HMRC Admin 5 Response

Hi 

This is not a tax enquiry.  Indefinte leave to remain is not covered in this forum.  This is a question for the Home Office, who deal with such matters.

Thank you
 

Hi Ruddink

You should declare this in the self employment section of the tax return, so that it can be included in the tax calculation.  You only need to include this income on the foreign section, if foreign tax was deducted.

Thank you

Hi jess810

Cash basis records money when it actually comes in and goes out of your business, while traditional accounting records income and expenses when you invoice your customers or receive a bill. Yes the monthly management fee would be an allowable expense for when the property is rented out. The accounting basis will also determine what you can claim.

Thank you

Hi jess810

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at
https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/
Exchange rates from HMRC in CSV and XML format
and for older rates at
https://webarchive.nationalarchives.gov.uk/ukgwa/20100202113554/
Exchange rates from HMRC in CSV and XML format
You are free to use any of the supplied rates or one of your own choosing.

Thank you

Hi

I'm sorry for the delay in updating your name since you wrote to us - contact us by webchat or post via
Income Tax: general enquiries
and, if we can't update your name for you then, we can confirm the progress of your mail request.

Thank you

Hi

The payment is taxable in the year the payment is made and you would therefore include this in the relevant tax return.
You can opt to have the payment reallocated to previous years if this is more beneficial to you and you would need to do this in writing.
You need to supply a breakdown from the employer on the years/amounts the payment refers to and HMRC will make the necessary adjustments.

Thank you

Hi

Please refer to PTM112010 - International: qualifying recognised overseas pension schemes (QROPS): introduction.
You would also need tocheck with your pension scheme to see if the transfer to your neice is allowable.

Thank you

Hi mattinmacc

The pension would reman taxable in the UK if you do not submit a claim for DTA relief.

Thank you

Hi

No. you would only pay when they are transferred. however any dividend income generated from these shares should be declared whether held in a UK or foreign account.

Thank you

Hi

1. if joint accounts then both parties need to declare 50/50  
2. yes you can.  
3. there is no limit as foreign interest needs to be declared and forms part of your savings allowance.  
4. please refer to HMRC currency exchange average rates - GOV.UK (Look up commodity codes, import duties, taxes and controls)  
5. you would need to wait until any charge is confirmed and then refer to Pay your Self Assessment tax bill

Thank you