HMRC Admin 34 Response

Hi,
If your gains for the whole tax year are less than the annual exempt allowance, there is no requirement to report the gain to HMRC. This applies for each tax year. There is no requirement to report losses to HMRC. If you wish to set those losses against a future gain, then you must declare the losses in writing (if you do not have to complete a tax return) with supporting evidence, within 4 years of the end of the tax year the losses arise. In a tax return, the losses are claimed in the capital gains section (SA108) along with supporting evidence.
Thank you

Hi,
Please follow the guidance at:
Calculate interest and penalties for tax years ending 5 April 2004 to 5 April 2023
You disclose the tax using the world wide disclosure facility at:
Make a disclosure using the Worldwide Disclosure Facility
Thank you

Hi,
As you have paid tax on this income already, there would be no further tax on this capital. Any interet that the capital generates would be taxable and should be declared.
Thank you

Hi Paul W,
You can only put it back in the same ISA, without reducing your current year allowance. Please have a look at the gudiance at:
Individual Savings Accounts (ISAs)
Thank you

Hi,
As long as you are not UK tax resident when you dispose of a UK residential property, you can use the rebasing value from April 2015. Please have a look at the guidance, which includes a calculator:
Work out your tax if you're a non-resident selling UK property or land
Thank you

Hi,
As you could not open two of the same types of ISA at that time, you would need to decide which ISA should be closed. Interest from the ISA that is closed is taxable and should be declared. You should discuss this with your ISA providers. Legislation has changed and you can now open more than one ISA of the same type in the same tax year.
Thank you

Hi,
CG64985 advised that for disposal on or after 6 April 2020, the final period of ownership that qualifies for relief is 9 months, unless the disposal is by disabled persons or persons in care homes. Please have a look at the guidance at CG64986 for more information:
CG64986 - Private residence relief: final period exemption
Thank you

Hi Banjo,
The correct way of computing trading profits for tax purposes was to bring in opening stock and closing stock into the computation at the lower of cost or market value (the modern rule being the lower of cost and net realisable value) as advised at BIM33110:
BIM33110 - Stock: valuation: tax treatment of trading stock
You will need to determine the value of the opening stock you bring into the business.
Thank you

Hi,
The rental income arrears you received would be classed as rental income which would be declared as normal in your Self Assessment return.
Thank you

Hi,
If you dispose of the crypto currency for more than you acquired it for, you have a gain. If the gain exceeds the annual exempt allowance, then you need to report your 50% share of the gain. Please have a look at the guidance on tax when you sell shares as this will apply to crypto currency.
Tax when you sell shares
Thank you