HMRC Admin 5 Response

Hi

HMRC will use the latest untaxed interest interest details received to include in your tax code going forward.
If the interest figure has changed then you can contact HMRC to review/update
Income Tax: general enquiries

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Hi samsamsss

You will once it comes into effect on 6/4/25.

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Hi 

This is foreign income and as a UK resident, you will be taxable on it, as you are taxable on your world-wide income.  
Foreign income is declared on a self assessment tax return (SA100).  
As you invoiced them, then you were self employed and would declare the income and expenses in the self employment section of the online return or the paper SA103S (self employment).  
To register for self assessment, as self employed, please follow the guidance at Set up as self-employed (a 'sole trader'): step by step.  
Please note that the whole tax return (SA100 and supplementary pages) must be submitted in the same format.  Either all online or all on paper.  
To submit an online tax return, you will need to register for a personal tax account (if you have not done so already).  You will also need a government gateway user ID and password to do this.  
Please follow the guidance at Personal tax account: sign in or set up on how to do this.  
Paper tax returns can be obtained at Self Assessment tax return forms.

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Hi 

Provided HMRC do not recognise the fund as a pension, it will be treated similarly to a bank account and taxable as income.  
Where the foreign income arises in tax years that you are not resident in the UK, it will not be taxable in the UK.  The contents of the account in those years, would be considered capital and not taxable if brought to the UK.  
If you are resident in the UK, when the income arises, then yes it will be taxable, most likely as interest.

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Hi Glenne Nelson

Please have a look at Capital Gains Tax rates and allowances, for the "annual exempt amount for other trustees".  
If the gain arising from the disposals in for the whole tax year is covered by the annual exempt allowance, then there is no tax to pay.  
If there is no tax to pay, there is nothing to declare for capital gains purposes.

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Hi Jon

No.  You cannot take deductions off the profit before declaring on your tax return.  
The guidance notes advise box 15: " Turnover is the total amount earned (traditional accounting basis) or received (cash basis) by your business before taking off any expenses."  (SA103F Notes 2024).

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Hi Eliza James

Yes that is correct.

Hi

Please refer to Director's loans

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Hi

It will be 24/25.