HMRC Admin 5 Response

Hi 

As you are in receipt of foreign income, you will need to declare it in a self assessment tax return, in the foreign section,
If you are required to pay tax on the dividends in the USA.  The UK/USA tax treaty allows you to claim a foreign tax credit of up to 15% of the foreign tax paid.  
Please have a look at article 10 regarding dividends at  Uk/USA Double Taxation Agreement - 2002
If you are not already registered for self assessment, you can do this at Check how to register for Self Assessment.

Thank you

Hi 

The limited company is a UK company and so will be required to pay corporation tax in the UK.  Any income you receive as an individaul, will  be taxable in Italy.  
Please have a look at article 7 regarding business profit and article 16 director's fees.  (CONVENTION BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND).

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Hi Benben1985

Tax returns for the tax 20023 to 2024, are available now and paper versions should be submitted by 31 October 2024 and online versions by 31 January 2025.

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Hi como

If your pension is a private pension, you should download and complete the form at Double Taxation: Treaty Relief (Form DT-Individual),
declaring your private pensions and your state pension on the form.  
You will need to send the completed, signed and dated form to the UAE tax authorities to validate.  They will return the validate form to you and you then sent it to the address on the front page of the form.  
Any overpaid tax in the current tax year, will be repaid by your pension provider.  Any tax overpaid in previous tax year will be repaid by HMRC.  
If you have to complete tax returns, you will need to amend your tax returns and inlcude the additional pages of HS304.  (Non-residents tax relief under double taxation agreements (Self Assessment helpsheet HS304)).

Thank you

Hi

As your self employment income is more than £1000.00, you will need to declare it in a self assessment tax return.  
You will need to register as self employed at Set up as a sole trader: step by step.  
In the tax return you declare your world-wide income and claim personal pension relief by declaring the gross figure paid into your pension pot, including the tax relief claimed by your pension provider.  
This will give you additional tax relief as you are higher rate.

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Hi AMEER HAMZA123 Hamza

You would need to check the terms of your work visa.  This is something we cannot advise on in this forum.

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Hi shackers91

If your income is £20,000 then you would be entitled to the personal savings allowance £1000. Please see Tax on savings interest

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Hi 

As a director, you are an employee of the company.  Any salary is declared as employment income, should you need to complete a self assessment tax return.  
It is not self employment income, so cannot be declared as self employment in a tax return.  Dividends would be declare in the tax return as UK dividends.  
Your consultancy, will be self employment and should be declared as such in the tax return.  
If you have not previously registered as self employed, you will need to do so, so that class 2 and class 4 NIC can be calculated if payable.  (Set up as a sole trader: step by step).  
You would continue to use your existing Unique Taxpayer Reference number if you already have one.

Thank you

Hi Kazim116

While you would now not usually need to do anything to inform us of changes to your employment benefits, as your employer will declare these via P11Ds and you no longer file a Self Assessment return, you do still have a responsibility to check your tax code to ensure any changes made by your employer are ultimately present in your tax code.
If you would like us to check your code, contact us by webchat or phone via Income Tax: general enquiries

Thank you

Hi

If you are tax resident in the UK for the whole tax year and use the arising basis, you would have to calculate the capital gain, using pounds sterling for all aspects of the calculation, using UK capital gains rules.  
You would be required to declare the property disposal and if capital gains tax paid in Hong Kong, a foreign tax credit claimed.

Thank you