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UKresonant
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About UKresonant
- Birthday 03/02/1963
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Fife UK & Thailand Somtimes
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UKresonant's Achievements
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Recently sold house in UK
UKresonant replied to kevtheblue's topic in Jobs, Economy, Banking, Business, Investments
Non tax resident so you have till the end of 2025 to sort things out, if not going until 9th July. You could also create some savings account pots (ideally with the interest mandated to a different account). That should not be subject to tax on sending to Thailand in later years, if you keep the paper trail. Trust you are keeping UK accounts open as far as possible. Non-Resident Sterling FCD account could be useful perhaps to SWIFT into. If you think the GBP THB rate may become slightly improved. I've not been to Phetch for about 22 years! -
Your savings were not generated (from assessable) whilst Thai Tax resident? Or are from before 1st Jan 2024 (POR 162) Savings are capital only not comingled with interest payment (particularly interest paid whilst Thai Tax resident)? Hypothetically you should not need to file in 2026 Q1 for these savings remitted, but would need to keep the paper trail.
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Many public sector pensions allow a nominated partner to recieve a widows pension now. (I think the clause that, if they marry subsequently after getting the survivors pension they loose it, is still there somewhere)) Attempt to put a nomination to the scheme admin, soon as, and pursue the marraige subject separately. The other big chunk of my pension (classed as a company pemsion) has a witnessed copy of the wife's Thai docs in my pension file.
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1. Yes transfer at least a credible base amount. I always have some cash in Baht in my pocket.. 2. As long as it remains.remittance based, I think every second.year, or perhaps even every 3rd. ( If it goes global Yes.) 3. Visa, don't know. I find the detail of many Visas is like shifting sands even if the core remains.fairly stable. I'm always in mostly hypothetical mode, e.g. £11700 base amount (all taxed) in UK and 480k THB transferred to Thailand p.a.. £### mobile pocket money. Perhaps only transferred to Thailand when generated as non tax resident in TH. UK tax year 6th April-5th April >183 days at the end of the day. Thailand tax year 1st Jan to 31st Dec >179 Days if no Thai earnings. Base amount continuous. Extra Transfers to Thailand after >183 days in UK idealy, preferably within 6th April to 31st Dec. (Will they ever issue the non-O Multi again, though the evisa is pretty quick) But life not bonded to tax planning!
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Yes the OA was what I thought would be an easy multi-entry visa, after June 2019, when the non-O Multi was discontinued, with eVisa system. Then the insurance came along Oct 2019, option gone. The problem with many Thai insurance, policies is you have to be in Thailand for 6 months out of 12. So for a newbie who does not check the health insurance policy, thay may have a policy but no actual cover for.the first 6 months! Sadly it scuppered the O-A usefulness from my point of view.
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I'm anticipating having to declare total income Vs total UK tax, for operation of tax credits. If it remains remittance basis, I'm only remitting a component of income, and the exempt element is a relatively low percentage of the total. Still not clear on actual custom and practice of TRD, in respect to tax credits. There was a PDF attached to the initial tax thread, about page 222 maybe, 'the Norwegian Question' answer by TRD. As that person was after certificates from TRD, they declared total income, but only remitted income was taxable. If I remember correctly they had to ensure the tax free personal allowances in each country did not get doubled up. My phone skills can't find the link.
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Have the latest bill, just came in the post (UK);- Electric £0.2192 per kwh ~0.43 AUD Standing charge per day £0.6463 per day ~ 1.29 AUD This is on a fixed contract till 2026, belive the kwh rate has gone up approx 10% since. Because my 'centre of vital interest' will likely remain the UK, if TRD move to Global Tax it would be very sour, considering all standing costs in the UK.Then add loss of some income being tax free, £3000 CGT allowance loss. Would make that step over the 179 Day line a much bigger issue, compared to remittance basis.
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So Ben Hart is highlighting (video above) apparently the US IRS is pursuing folk that have not filed. In one of his other video, he notes, they likely did not filed since the are under an exempt amount. The IRS are apparently saying they do not gain the exemption unless they had filed So filing was to essentially claim the exemption in many cases..
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It does make me think back to a conversation with a UK HMRC Technician, back in 2018. She said it would be likely the my exempt .gov pension would have to be declared .. in some places they wanted to show it taxed, and the refund it on the other side of the page as credit / refund of the tax... >It would be great if some transparency would be given on practical RD operation of tax credits. I'm pondering, the exempt would have to feature in the calculation eg. much simplified, roughly... Say £20000 taxable in TH, UK private pensions, already taxed in UK -£1485. £ 2000 UK .gov pension, -£400 tax (just coincidental, sequence of when pension was initiated, not the rate for that pension type) So tax paid £1885/20115so approx £0.0937 for each net £. Only net £s being actual remitted to Thailand. So if THB 500k sent to Thailand, say £12000 x0.0937=£1124 or THB 46850 Tax credit. 2000/22000 9.09% of each is non taxable, THB 450500 taxable, with a Tax credit of THB 42211.85. No forms apparent.to express the tax credit? How will it work! There is no distinct separation at the UK taxed end, for DTA consideration subsequently....< [Not currently tax res]
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Avoid to pay tax
UKresonant replied to Jack1988's topic in Jobs, Economy, Banking, Business, Investments
If you are physically present (for.any second of the day), for no more , cumulatively, than 179 days ( you have also no Thai income), should be fine. The visa duration does not matter, it is physical presence, that matters. -
Avoid to pay tax
UKresonant replied to Jack1988's topic in Jobs, Economy, Banking, Business, Investments
It is possible, that the TEDA amounts do not exist, unless they are recorded and signed via a tax filing, for each respective year....? -
Confusion still prevails, as lack of certainty in respect to TRD's actiial custom and practice, for the tax filing season in the next 3 months. Taxable income from the UK, generated whilst you were tax resident in Thailand, is potentially taxable for the proportion brought into Thailand;- in the same year pre 2023, any time from 2024 onwards ( but with por 162 exemption for pre 2024, remitted later. Any interest, post 2023, from pre 2023 savings, is taxable, for a Thai Tax resident, when it is remitted to Thailand, 2024 on. Very simplified answer, to a very simplified question, and also generalised. ( remembering capital gains are taxed as income in Thailand etc etc) Read the guide....but every thing is a probability, rather than an absolute me thinks. Actual reports soon maybe.
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Dad still goes 3 times per year, and will continue.to get e-visa's, I'd rather upload info to the MFA site. Dad's not into paperwork, so trying, hopefully, to avoid him having to drag out paperwork at immigration as much as possible, ( though they could still ask ) I put most things in a display folder.