HMRC Admin 5 Response
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RE: Self assessment question - foreign incomes
Hi
Under the terms of the double taxation treaty with Hong Kong, payment for employment carried out in Hong Kong is ony taxable there.
You therefore do not need to declare that income in the UK.
Thank you -
RE: Overseas income
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RE: Tax on overseas cash gift with a caveat
Hi
If the gift does include some of the money that was previously your own, this would be seen as a remittance. please refer to Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you -
RE: Self Assessment Form Mistake
Hi
You have taken the correct course of action by writing to HMRC, explaining the mistake you made when completing your 2019-20 tax return.
Please note however, that if you miss the deadline for amending a tax return, your letter should specify that you wish to make an Overpayment Relief claim.
Please refer to the following guidance:
Self Assessment tax returns
Thank you -
RE: Foreign income?
Hi
Your proposed SA103 entries would be correct. No SA106 entries would be required, as you are not claiming Foreign Tax Credit Relief.
Thank you -
RE: Starting rate for savings
Hi
Yes it is allowable and the same rate applies as if you were claiming the arising basis.
For remittance basis, please see guidance at Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you -
Re: Crypto tax
Hi
You would need to declare any gains you make on any disposals of cryptoassets to us, and if there is a gain on the difference between his costs and his disposal value he could potentially be liable for Capital Gains Tax.
Please take a look at Check if you need to pay tax when you sell cryptoassets and
Cryptoassets Manual
as well as general advice on capital gains tax
Capital Gains Tax: what you pay it on, rates and allowances
Thank you -
RE: Confirmation of whether compensation paid for AVC retirement late encashment is subject to Tax
Hi
Please have a look at the guidance from the Financial Ombudsman Service on pension compensation at Tax on compensation. We can only provide general advice in this forum. For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, or seek professional advice.
Thank you -
RE: EIS3 certificates
Hi
The EIS3 certificate will have the investors name on it. The investor submits the claim form with the EIS3 or EIS5 to HMRC, to claim tax relief on the investment.
Have a look at helpsheet HS364 The EIS3 certificate will have the investors name on it: HS341 Enterprise Investment Scheme — Income Tax relief (2023)
The investor submits the claim form with the EIS3 or EIS5 to HMRC, to claim tax relief on the investment.
Thank you -
RE: Self assessment
Hi
You would need to contact HMRC to check if the documents submitted have been received and if penalties have been charged.
You can contact HMRC at Self Assessment: general enquiries
Thank you