HMRC Admin 34 Response
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RE: CGT liability
Hi,
If it has increased in value it will be liable for CGT. Please refer to guidance at:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you -
RE: Incorrect details submitted to Vinted HMRC Reporting
Hi,
HMRC cannot help you with the Vinted error. If you feel you need to report the income to us then you will need to complete a tax return. Please refer to guidance at:
Selling online and paying taxes - information sheet
Thank you -
RE: Capital Gains Tax Liabilities Calculation
Hi,
HMRC cannot comment on future events as legislation may change.
Thank you -
RE: Capital gains tax when property jointly owned husband/wife then only wife
Hi Fellwalker,
You will be sent a link on how to pay the CGT after you submit the disposal return. If you have no other reason for a tax return then you will not need to complete a tax return at the end of the year.
Thank you -
RE: Guidance on Determining Ties to the UK for SA109 - Box 12
Hi,
HMRC cannot advise you on this. Your residence is for you to determine based on the guidance available.
Thank you -
RE: Personal income tax allowance and self employed tax returns
Hi,
If you are a sole trader, you complete a self assessment tax return, with which you declare your world-wide income, so you would complete the self employment section (SA103S) and the employment section (SA102) and any other appropriate section or supplementary page. If you have created a limited company, you are not a sole trader and you would complete a business tax return, which is different to a self assessment tax return. The business tax return is only for your business.
Thank you -
RE: Self-employment question for turnover less than £1000
Hi,
Yes. You need to declare your gross self employment income even if it is below £1000. You can chose to set the trading income allowance against this profit or claim expenses to set against it, but not both.
Thank you -
RE: Split year treatment of UK retirement pension income
Hi,
You would only include that proportion of your pension you received since returning to the UK on 01 September 2023. Any pension received before that date will be taxable in the other country.
Thank you -
RE: Tax-free allowances on trading income
Hi,
As you are in receipt of foreign income, you meet the criteria to be required to complete a self assesment tax return (even if your total self employment income is below £1000). You would declare the foreign self employment income in a SA103S. If any overseas tax was deducted, you will need to request a certificate of residence for that country, so that you can reclaim the tax deducted by them.
How to apply for a certificate of residence to claim tax relief abroad
Thank you -
RE: Re-activating sole trader business - increase to payments on account needed?
Hi,
You would need to contact our Self Assesment team to make them aware of your change of circumstances. They can reactivate your self assessment record.
Self Assessment: general enquiries
Thank you