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Old 07.06.2016, 14:25
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Tax declaration on assets in UK account

Hi everyone,


To anybody who has a UK-based stock broker account, I am wondering how people usually submit for tax declaration here?


Obviously, for income & capital gains, UK tax is in April of each year. As Switzerland has wealth tax and the tax year is Jan-Dec, what is the best way to submit the info?


Thanks!
N
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Old 07.06.2016, 14:27
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Re: Tax declaration on assets in UK account

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Hi everyone,


To anybody who has a UK-based stock broker account, I am wondering how people usually submit for tax declaration here?


Obviously, for income & capital gains, UK tax is in April of each year. As Switzerland has wealth tax and the tax year is Jan-Dec, what is the best way to submit the info?


Thanks!
N
31st December for CH, 5th April if you need to declare in the UK, you don't have any choice.
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Old 07.06.2016, 14:30
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Re: Tax declaration on assets in UK account

Should be declared on the DA1 form. Assume the Tax SW from Neuchatel should be able to handle it!
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Old 07.06.2016, 16:22
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Re: Tax declaration on assets in UK account

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31st December for CH, 5th April if you need to declare in the UK, you don't have any choice.
Thanks, I understand the dates. Just wondering the best way to extract the documents to show to CH authorities (since they are always running April-April).
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Old 07.06.2016, 16:22
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Re: Tax declaration on assets in UK account

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Should be declared on the DA1 form. Assume the Tax SW from Neuchatel should be able to handle it!




Don't know what a DA1 form is... will need to look into that
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Old 07.06.2016, 16:32
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Re: Tax declaration on assets in UK account

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Thanks, I understand the dates. Just wondering the best way to extract the documents to show to CH authorities (since they are always running April-April).


You should be able to get a print out as of 31 December, the Swiss don't bother very much as declaring assets cost them money up to 5 million in ZH as income tax deduction of 1/3% for management fees exceeds wealth tax .

DA1 is part of tax return in CH, extra pages for foreign dividends
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Old 07.06.2016, 16:37
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Re: Tax declaration on assets in UK account

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You should be able to get a print out as of 31 December, the Swiss don't bother very much as declaring assets cost them money up to 5 million in ZH as income tax deduction of 1/3% for management fees exceeds wealth tax .

DA1 is part of tax return in CH, extra pages for foreign dividends
Thank you for your help!


I didn't know that there is a deduction for management fees.. need to get up to speed with swiss taxes.
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Old 07.06.2016, 18:22
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Re: Tax declaration on assets in UK account

If you hold shares then you just put the number of shares owned and the value as at the end of the year. You can do all the calculations to the end of the year then submit those along with the original Apr-Apr documents. Usually in the tax software they have stocks and shares listed and it knows all the info, or you can do it manually.
Tax credits can be a little tricky, you should pay Swiss tax on the amount after the tax credit is deducted, not on the overall gross dividend reported on the UK tax declaration. It's something the Swiss don't seem to always get right.
This is all assuming normal personal share holding and not trading as a business or as a main means of income.
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Old 07.06.2016, 18:26
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Re: Tax declaration on assets in UK account

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Thank you for your help!


I didn't know that there is a deduction for management fees.. need to get up to speed with swiss taxes.
It might be worth your while getting a fiducaire to help with your taxes this time around. It won't cost more than a couple of hundred francs and could save you much more.
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Old 08.06.2016, 12:38
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Re: Tax declaration on assets in UK account

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the Swiss don't bother very much as declaring assets cost them money up to 5 million in ZH as income tax deduction of 1/3% for management fees exceeds wealth tax .
Just to understand, you're saying the Swiss don't bother to declare their assets much? Does that also mean not declaring income from said assets? I would assume you couldn't declare 1 without the other...
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Old 08.06.2016, 12:45
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Re: Tax declaration on assets in UK account

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Just to understand, you're saying the Swiss don't bother to declare their assets much? Does that also mean not declaring income from said assets? I would assume you couldn't declare 1 without the other...

In theory one should declare everything. There is a rule that caps the tax to be paid on wealth based upon the income from the wealth.
One thing to note is Zurich has particularly generous wealth tax thresholds. Amounts which are "so small as to not be any problem" in one canton (like Zurich) can be significant amounts in other cantons.
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