HMRC Admin 5 Response
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RE: Second business as sole trader
Hi
As you are already registered for self assessment, as self employer; all you would need to do is keep a separate business account for your new sole trade, to account for your profits and expenses etc from that trade.
When it comes time for your to submit your tax return, you would submit two SA103 supplementary pages or two online self employment sections.
Self assessment will combine your gross profits, expenses etc and calculate the tax and NIC chargeable on the profits of both businesses.
Thank you -
RE: How to calculate class 4 on second job?
Hi
If you are employed, but also do self-employed work, your employer will deduct your Class 1 National Insurance from your wages.
You may also have to pay Class 4 National Insurance for your self-employed work. How much you pay depends on your combined wages and your self-employed work.
HMRC will let you know how much National Insurance is due after you’ve filed your Self Assessment tax return.
Thank you -
RE: Net adjusted income - how to treat pension contributions over the annual allowance?
Hi
No. The pension savings tax charge, would be added to your taxliability after you have calculated your relevant net earnings and the tax calculated on this first.
The pension savings tax charge would then be added as an amount of tax, calculated from your highest rate of tax.
Thank you -
RE: BNO
Hi BenCch
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends and no limit on how much you can bring to the UK.
These would then potentially be subject to tax. Further guidance can be found here (Tax on savings interest and Tax on dividends).
Thank you
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RE: redundancy payment into sipp
Hi
If you are required to complete a tax return, you would declare the payments on page TR4 of the tax return (SA100) or the online equivalent.
If you do not need to complete a tax return, you would claim tax relief in writing, providing supporting evidence from the pension provider.
Thank you -
RE: Bank Repayment Durations
Hi
If not yet issued then the repayment will have been selected for security checks .
To check on the progress you will need to contact HMRC to review Self Assessment: general enquiries
Thank you -
RE: Personal Allowance Deduction
Hi
If you pay tax at the basic rate of 20% then on the deduction in your tax code 345 we will collect tax at 20% which will be the £69 underpaid.
Thank you -
RE: Self Assessment Statement
Hi
While you may have used an incorrect reference to set up your plan, there are a number of other possible explanations.
To allow us to trace your payments and allocate them to your record, please contact us by webchat or post via Self Assessment: general enquiries
Thank you -
RE: Government pension changes in spain tax reporting in 2023
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RE: Tax refund less than I was expecting - advice appreciated
Hi
As you are not seeing the calculation expected, you may have completed your return incorrectly.
Please complete and file your return, then contact us directly - we can then review your entries, confirm if they have been completed correctly, and amend as appropriate.
Thank you