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  • Self Assessment on employment income

    Hi there, If I have employment income and that should already reported by the employer to HMRC, I need to do self assessment on taxable interest / dividend, do I still need to report the employment income in the form or can leave them blank and only fill in the interest / dividend part? Thanks
  • 85,000 turnover for currency trading

    Hi There, I file a self assessment for regular currency trading as income and registered as sole trader, the first page asked if the turnover is more than 85,000 and I understand it is for the VAT so not related to currency trading. As currency trading must over this 85,000 threshold which is not applicable, should I still answer yes to this question? Thanks
  • RE: CGT report if no payable tax

    Hi there, Thanks for reply. May I clarify I only need to report those transaction worth more than GBP49,200 or I have to report all transactions regardless the amount? Thanks
  • CGT report if no payable tax

    Hi there, I have question on the reporting need of CGT (I will need do a self assement on my other income so anyway I need to do file a return). I have sold a property oversea (which worth more than GBP 49,200), after deduct all cost there is no gain in the transaction. I have also sold some investment assets (some of them worth more than GBP 49,200), there are loss in these transactions thus no tax payable on them . I would like to ask how should I report the CGT in this case? Should I 1) Report all transactions including the oversea property and investment asset regardless the value of the disposed assets, 2) report only the assets worth more than GBP 49,200. 3) no need to report as no taxable gain or 4) others? Thanks for your help in advance.
  • RE: Not yet registered VAT in UK and selling online

    Thanks for reply. For this case when I sell in UK, should I show as "Tax included" (As it is a final price) or "Tax excluded" (as I am actually not collecting tax..) or any other options to avoid confusing to the buyer? Thanks again for your advice.
  • RE: Investment portfolio with mix of income/captial gain/loss

    Hi, Can I further ask where can I find the definition of "business purposes and trading" regarding this matter ? Thanks
  • Not yet registered VAT in UK and selling online

    Hi there, I import stuffs from Asia to UK (items will physically arrive in UK) and selling online (to UK and EU mainly), I not yet register for the UK VAT as I believe the begining of the business will be far below the 85,000 threshold. When I import the stuff I should have paid the UK VAT, but as I am not registered so I cannot charge VAT to the customer when selling online (please correct me if I am wrong). So does it mean I will have the absorb the VAT in my price selling to customer? Second, if I am selling to EU, as the customer should no need to pay the UK VAT, can I reclaim the VAT I paid during import on those transactions? Thank you
  • CGT for selling an oversea main home after came to UK

    Hi, I am not very sure on the relief that I can have when selling my home in HK. The property was purchased in May 2019, that is my main and only home in HK until I moved to UK in May 2021 and I did not let the property out. (i.e. leave it unoccupied). Currently I rent a house in UK. I will sell the HK property around May 2022. Should I get the full relief (i.e. no CGT) as it is my only home that I have although I lived away since May 2021? In another situation: I am in progress to purchase a proerty as my home in UK, if everything ok I will have a property in UK in Feb/Mar 2022, will it affect the CGT when I sell the HK property? Thank you.
  • RE: Investment portfolio with mix of income/captial gain/loss

    Hi, Thanks for reply. I am a bit confuse the term "personal captial gain", I register myself as self employment as my "job" is to manage the investment portfolio which has both short term and long term trades. Shouldn't all the profit and loss generated from that portfolio are part of my income? That should be similar to setup a legal entity to hold all the investment under the entity name, in case if I hold all these investment in a legal entity then can I treat all profit/loss together as the company's profit/loss? Thanks
  • Investment portfolio with mix of income/captial gain/loss

    Hi, I am managing my own investment portfolio, with long/short frequent trading as well as long hold of position. I will registered as sole trader for the tax purpose. The long/short frequent tradings are likely be classified as income, and my long hold positions may be hold for months / years. As they are inside the same investment portfolio, can I net all income/loss and captial gain/loss of all holdings/ trade and report as income for tax purpose? As they are inside the same profolio the statment from the broker has everything together and I am not likely can seperate them out. If I must need to seperate them out, does it mean I cannot use the captial loss to offset my income? Thank you