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  • RE: Property sold in UAE with Capital Gain below £12,300

    Thanks. The guide says "You’ll need to report and pay Capital Gains Tax if your taxable gains are above your allowance". Can I interpret that as "You DO NOT need to report and pay Capital Gains Tax if your taxable gains are NOT above your allowance"?
  • Property sold in UAE with Capital Gain below £12,300

    I am a UK tax resident. I bought an apartment in Dubai before relocating to the UK and recently sold it with a capital gain of £2,490 only. Do I still need to declare this on my Self-Assessment Return? Thank you.
  • Activation Code error

    I requested an Activation Code for Corporation Tax recently. The code arrived by post in time (ie, well before the its expiry). I logged in to HMRC online with the correct Government ID that corresponds to my company and the right company UTR. However, the system kept saying my code is incorrect. After 3 attempts, it locked me out and prompted me to 'request access to Corporation Tax' again. Once again the system returned the following error message: 'There's a problem. This information does not exist for Corporation Tax, or it has already been used to request access to this tax or scheme.' Can I please have your advice on what to do as I'm unable to call the HMRC helpline due to my day job commitments? I am happy to disclose my UTR and company no. here if that's allowed. Thank you so much.
  • RE: Paying NIC on Foreign Property Rental

    Thank you so much. Can I ask 2 follow-up questions: (1) When declaring her foreign rental income, how can she specify on her form that this is "just" rental income and not a trade? (2) I forgot to mention she has subscribed to an annuity policy abroad. When repatriating those income to the UK, are they subject to Income Tax only, or both Income Tax and National Insurance? Thanks again.
  • Paying NIC on Foreign Property Rental

    Hi HMRC, I have a question exclusively on the NIC changeability on foreign property rental income. On your website it says one would have to pay Class 2 NI if the profits are over £6,515/year and all of the following apply. - Being a landlord is your main job - Renting out more than one property - Buying new properties to rent out For an elderly family friend who's slightly below the State Pension age, she - Sustains her living through renting out properties (55% of income) and derives dividend income from US stocks investment (45% of income) - She rents out 2 properties in the UK and 1 property outside the UK - She has no plan to acquire or rent out more properties In this circumstance, will she still be responsible for paying Class 2/4 NI? If not, how should she indicate that on her Self Assessment Return so that she will not be chargeable for NI? Thank you so much.