HMRC Admin 32 Response
-
RE: Prior year income under 2.5k with loss - record for next year relief?
Hi,
You dont need to do the return if you have no other self assessment criteria. However, you do need to let HMRC know of the rental income received and any expenses for the 2022 to 2023 year so that any loss is recorded. This should be done in writing so that the loss is known before you submit the 2023 to 2024 return after April 24.
Thank you. -
RE: Foreign income from dividends and interest
Hi,
Yes, that is correct.
Thank you. -
RE: Am I self-employed or employed?
Hi,
If you are a writer as a trade, the royalties would form part of your self assessment. If not, you declare these as other taxable income in box 17 on page 3 and must be converted to sterling.
Thank you. -
RE: BLT - Property Expenses
Hi,
The expenses in 1-3 can be claimed against the rental. The DIY tools cannot as these can be used for personal use. The paint and flooring wil lbe claimed under repais and maintenance, box 25. The council tax can be claimed under rent, rates at box 24.
Thank you. -
RE: Dividends, interest.
Hi,
If it is foreign income then yes, If it is from the UK, no.
Thank you. -
RE: tax implications when transferring money to my partner's current account
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Certificate of Residence for tax purposes
Hi treborsenots,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Personal loan made by overseas company
Hi,
That is correct.
Thank you. -
RE: Tax Reduction
-
RE: Apply for Self assessment tax return 2022-2024
Hi,
If you are claiming split year treatment, then yes. If you qualify for split year then you only report any foreign income for the UK part of the year.
RDRM12000 - Residence: The SRT: Split year treatment
If you do not qualify then you will need to report all your foreign income to the UK.
Tax on foreign income
The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies.
Thank you.