeIFU_en.pdf

(sorry don't know how to make a link live!)

Incidentally, can someone tell us what difference it might make to declaring in 2TS instead of 2TR.

Thanks KG

[scott]

Many thanks to all who replied. It looks like the jury is still out on this question, though.

I'm leaning towards entering the interest into 2TR on form 2042, purely based on the fact that the relevant box on form 2047 has changed from TS to TR this year.

Hopefully the penalty won't be too stiff if this incorrect!

Cheers,

Scott

[suein56]

Scott said :

I'm leaning towards entering the interest into 2TR on form 2042, purely based on the fact that the relevant box on form 2047 has changed from TS to TR this year.

Parsnips is usually right with regard to tax matters so I don't think you will be far wrong if you follow his advice.

Sue

[scott]

That's good to know, Sue! [:)]

As an aside, this year I've completed the declaration on paper, but next year I was thinking about trying to do it online. However, I normally submit my list of foreign accounts on a separate piece of paper rather than filling out form 3916 for each of them. That seems a bit tedious.

Does anyone know whether I'd be obliged to use the official form if I go the online route, or is there an option to submit the list in electronic format?

Cheers,

Scott

[Kong]

3916 is available on line. The first question they ask is how many accounts do you wish to declare. They then put up the form that many times (with your name already filled in) and it is easy to copy and paste the details from a document of some sort you can put together beforehand. Unfortunately in subsequent years they don't replicate your previous year's entries so you have to do it all over again.

[suein56]

[quote user="Kong"]3916 is available on line.

Unfortunately in subsequent years they don't replicate your previous year's entries so you have to do it all over again.[/quote]

So I thought but apparently they are not lost; you just have to look into your last year's declaration and the pieces you attached to it and, hey presto, all your previously completed 3916s are there. I have had a look and it is so.

Now all that remains is to find out how to re-attach them for this year's declaration.

Sue

[Kong]

Yes you can see last year's entries, but they are not replicated on this year's form. I don't do attachments - I enter the details directly onto the online form.

[suein56]

[quote user="Kong"] I don't do attachments - I enter the details directly onto the online form.[/quote]

No I don't do attachments either, I expressed myself poorly there. But there should be a way of transferring the info from last year's 3916s to this years. It should be a question of finding out how.

Sue

[Kong]

That's fairly straightforward. You can download last year's form as a pdf and then copy and paste the details from that pdf to this year's form.

[scott]

If there's an option to attach other documents, I wonder if they'd accept a list of accounts in PDF format?

Thanks for all the helpful info, by the way.

Cheers,

Scott

[tinabee]

I know of people who complete online returns but just email a list of overseas accounts to their tax office (i.e. the equivalent of submitting on a separate sheet as specified on the paper form).