Providing tax information to HMRC 💰🏦

(Jolin) #70

You can be tax residence if you’re in the UK for as little as 30 days, and possibly less. Starting point for understanding UK tax residency rules:

(Dawid) #71

Yes the second part is very vague in my opinion but that’s why I always chose UK residency as, after all, I consider it home, even though I’ve been away for a while

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(Tom) #72

If someone only pays tax in one of those areas and NOT the UK does that mean they’ll no longer be able to use Monzo?

(Ketan Panchal) #74

Hi there I am a UK citizen (born) and work here but I also have permanent residency status in canada but I haven’t moved there yet so I don’t earn an income from Canada. Do I still have to declare my tax residency for Canada?

(Tom) #75

Unfortunately Monzo can’t offer any tax advice, you need to talk to a tax specialist/advisor.

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(alabdulhadi) #76

hi, i am a monzo card holder and i am currently living in Kuwait temporarily and i used Kuwait as my tax residency even though their are no taxes here. But i still have my UK address and i recived the email should i change my tax residency country ?

#77

Unfortunately Monzo can’t give you any advice (and nor can I as I just don’t know!)

The best first step might to be read government advice. Here’s what it says on GOV.UK:

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(MG) #78

Hi! I got this email too. I was living & working in the UK for 2 years but left in March 2018 after my visa expired & moved back to NZ. I signed up to Monzo in February 2018 I believe and just put NZ & UK down but I was probably only a UK tax resident at the time of signing up (Just got confused by the question). Anywho, im back living & working in NZ. What do I need to switch my tax residency to? My monzo has less than 10 pounds on it.

(MikeF) #79

As has already been pointed out, I’m afraid that, legally, Monzo isn’t in a position to advise you on this in any way other than to suggest you look into the tax rules of NZ.

With only £10 in the account, however, I’m not sure it will a material effect on your future taxation either here or there.

(MG) #80

Understood! Just a bit confused at the moment cause of the part year thing. Ive read on the uk.govt site on tax on foreign income that you are considered a resident if you spend more than 183 days in the country from the tax year April - April, so if theyre talking about April 2017 - April 2018 then yes I was a UK resident. I dont have residency in the UK anymore as my visa expired March 2018 so do you think its best I just cancel my monzo account? It has barely anything in it so probably not much use anyway! But it was great for traveling around Europe & as a foreign currency card which is the only reason I was hanging onto it

(Dan) #82

You only need to be a resident to open an account. Fortunately you don’t need to remain a resident to keep your account open.

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(MG) #84

Is the tax year you are needing a declaration for April 2017-April 2018 or April 2018- April 2019? Thanks.

(Jolin) #85

Yes :tada:

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#86

What kind of information and data is shared with the other countries, just the name and address of the tax resident or does it include specifics like the account balance and transactions of the account?

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(Thomas Purchas) #87

The data shared included information about yourself (Name, Address etc), and also your account balances, plus the total amount of money paid into the account over the year. Specific transactions are not sent, only high level aggregate data about your accounts.

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(Allie) #88

@thomas it is almost FBAR time… Do you know how I can get my Investec details yet? Many thanks!

(Thomas Purchas) #89

I’m not sure if this answers your question, be I asked around and got this answer:

customer does not have an account with Investec in their name and we don’t have ‘bare trust account numbers’ .

If that hasn’t help, I can go back and find a better answer.

(Allie) #90

Thanks Thomas. As the account isn’t in my name I suspect that means that for FBAR purposes it is all just money in my Monzo account.

Actually, @Thomas is there a way to get a copy of what you report to the IRS? That way I can be sure my data on my filing matches?

Update 2 - decided to get rid of the pot. Dang US citizenship. I think I got it right, but I’m gonna open a separate savings account just for nice, clean filing. One account, one balance.

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(Kolok) #91

Worth getting clarification imo, monzo bank statements include the balance in investisec, if they send that abroad, and investisec also do somehow (do they have our details?) Could push people over a tax threshold somewhere.

(Thomas Purchas) #92

Investec don’t have your details. There is only a single Monzo account at Investec, we handle the accounting associated with each persons pot.

I can do this for if you like (if it’s still useful?). Just DM me.

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