Overseas interest on savings?

[RetroNewbie]

I'm filling out my tax return this year because I had medical expenses over 100k last year.

I've paid taxes, pension, etc.. all through my company this year, so I think what I enter on the form is going to be basically only employment income, medical expenses and furustato tax.

Do I need to add anything for overseas interest on savings in UK bank accounts? I'm not sure how much it would total to last year, but it's probably only going to be like 50-100pounds (9,000-18,000yen) so it's not massive amounts.
It's going to be a bit of a nightmare to work out how much interest received in 2023, for such a small amount.

[Beaglehound]

I think you have 200k yen worth of grace, assuming all your other income is from a single source of employment. However the NTA states that this condition means you don't have to file a kakutei shinkoku and it may be that if you do file one they require you to include that income...

[RetroNewbie]

Thank you very much.
If you have a chance sometime, could you posts a link to where it says this?
Please and thankyou!

[Beaglehound]

As I said, this is talking about the need to file a kakutei shinkoku. Number 2 would seem to be your case:
https://www.nta.go.jp/english/taxes/ind ... /12018.htm

[sutebayashi]

Do I need to add anything for overseas interest on savings in UK bank accounts? I'm not sure how much it would total to last year, but it's probably only going to be like 50-100pounds (9,000-18,000yen) so it's not massive amounts.
It's going to be a bit of a nightmare to work out how much interest received in 2023, for such a small amount.

I dislike the pesky interest earned on my overseas savings too, at least these days interest rates are better.

Hopefully you have, or probably can get statements / details of the interest paid and the dates the interest was received. With that you would need to pull up a source of GBP/JPY exchange rates and convert those individual payments to yen amounts for the income declaration.

If you have some tax withheld on the UK end you can also apply for a deduction on Japanese tax for any foreign tax that was withheld.

It is a hassle, but not a nightmare perhaps

The benefit of doing the tax return is hopefully large enough to justify the effort.

[captainspoke]

IMO, if you can navigate thru the medical expenses deduction and will be claiming that, you can certainly calculate and declare your overseas interest.

Just look at your account, and the payments and respective dates. Like 12 items, right, considering that it's paid monthly?

Even with the ¥200k 'grace', you should still technically file a residence tax return, so why not just do it on the national return and let the system do the rest?

[Tkydon]

As you are paying tax through withholding on your employment income, you can earn other income up to Y200,000 without having to declare it.

https://www.nta.go.jp/taxes/shiraberu/s ... df/050.pdf

Page 11 - 1 -(3)

You are required to file a final return if:
...
(3) The sum of your total amount of income (except for the employment income and the retirement
income) and the total amount of earnings from the salary etc. not subject to the year-end
adjustment exceeds 200,000 yen...

i.e. Not when the other income is less than 200,000 yen...