HMRC Admin 5
Joined: 8/20/2019
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RE: How are P2P trading profits/losses taxed?
Hello.
Please see guidance here regarding completion of a tax return in terms of peer to peer lending
Peer to peer lending
Further information can also be found in the notes
Self Assessment: additional information (SA101)
on page 1 as well as here
Accrued Income Scheme (Self Assessment helpsheet HS343)
Thank You. -
RE: Two ISA contributions in 1 year
Hello.
You should not try to remedy the situation.
HMRC will be in touch after the end of the current tax year to advise on the next steps.
Thank You. -
RE: Inheritance from the USA from ISA account
Hello.
This would not be taxable income in the UK but you would need to check with the US authorites for their rules and regulations.
Thank You. -
RE: Discrepancy between self assessment tax/NI calculation and annual tax summary
Hello.
An annual tax summary relates to paye income, your self assessment calculation will be based on what you have declared on your tax return.
Both will show a breakdown of how the calculation has been worked out if you feel there has been an error you can call the self assessment helpline on 0300 200 3310 to get clarification on the differences.
Thank You. -
RE: Tax Account Government Gateway
Hello.
If you already have a government gateway account you will be able to sign in using that account to request access to online self assessment.
Thank You. -
RE: Marriage Allowance
Hello Gavin.
If you where in self assessment during the tax years you have done the backdated claim for at the moment there is no timescale for the claim to be processed.
Thank You. -
RE: Covid-19 Working from home Tax Allowance
Hello.
You would need to complete a P87 form for the 20/21 tax year to claim working from home due to covid as if you only applied for 19/20 it will not take that year into consideration.
Thank You. -
RE: Overseas gifts
Hello.
The money itself would not be taxable in the UK but if you receive any interest from the bank account in your country of origin then this would need to be declared to HMRC.
Gifts are not taxable for income tax purposes but bank interest or dividends from abroad are.
Please see guidance here on what HMRC would consider as foreign taxable income
Tax on foreign income
Tax on foreign income
Thank You. -
RE: Capital Gains Property Disposal Non Resident Five Calendar Years Or Tax Years
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RE: Foreign Inheritance
Yes Chicchi3.
Yes you can use the market value at point of inheritance as the starting value for a sale of an inherited property.
Thank You.