HMRC Admin 32 Response

Hi,

This will be the employers PAYE reference number.

Thank you.

Hi,

If the property was included in probate at the time of inheritance, you should use that figure as the inherited value, when working out capital gains liability.

This is a figure approved by the courts, which is acceptable to HMRC.

Where there was no probate, you can use the market value of the asset at the date of death.

You may need to submit a request for a valualtion (CG34) where there is no formal valuation.

Post transaction valuation checks for Capital Gains (CG34)

Thank you.

Hi,

Yes, it does.

Thank you.

Hi,

You would declare the dividend on SA106 (foreign) and include the tax withheld in the USA, in the section for dividends. You can claim a tax credit for the foreign tax withheld

Please see below or on the foreign section of the online return.

Foreign (2023)

Guidance notes can be found at:

Foreign notes (2022-23) - Use these notes to help you fill in the Foreign pages of your tax return

Thank you.

Hi,

In your Self Assessment Tax Return, the UK VAT is included in the declared gross profits. In SA103F the UK VAT is declared as an expenses, so that it can be deducted from the gross profit, along with the other expenses.

If you make General Rule Supplies overseas then these would be classed as Outside The Scope of UK VAT and would not go towards your turnover for VAT registration purposes and so you could ignore the £1000 supply as regards your turnover.

Please see the guidance below:

Place of supply of services (VAT Notice 741A)

Who should register for VAT (VAT Notice 700/1)

Thank you.

Hi,

Yes, that would be correct.

The taxable profit would be your net income.

If you are using the exemption amount £7500 to calculate your taxable income then yes it would be the gross income minus the exemption amount.

Rent a room in your home

Thank you.

Hi Ashanth,

If the company automatically reinvest the dividends then no. If you choose to reinvest you will have already received the payout so these are taxable.

Thank you.

Hi,

For assistance you will need to contact our Online Helpdesk.

Technical support with HMRC online services

Thank you.

Hi,

The capital gains liability arises in the tax year in which the completion date of the disposal occurs, even if part of the disposal is paid in an earlier tax year.  
The calculation is based on the disposal value minus allowable costs.  
The gain should be declared on SA108 (Capital Gains) and SA108 (Foreign) along with SA100 (tax return) so that you can claim a credit of up to 100% of the capital gains tax paid in Hong Kong.

Thank you.

Hi,

We are unable to comment on the insurance question as this would be a query with the trading platform not HMRC. Secondly as you are not a UK resident you would not pay capital gains tax on any UK assets other than UK land and property as a non resident.

Thank you.