Tax etc on Foreign Rental Earnings

[Fatman]

Im interested on what taxes etc, Ill have to pay on Rental fees produced outside of the UK.
What do I have to tell the Taxman?
Do I have to register as self employed?
Do a tax return etc etc?
Could I create a company earn my rental income via that?

So many questions!

[Sanchez]

Found this website today .... WealthProtectionReport.co.uk - Offshore Tax, Tax Havens and Overseas Property Tax Information seems pretty informative.

[Fatman]

Ive just been told, If I buy a property in Tunisia, I dont have to pay Uk tax on the eanrings if the money is paid into a Tunisian Account...

[Sanchez]

Hmmmmm, who told you that ?

[Fatman]

Originally Posted by Sanchez

Hmmmmm, who told you that ?

The agent...

[Sanchez]

LOL, that's what I thought.
I'm guessing you live in the UK ... ?
What he means is that if you put your rental income into an account in Tunisia and don't declare it, then it will be hard for the tax man to find it.

[Fatman]

Right ok, but then what if I want to get at the money?

[Sanchez]

A trip to Tunisia with large pockets ............. : - )
You can bring approx 10 000 Euros per person back into the UK without having to declare it to customs ...
When it comes down to it hardly anyone pays tax on offshore income. I think if giving advice to people though you have to give them the legal option .... what they do after that is up to them. : - )

[agentkhoo]

I don't think that UK will double tax it citizens if the income is reported in the country of origin of the income. So if you invest the money in another commonwealth country - like India, Malaysia or Singapore, they do not levy taxes on you again should you repatriate the monies.

There is no capital gains tax in Singapore - just normal Income tax, which anyone doing business or earning an income within our borders will have to pay an income tax.

[Sanchez]

I understood that if a country has a double tax agreement with the UK, then the "difference" in tax will be charged. If no tax is paid in Tunisia, then the difference is the full tax in the UK .... : - )