L lyluk2023

I’m filling my first Self Assessment for the 2023/24 tax year. My incomes in the tax year largely came from bank saving interests. I had huge expenses in the 2024/25 tax year which reduced my savings by one half. As the saving interests I will get in the 2024/25 tax year will be reduced by one half, I would like to claim a reduction in Payment on Account in the 2023/24 Self Assessment. Do I need to attach any supporting documents for the claim in reduction? If yes, what documents should I attach?

In July this year, I registered for Self Assessment for the first time. I was an individual sole trader in the 2023-24 tax year without employing anyone nor setting up any company. I already got UTR and a letter from HMRC suggesting that I need to file my tax return for the tax year. When I logged into Government Gateway, I found 3 sections: Business Tax Account, Self Assessment and Personal Tax Account. In the Business Tax Account, there is a link ’Add a tax to your account to get online access to a tax, duty or scheme.’ When I clicked the link, all the options including corporation tax, PAYE, self assessment for partnerships or trust, VAT, as well as other schemes seemed irrelevant to me. My questions: a) Should I ignore the link? Have I completed registering for the Business Tax Account? b) Can I start filing Self Assessment tax return right away? c) I will not claim split year. Can I file my tax return using HMRC online services instead of commercial software?

Dear HMRC Admin 25, Thank you so much for your reply which is very clear and useful! I moved to a new place in this June. When I tried to register for Self Assessment (add a business tax account), I updated my home address and my business address is same as the new home address. The system did show both my new and old home address. When I tried to submit my registration on the Declaration page, the system kept showing the following: ‘The personal details entered do not match the personal details held for you by HMRC. The personal details known to HMRC are …. (my old address). If your personal details are incorrect or they have recently changed, you can update them in your Personal Tax Account (a link). Selecting ‘Next’ will use the personal details held by HMRC for the registration. ’ I failed to update my home address to the new one by clicking the Personal Tax Account link. Neither was I able to complete my registration by clicking ‘Next’. The above message kept reappearing. What should I do? By the way, I did not create any Personal Tax Account in the HMRC system. 2023/24 is my first tax year and this is the first time I register for self assessment. I did not enter my old address in the HMRC system before this registration. The system showed my old address automatically. Why did this happen?

I’m in the process of registering for self assessment for the first time. I became a tax resident in the 2023/24 tax year. In the tax year, I was a self-employed freelancer. I did not employ anyone. I took up freelance projects as an individual. I did not set up any company when taking up freelance jobs. When registering for the self assessment, I was asked what types of tax I want to register the business for. Should I choose Self Assessment only? Do I need to register for Corporation Tax and PAYE for Employers? (I will not employ others, neither will I set up a company to take up freelance jobs)

Many years ago, before becoming a tax resident in the UK, I used foreign currency X to buy foreign currency Y. I became a tax resident in the UK in the 2023/24 tax year and converted foreign currency Y to sterling to support my living here. Do I need to report such conversion (from Y to sterling) in the 2023/24 self-assessment? If yes, how? Report this under capital gain tax?