HMRC Admin 5 Response

Hi

No you dont need to declare the transfer of the capital. You cannot claim expenses for the cost of the transfer or currency exchange.

Thank you


 

Hi

You will only claim foreign tax credit relief if tax has actually been deducted in the USA.
If so, include the income as part of your self employed turnover and the rate of tax that can be applied, will be based on the tax rate that you pay in the UK.

Thank you

Hi pinjapan

No tax will be due as you will still be entitled to personal allowances to cover the income.

Thank you

Hi 

You will need to telephone 0300 200 3300 to have this updated.

Thank you

Hi Phil

You do not need to declare it unless you have exceeded the annual allowance and used all the previous available allowance. 
Take a look at guidance at HS345 Pension savings — tax charges (2023)

Thank you

Hello jo stones

It would then be based on fact. Please take a look at the guidance at
CG64545 - Private residence relief: two or more residences: no valid notice made

Thank you

Hi

No you do not need to declare this or pay tax on it as it is basically a remimbursement of the same amount.

Thank you

Hi PKR

To clarify, it was not fixed, it is 4 x annual exempt amount each year.

Thank you

Hi

You will declare this as self employed income and convert the income to sterling.

Thank you