HMRC Admin 32 Response

Hi,

If there is not an options shown for an earlier tax year then a notice to file a Self Assessment tax reurn has not been issued. You would need to register for Self Assessment for that tax year to update the online account.

Check how to register for Self Assessment

The £100 penalty is for late filing of the tax return so if more than one tax return outstanding then would be £100 for each tax year. 

Thank you.

Hi,

If the pension contributions are from your net income and you are a higher rate tax payer then it would be the net contributions plus the basic rate relief claimed by the pension provider that would be deducted for the adjusted net income. 

Thank you.

Hi,

Unfortunately, we are unable to comment on tax matters relating to France. In the UK, there is no capital gains tax liability from the transfer of assets between spouses and civil partners and the gains from disposals of assets can be split 50:50.

Thank you.

Hi,

There is no tax liability in the UK on the payments to your life insurance policy. When the overseas policies mature or are redeemed, you will be given a chargeable event certificate, which will mean that you will need to complete a Self Assessment Tax Return online, declaring the gain in the foreign section.  
Where more that one policy martures or is redeemed in the same tax year, you cannot submit an online tax return. Instead you will need to delcare on a paper tax return (SA100, Sa106), as HMRC will have to work out the tax due to be paid.

Thank you.

Hi,

We cannot commment on your calculations or provide financial advice. Income tax liability is calculated before capital gains liability is calculated. The more of the basic rate band that the income uses, the less of the lower rate of capital gains is available, increasing the amount taxed at the higher rate of capital gains. You will need to add up all of your income, from employments, self employments, interest, dividends and so on, to work out how much is taxed at 20%. Any of the basic rate band unused, can be applies as the lower rate of capital gains.

You can report and pay the capital gains online using the link below or by completing a Self Assessment Tax Return.

Report and pay your Capital Gains Tax

Thank you.

Hi,

The self employed overseas income, should be converted to sterling and declared in the profits of the self employment section. If overseas tax was deducted, you should also declare on the foreign section, otherwise there is no need to declare in the foreign section. The income declared on the foreign section is not used to calculate the tax liability, but the tax paid can be claimed as a credit against UK tax liability. Although you are reporting theincome in two places you are not being taxed twice on the income shown in the self employment section.

Thank you.

Hi Harley,

There is nothing in the UK, as these are US taxes and we cannot advise you on how US tax works.

Thank you.

Hi Jim,

In the listed shares section of the capital gains part of the online tax return, you enter the number of disposals, the disposal proceeds, the allowable costs, gains in the year (before losses) and then losses in the year.  
You do not need to itemise each of the disposal, instead enter summary figures. You can attach a pdf file further on in the tax return showing each of the transacions to support your summary figures. Each box has a blue triangle, click on this for additional information.

Thank you.