Banks, Tax residency and CRS reporting

[treblepebble]

I have recently left the UK for Thailand and informed HMRC that I am no longer a resident. I have yet to inform the Thai tax authorities of my presence however, nor have I informed my UK banks of the change in status. I am also considering leaving Thailand for another country also, entering into a state of nomadic travelling, and I guess a nomadic tax situation. Although not fully decided on this.

In 8-9 months if I used those UK bank accounts to cash out cryptocurrency, what would happen in terms of CRS and tax reporting. The bank would i'm sure rely the information to HMRC given they still believe me to be resident. Would HMRC just say ignore this reporting given I am no longer present? I am hesitant to inform the banks of my change in situation as it is the best FIAT off ramp I currently have and accepts large sums from crypto, and I suppose they would my accounts?

Is there any issues that might arise from not informing the banks of my change in residence?

 

[Martin Everson]

treblepebble said:
Would HMRC just say ignore this reporting given I am no longer present?
Click to expand...

No HMRC won't. Have you completed a P85 form btw and did you specify Thailand as your next country on page 2?

treblepebble said:
I am hesitant to inform the banks of my change in situation as it is the best FIAT off ramp I currently have and accepts large sums from crypto, and I suppose they would my accounts?
Click to expand...

You mean they would close your account?

treblepebble said:
Is there any issues that might arise from not informing the banks of my change in residence?
Click to expand...

You may be in breach of your banks terms and conditions by not informing them of this. However it is extremely common for those emigrating to not change the address until they are settled.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[treblepebble]

Martin Everson said:
No HMRC won't. Have you completed a P85 form btw and did you specify Thailand as your next country on page 2?
Click to expand...

Yes I submitted this and specified my new country and address.

If they won't ignore it, what would be the likely outcome?

 

[Martin Everson]

treblepebble said:
Yes I submitted this and specified my new country and address.

If they won't ignore it, what would be the likely outcome?
Click to expand...

Completing the P85 took you of future Self Assessment Forms being sent to you. Worse case is the UK address on the bank account may trigger you being added back to the Self Assessment mailing list if communicated to HMRC. Also any annual bank request to certify your tax residency (CRS) will be an issue. In any case you will get the SA100 form sent to your Thai address which you MUST complete. Fail to complete the form and you will get a lovely fine that increases - even when no tax is owned.

Why take chances 😕

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.