HMRC Admin 1 Response

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here (https://www.gov.uk/apply-tax-free-interest-on-savings and https://www.gov.uk/tax-on-dividends). 

Inheritance Tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died. In this scenario the person in receipt of the gift within those 7 years will be liable to pay inheritance tax.

Gifts made in the last 7 years use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 inheritance tax free allowance, any unused threshold can then be used by the estate of the person who has died.

If the person who died owned their home (or a share in it) the tax free threshold could be increased to £500,000.

The rules on giving gifts and the potential inheritance tax implications. can be found here:
https://www.gov.uk/inheritance-tax/gifts
https://www.gov.uk/guidance/work-out-inheritance-tax-due-on-gifts

Please see the guidance: Get an EORI number: Who needs an EORI - GOV.UK

HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot comment on any form of calculation, example or scenario as we may not be in possession of all the relevant information.

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve. We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK:Work out your rental income when you let property - GOV.UK

Customers with more complex enquiries often engage the services of a professional advisor or accountant and this may be something you wish to consider.

Yes. going forward your accounting period will need to match the UK tax year 6/4-5/4.

Please see guidance at: Basis period reform - GOV.UK

HMRC is unable to comment on any form of calculation, example or scenario as we may not be in possession of all the relevant information.

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve and it is not possible to check individual tax records through this forum. For queries relating to your personal tax situation or tax code please contact our helpline please contact our helpline.

Customers with more complex enquiries often engage the services of a professional advisor or accountant and this may be something you wish to consider.

HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot comment on any form of calculation, example or scenario as we may not be in possession of all the relevant information.

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve. We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK.

Additionally, it is not possible to check individual tax records through this forum. For queries relating to your personal tax situation or tax code please contact our helpline please contact our helpline.

tomers should check their PTA before contacting us by webchat Self Assessment: general enquiries - GOV.UK
Customers can access their PTA using their HMRC online account or the HMRC app.

Your allowances for earning interest before you have to pay tax on it include:

your Personal Allowance
starting rate for savings
Personal Savings Allowance
Please see the guidance at:
https://www.gov.uk/apply-tax-free-interest-on-savings

If you earn interest over your allowance but under £10,000 and are employed or receive a pension, HMRC will change your tax code so you pay the tax due automatically.
The code for the current year will be based on how much interest you had in the previous year.

You need to register for Self-Assessment if your income from savings and investments is over £10,000 in the financial year.
You can find further information here:
https://www.gov.uk/check-if-you-need-tax-return

Tax on savings interest: How much tax you pay - GOV.UK (www.gov.uk)

dividends from company shares are included in the adjusted net income calculation adjusted-net-income

Unfortunately, HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot comment on any form of calculation, example or scenario as we may not be in possession of all the relevant information.

While the HMRC Customer Forum is for general queries only and is intended to help our customers self-serve and we are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK. you may find the following of some use:

Adjusted net income is your total taxable income before any Personal Allowances and less certain tax reliefs*. You can find more details, and work out your adjusted net income here:

https://www.gov.uk/guidance/adjusted-net-income

Personal Allowances: adjusted net income - GOV.UK (www.gov.uk)

* This may include your pension, but does not include Income Tax and National Insurance.

If your employer deducts the pension contributions from your gross pay before tax is calculated then you would not deduct again for the adjusted net income.

Hi Pollyjay
You need to register for Self-Assessment if your income from savings and investments is over £10,000 in the financial year.
You can find further information here:
https://www.gov.uk/check-if-you-need-tax-return
Tax on savings interest: How much tax you pay - GOV.UK (www.gov.uk)