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Posted Sun, 29 May 2022 23:29:35 GMT by C K Chow
Hi, Based on the below circumstance, may I know if it is better to register self assessment with the SA1 form or register self assessment as a self-employed person? Now: Never register for self assessment and never has a UTR 2021/22: Neither employed nor self-employed but need to register self assessment to report other income (e.g. foreign interest) 2022/23: Start to be self-employed Thank you.
Posted Tue, 31 May 2022 10:28:27 GMT by HMRC Admin 17

Hi,
 
If you are required to complete a Self Assessment form for 2021/2022 then you should complete the SA1 form to request a UTR. 

However if you did not receive the foreign interest until 22/23 and are not required to complete a tax return form for 21/22 then
you can wait until you commence your self employment and register as self employed which will give you a UTR number. 

Thank you.
Posted Tue, 31 May 2022 10:49:25 GMT by Willy Choy
Dear Sirs, I hold a few life insurance and saving insurance policies in HK. Part of the insurance premiums paid are coming from Premium Financing loans that are provided by banks and so need to pay interests on a monthly basis. After coming to Scotland by using BNO visa later, I will surrender it and get back a return and expect that it will be deemed as an income when i report my income tax assessment. Nevertheless, can I deduct the interest expenses first when assessing on the income tax please? Thanks for your advice.
Posted Tue, 31 May 2022 12:32:40 GMT by C K Chow
Hi, If self-employment has already started recently in the tax year 2022/23 and it is also required to complete a tax return form for the tax year 2021/22 for other reasons, what is the first step to register for self assessment in this case? Thank you.
Posted Wed, 01 Jun 2022 09:43:17 GMT by HMRC Admin 19
Hi Willy Choy,

You can see guidance on foreign life insurance policies here:

HS321 Gains on foreign life insurance policies (2020)

Thank you.
Posted Wed, 01 Jun 2022 12:22:15 GMT by HMRC Admin 26
Hi C K Chow,


If already registered for self assessment and you have a UTR, you will use the same UTR and not need to register for self assessment.


You will however need to register to pay National Insurance.

You can telephone 0300 200 3500 or refer to:

National Insurance: introduction


Thank you.
Posted Mon, 06 Jun 2022 23:32:02 GMT by C K Chow
Hi, I am afraid that I need further clarification on this. I never register for self-assessment and never have a UTR. If my self-employed business started on 10 April 2022 and I also need to complete my first 2021/22 tax return mainly because of other passive income, which form I should complete now to register self assessment? Is it the SA1 or CWF1 form? Thank you.
Posted Tue, 07 Jun 2022 14:50:58 GMT by HMRC Admin 17

Hi,
 
As you are self employed it will be CWF1 or register online see link:

Register for Self Assessment .

Thank you.

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