HMRC Admin 32 Response
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RE: SIP proceeds as relevant earnings for SIPP
Hi,
It depends if the original deductions were under net pay or not as this would have reduced your taxable income previously. If they are, then yes it is classed as relevant earnings as the refund would be added to your normal pay.
Thank you. -
RE: CGT when rolling over an investment
Hi,
You still need to recognise this as a gain irrespective of where the funds then end up.
Thank you. -
RE: Do I need to send the self assessment?
Hi,
Please refer to:
Self Assessment tax returns
If you do not meet any of the criteria, no return is required.
Thank you. -
RE: Currency Rate for GBP Conversion in my tax return
Hi,
You can use any of the spot rates for the tax year at:
Exchange rates from HMRC in CSV and XML format
Thank you. -
RE: Catching up on previous year's Class 2 contributions - NOT through PAYE?
Hi,
Registering for self assessment is not the same as self employed and as no class 2 was showing, The orignal registration did not show this. For earlier years, you will now need to pay this direct.
Pay Class 2 National Insurance if you do not pay through Self Assessment
With regards to the questions on underpayments, we cannot answer those on the forum as personal information would need to be given in order to access your record. You may therefore want to contact our Income Tax team if you are still unable to answer these.
Income Tax: general enquiries
Thank you. -
RE: Currency Exchange (gain and loss)
Hi,
If the currency exchange was for personal use there is no gain to report. If you are actually trading currency then this would be capital gains. Tax would be due on any gain for 2023 to 2024 over £6000
Thank you. -
RE: Sell the oversea property but finally failed completion
Hi,
Please refer customer to CG12390 & CG12340 which apply in this case.
CG12390 - Options: forfeited deposit of purchase money
CG12340 - Options: abandonment of an option
Thank you.
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RE: Self-assessment tax return 2022-2023
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RE: self assessment tax return
Hi,
When declaring income and gains in a Self Assessment Tax Return, the figures declare are in whole pounds only. You can round up or down to a whole pound in your favour. You would not need to declare £0.10 as you can round this down to £0.00.
If you meet the critieria form split year treatment, you will need to register for self assessment to claim split year treatment. Otherwise, you would need to declare your world-wide income for the whole tax year which a tax return would also be required. Have a look at section 9 of RDR1, regarding the remittance basis and small amounts of foreign income.
Residence, domicile and the remittance basis: RDR1
Thank you. -
RE: ICI share price 31 March 1982
Hi,
This is not information held by HMRC. The London stock exchange may be able to help.
Thank you.