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  • RE: Set up new business in August 2022

    Hi HMRC staff, Thanks again for your information. And for my understanding, if my self-employed income is less than the £1000 Trading Allowance and not applicable for those 4 points from above. Then I needn't re-register online by filling the form CWF1. (because I have filed a tax online before) Am I correct? Many thanks for advise.
  • RE: Set up new business in August 2022

    Hi HMRC staff, Thanks for your reply. And if I won't claim anything and do not plan to pay voluntary Class 2. Should I need to complete the CWF1 if I earn less than GBP 1000 with using Tax-free allowance? or just tell HMRC in my SA return 2022/23 in the additional part? Thanks for advise.
  • RE: Set up new business in August 2022

    Hi HMRC staff, Thank you for your reply. And I have more question. Should I still need to complete CWF1 if I earn below GBP1000 with using tax-free trading allowance? Thank you.
  • RE: Set up new business in August 2022

    Hi HMRC staff, Thanks for your information. And I would like to ask should I need to fill form CWF1 first when I started the business on August 2022, after that fill SA tax return 2022/23 (2 steps) or just tell HMRC I am self-employed through SA return at once in tax year 2022/23 before 5/10/2023 (one step)? Thanks for advise.
  • RE: Set up new business in August 2022

    Hi, Thanks for your reply. After studied the guidelines, in my understanding, should I register sole trader through self-assessment before 5 October 2023 (i.e. between 5 April 2023 to 5 October 2023) if I set up my business on August 2022? Am I correct? Many thanks
  • Pay VAT for import goods from overseas

    Hi, I would like to ask if I buy goods (not excise goods and gift) worth less than £135 from overseas and already paid tax to that country when I purchased, then import those goods into UK by overseas shipping agency, should I need to pay VAT or delivery charge? Many thanks for advise.
  • Set up new business in August 2022

    Hi, I have finished my SA return on April 2022 of tax year 2021-2022. And I would like to start my new business in August 2022, should I register in sole trader through online (form CWF1) in August 2022(even I earn GBP 0 because I just start)? Or wait until next tax year 2022-2023 to tell HMRC which I am self-employed through SA return? For other question, if I earn less than GBP 1000, could I still register as a sole trader and pay voluntary NI class 2? Thanks for advise and many thanks for great help.
  • RE: Mixed fund and money transfer of foreign bank account

    Hi, Many thanks for your reply. And sorry that I just confirm on it. In my understanding, I only declare and pay tax on "interest", no need to declare and no need to pay tax on "capital" in coming tax return (5 April 2022) even I bring/transfer all money (mixed fund including interest and capital) from IOM bank into UK bank this tax year 2021-2022? Am I correct? Thanks again for great help.
  • RE: Mixed fund and money transfer of foreign bank account

    Thank you again for your information. Is it only declare "interest" and do not need to declare "capital" in tax return on 5 April 2022 even I transfer all money (including interest and capital) from IOM account into UK bank account in tax year 2021-2022? Thanks a lot.
  • Declare income of self-assessment return

    Hi, I have question about declare income. Because my parents transfer money as a gift and I also received the refund from the company in Hong Kong send to my foreign bank account, should I need to declare as foreign income? And I have the Mandatory Provident Fund in Hong Kong but I can’t take any money from this account, therefore the money remains in Hong Kong. Do I need to declare in self-assessment return in terms of foreign income (Pension part)? Thanks for advise.