HMRC Admin 5 Response

Hi 

As the payment is from your employer, the income should be shown in the employment section (SA102) or equivalent online section, if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.  
ERSM20193 advises that when RSUs payout at the market value on what is called "dividend equivalents" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.  
Please see ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents.

Thank you

Hi 

Even with salary sacrifice, there is still a threshold of £40000 up to 5 April 2023.  
You can carry forward the surplus threshold from the 3 previous tax years and add it to the years threshold.  So long as you do not exceed the revised threshold, there is nothing you need to do.  
If you do exceed the revised threshold, then you will need to declare the amount above the threshold in a self assessment tax return on supplementary page SA101 and the online equivalent.

Thank you

Hi

Article 6 of the tax treaty gives Hong Kong the rights to tax rental income from property located in Hong Kong.  
If you are resident in the UK, you are taxed on your world-wide income on the arising basis.  What this means is that although Hong Kong is allowed to tax your rental income, so is the UK, even if you do not bring the income into the UK.  
To avoid being taxed twice, you can claim a tax credit of up to 100% of the foreign tax paid.  
As an individual, who is resident but not domiciled in the UK, you can opt to use the remittance basis, so that you do not pay tax on income or capital gains not remitted to the UK, but that option has its limitations.  
Have a look at section 9 of RDR1 for guidance on the remittance basis (Residence, domicile and the remittance basis: RDR1).

Thank you

Hi 

There is nothing from a tax perspective that would prevent you from purchasing another property.  
It may be worth checking with your solicitor that doing so, does not affect the terms of your divorce.

Thank you

Hi

You can only claim the expenses that are set against the property in the country the property is in.  
The profits of the overseas property business are computed in the same as the profits or loss of a trade, just like a UK rental business.  
This means that a UK resident landlord will pay tax on the same profits both here and abroad. But the double charge is relieved by deducting the overseas tax paid on the property income from the UK tax due on the same income.   (PIM4702 - Rent from property outside the UK: Income Tax (IT)).

Thank you

Hi 

Your gross turnover is made up of the income from wire transfer and Paypal.  
Once your expenses are deducted, you have a net profit, that tax and NIC are calculated on.  
The tax return question: "Turnover - takings, fees, sales or money earned by your business:", covers all payments - cash, card, cheque or any other method fees, tips and commissions the value of any payments 'in kind', that is not payment by cheque or cash, for work done or goods sold.

Thank you

Hi O G.

Without a completed SA109, you would be expected to declare your world-wide income for the full tax year on the tax return.  
To claim split year treatment, so that you are not taxed on your income for the period when not resident in the UK, will require a completed SA109, showing the date you left the UK.

Thank you

Hi Thota

No.  If you have capital gains losses and do not need to complete a tax return, then you can claim for losses in writing to:
H.M. Revenue and Customs
Pay As You Earn
BX9 1AS
with supporting calculations.  
If you are self employed and claiming losses for self employment, then you will need to register for self assessment, as self employed.  
You will be given a UTR, so that you can claim your losses through the tax return.

Thank you

Hi Stressed Eric

As the payment is from your employer, the income should be shown in the employment section if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.  
ERSM20193 advises that when RSUs payout at the market value on what is called "dividend equivalents" in either cash or shares, such payments will generally be taxed as earnings in the year they are received. 
Please see ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents.  
The shares held back to pay the tax should still be either reflected in the P60 figure and the tax paid in the foreign section of the tax return.

Thank you

Hi 

The guidance at DT10154 - Italy: Treaty summary, advises that the dividends rate for Italy is 15%.

Thank you