HMRC Admin 32 Response
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RE: Gift from Overseas
Hi,
There are no Income Tax implications of receiving cash gifts, you will report the interest you receive from bank and investment at the end of the tax year.
You may wish to check if your gift may be subject Inheritance Tax.
Have a look at:
How Inheritance Tax works: thresholds, rules and allowances
Thank you. -
RE: Tax return for self-employed in Ukraine
Hi,- If the payment service is based in the UK, then the monies would be considered brough into the UK, if paid into that service. If not using the remittance basis, then you are using the arising basis and would declare your world-wide income / gains in the tax year that it arises.
- The remittance basis relates to overseas income or gains not brough into the UK. If you used your UK income, to purchase appliances, such as laptops for your work, then you can claim business expenses.
Expenses if you're self-employed
- Yes, class 2 and class 4 NIC would still be payable.
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RE: When can I claim for EIS loss
Hi,
This loss occurred February 2023 , which is the 2022 to 2023 tax year. The losses can only be claimed in this tax return.
Thank you. -
RE: US Social Security
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RE: Loss brought forward from earlier years set-off against 2022-23 profits
Hi,
If the loss you are bringing forward is more than your profit for this year, you will get that error message. You would only input the same amount as your profit. Any balance then left will be carried forward to next year.
Thank you. -
RE: Mileage claims
Hi,
No, you need to deduct your normal commute.
Thank you.