So as well as reporting our UK bank interest in the usual places in form 2047 and 2042, I (as the S1 holder) also get to tick 8TQ and 8SI (I’m Declarant 2).
I then use box 8RC to report my share of our “revenus de capitaux mobiliers”. And the Notice (but not the tax form itself) makes it clear that 8RC can only be used to report income that has NOT already been subjected to prélèvements sociaux by the institution concerned, in this case the bank.
Our UK bank interest is paid gross - and naturally no prélèvements sociaux have been deducted at source - so my share of that income can be safely reported in 8RC.
All our French bank interest, however, has already been subjected to CSG etc by the French bank so my share of that cannot be reported in 8RC. Indeed, there is no box anywhere in the form that would let me do that.
I therefore did a “mention expresse”, basically pointing out that half of our French interest is “mine”. And assumed that the tax office would in any case operate on that assumption in a situation like ours where only one member of a couple is exempt from CSG/CRDS on bank interest.
From my avis, it appears they’ve taken on board the fact my share of the UK interest is exempt. But have ignored the issue of the French bank interest.
I might be too old and tired and hot to pursue it. Although we earn a lot of interest so it would be in our financial interest to do so.
Hope this makes sense! Bet you’re sorry you asked now….
Well, I have just had a look at mine and noticed I made a mistake. My declaration is normally simple but this year was the first time declaring my company pension and a lump sum to be treated by quotient system.
Normally, when having completed my declaration, I think I get a rough calculation before submitting, which throws up any obvious errors.
Because this year included the request for treatment of a lump sum, there was no rough calculation offered, so I didn’t notice I had double declared my company pension in boxes 1AS and 1AM. I have sent the tax office an explanation, do they modify these tax demands or will I have to over pay and somehow have to try and claim it back?
Brilliant, thanks George 1.
Every time I fill out my French tax return, I age about 5 years. We have friends who suggest I use an accountant , but our usual tax bill is about a quarter of what they pay their accountant in fees, so I continue to battle on with all the associated stress.
I love doing my French tax return in a twisted sort of way. And us all getting our avis half way through the summer reminds me a bit of the O level results.
The only (fairly limited) pleasure for me is the satisfaction of getting it out of the way asap within the first day or so of online tax returns being open for business. I just had a quick look - this year I managed to get rid of it within about the first hour of Doors Open.
I don’t know much about S1 holders…so none of that applies to me if I’m not a S1 holder? It’s good old 2TR for me, no other possibilties? My UK interest gets taxed 30% in France.
So if I understand, it’s worth telling the fisc about my unwanted Wise account, better not wait till next year?
Yes tell them about wise. Its wise to do so (sorry could not resist…)
On interest it depends on your income. It is possible to opt out and pay your marginal tax rate instead of the flat tax but if you are earning a lot of interest might not be a good idea. Remeber the flat tax is a mix of social charges and income tax.
A friend has another theory that the tax people are sitting around twiddling their thumbs at the beginning of the tax season. So will have more time to scrutinise your return than if you join the last-minute rush.
I agree.I know it will be potentially stressful being an early user of any govt service, which raises the anxiety levels, making me want to get shot of the task even more quickly, risking IT ‘teething’ gremlins, causing yet more stress. It becomes a vicious circle. It was, and remains one of my many failings, self- stress..
As an aside, it’s important that people are aware that receipt of the Avis d’imposition, regardless of when the return was filed, does NOT mean the Impôts have agreed their return. It’s a calculation based on the assumption that the return was filed in good faith. Obviously the Impôts retain the right to audit and correct returns for up to 3 years (plus substantial extra time for fraud, undeclared foreign bank accounts - Wise!)-etc).
The Wise thing is a bit weird as I don’t recall a time when I didn’t have a sort code etc on my Wise account - but I was not a user in the days when it was Transferwise so it may be something they changed before I joined.
Also, looking at the app, you don’t see the bank account side of things unless you tap on “Account details”, so that may be why people missed it. I get money in from the US and Canada for my (meagre) stock photo sales, so needed to look up my IBAN details for that.
I looked at my online account via a laptop and it had information on the individual accounts they set up in my name, one in Begium and the other in the UK.
My question is, how do I know when the individual accounts were opened by Wise please? Maybe we don’t need to but we’ve always declared that as well as the IBAN, etc.
Well I guess it was whenever you opened your Wise account, or added a new currency account. That was the case for me as far as I know.
Auntie Google says:
Wise started giving out dedicated, personal IBANs for its multi-currency accounts in 2017 when it launched EUR account details.
The company later upgraded this feature in December 2019, introducing a localized European IBAN format (starting with ‘BE’) that allowed customers to do more with their accounts, such as setting up direct debits.
Well maybe, although you are missing out on the convenience of using Wise. Depends how often you need to convert money and whether you need other bits and bobs that they offer, like a multi-currency VISA card.
It’s a shame that Wise aren’t doing what banks (and Prudential) do and send you something at the end of the tax year with the relevant figures. They could have said something about needing to declare these accounts.
It initially started as purely sending payments from A to B, and actually had a slightly different name initially when it was pre-open launch, I forget what, and because of Revolut launching and those pre-pay card travel money services they soon jumped on board with what they called their ‘borderless account’ product, which was an entirely different service that sat alongside the regular Forex transfer service. Somewhere I still have a (white I think?) debit card with Alpha written all over it as I was one of the first people to help them test the borderless account. At some point, I forget when, they’ve basically merged the two different products into one, and it is all just part of the Wise service I think. But initially you were just converting currency A to currency B and sending it on to another account so there was no need for you to know/ have account numbers.
