1. I have a small Foreign Pension worth about £170 p.a. which is an annuity that is put into a foreign bank account. 25% is immediately lost in bank charges and I have never remitted any money back to the UK. Does this still constitute income I have to declare on my Self Assessment? If so (I have always assumed this is the case) can I deduct the bank expenses (service fee, facility fee and maintenance fee) from the amount I declare?
2. In my Period 15-16 self assessment submission on SA 100 2016 Page TR 7 (7 of 2 under ‘Finishing your tax return’ Box 19 ‘Any other information’, because I was having difficulty with populating the form (there was a technical problem I recall), I declared in plain text:
“Full details including the country from which the income arose, the amount in foreign currency and any foreign tax paid OLD MUTUAL OM ANNUITY ZAR 3213.12 no foreign tax paid. I was did [sic] not transfer any of my overseas income to the UK (approx £170)”
2.1 I was told by Lyn yesterday when I phoned in (she was very helpful and specialises in foreign income) that I might get fined and would have to amend the form as the amount was not showing on the records.
2.2 At the time I actually overcalculated the conversion from ZAR 3213.12 to GBP 170 which I now calculate to be £158, not £170.
2.3 I did not apply the 10% rebate to reduce it to £142.
3. In my Period 14-15 self assessment submission on SA 100 2015 Page F 2 (16 of 22) I declared:
Income from overseas sources - Overseas pensions, social security benefits and royalties, etc
A: ZAF B:180.00 C: <blank> no foreign tax taken. This should have been £162 after rebate of 10%
(Note: I applied the monthly exchange rates published by HMRC to calculate all the figures)
4. Lyn, your tax expert, said I must write a letter pointing these 14-15 & 15-16 errors out, which I have now done.
QUESTION: Will I get fined? I did disclose the foreign income in free text form in Box 19 in last year's 15-16 return.
5. Finally, in my current Self Assessment for 16-17 I also omitted the 10% rebate, but I am getting a System Error whenever I try to amend my return. I have been reassured this will be fixed soon, but I am going overseas in 5 days time and won't be back by 31st January. Can I apply for an extension?
6. SUMMARY OF AMENDMENTS I NEED TO MAKE BY 31/01/2018
14-15 £180 declared, should have been £162
15-16 £158 declared, should have been £142
16-17 £171 declared, should have been £153