taxing times Financial

taxing times Financial Expert Jennie Poate Explains the requirements for completing your tax forms in France... Tax return time is here again! The annual tax return needs to be completed by May in France, financial expert Jennie Poates explains how to complete the paperwork and what’s required... Many, if not most, British expats who are resident in France will have some income derived from the UK. If this is the case and you’re one of them, you’ll need to complete some forms (you can download forms from the French Goverment website). Pink Form 2047 is used to declare income earned outside of France. Blue Form 2042 is for all income earned - including the revenue declared on the Pink Form 2047. The tax year runs from January to December so if you arrived in France part way through last year you only include income from the time you have been resident here. For the first time you file your tax returns, you will have to collect the tax forms from the tax office or Centre Des Impots. After that, they should be sent out to you automatically. Even if all of your income is taxed or paid in the UK, or you are below the threshold, you still have to complete a tax return form if you are resident in France. In general, as French tax residents you have an obligation to declare your worldwide income and assets to the French authorities. Importantly, with the ‘exchange of information’ rules now operating between European countries, the French tax authorities will receive information about income and gains earned from non-French sources. Whilst this takes time to work through the system, it is important that any information they receive corresponds to an entry on your tax return.