Providing tax information to HMRC 💰🏦


#42

Hi there, I’m not sure to understand.

So if I earned money in the uk and got the money on my Monzo, you will now send that information to the country where I’m a resident? Does that mean i’m suddenly going to have to pay taxes in my country of residence for jobs I did in the UK?

Thank you,

Best, K


(Is Santa here yet?) #43

That will depend on the laws of the country where you are tax resident


(Thomas Purchas) #44

I understand that this must be a stressful situation for you, and it really sucks, but we can’t offer you any tax advice (the FCA would be very unhappy if we did) :disappointed: .

Each country has their own rules around what is tax and what is not taxed. You will need to research the rules for the country you’re currently resident, they should help you understand what’s tax, and what isn’t.

All banks in the UK are required to report this data to HMRC every year, but unfortunately we don’t know exactly how each country receiving data uses it.


#45

Hello!
I got the email and I updated my Tax Residency to just Hong Kong. It had previously also listed the UK as well as Hong Kong.

I just wanted to confirm that I was only a hong kong tax resident - I have never been a UK tax resident. Will the fact that it said UK tax resident up until now affect me? Or does it only matter what’s listed on the app at the deadline?

Thanks!


(Thomas Purchas) #46

Only what’s listed at the deadline matters. Anything you previously told us won’t have any effect.


(James) #47

Good evening, I am from the UK & teaching in China. I am generally back home in England for three - four months of the year. All of my tax is paid in China, should I have anything to worry about, with regards to HMRC?

Appreciate the response.

Regards,

James.


(Jamie 🏳️‍🌈) #48

For the hard of understanding:

Monzo CANNOT give you any advice about paying tax in either the UK or any other country, so stop asking Monzo about tax. You need to go and find out for yourself somewhere else on the internet.

Once you’ve found this out, you need to tell Monzo in which countries you pay tax.


(James) #49

Thank you j06 Jamie,

What a gentlemanly response!


(Tim Olsen) #50

Not just this; you need to tell Monzo which countries you are a tax resident of.

For example, if you are a dual US / UK citizen then you may not necessarily pay tax in the US due to the tax treaty.

Whether HMRC, IRS and any other body understand your situation and apply the correct treaties is another matter.


(Dawid) #51

What if, at the moment, I am not a tax resident in any country?


(Thomas Purchas) #52

We only report bank balance at the end of the year. If you have marked yourself as tax resident in China, then this balance will be sent to the chinese government via HMRC. Unfortunately every country will use this data differently, and we can’t provide any advice on what best thing to is.


(Thomas Purchas) #53

You shouldn’t have got an email…


(James) #55

Once again, thank you! :rooster:


(Stephan) #57

Hello Simon l. So stay calm? I do not have the completed account that I could not
Regards


(Peter Sands) #58

Not unless you are UK tax resident. Rdr3 is a good resource for non tax professionals, I suggest you start there: https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt


(Illyanna Rangan) #59

Hi, I am a citizen of Mauritius, but I am a student in the UK. Never filled out any tax forms before. What should I update my tax residency status to? Also, my app doesn’t have the option in the settings.


(Andy) #60

Monzo can’t give you tax advice. You’d need to contact a registered tax advisor to get advice


#61

Hi Thomas, No problem at all and you did in fact answer what we needed to understand with the statement " During signup if you tell us that your a US citizen we automatically mark you as US tax resident (FATCA requires we do this). You are then presented with a list of other countries so you can declare your tax residency for other countries, including the UK." … knowing this is your default, as opposed to something selected in error or done for another reason is what we needed to understand, and to know that we can add the UK residency. Many thanks.


(Is Santa here yet?) #63

On iOS it’s account > profile at the top then scroll down below address and email


(Illyanna Rangan) #64

Hello I am the same as Dawid, not a tax citizen in any country. But when I made my application I must have selected that I am a citizen of Mauritius, when asked. So it’s just by default then? The email was just sent by default?