HMRC Admin 32 Response

Hi,

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 will help you work out if split year treatment applies. 

RDRM12150 - Residence: The SRT: Split year treatment

HMRC cannot advise you on which case this applies under as it is up to you to determine this based on the guidance available. You cannot file online if applying for split year treatment as the SA109 is not compatible with our system. You will need to file by paper or buy commercial software

Thank you.

Hi,

You will not be due full residence relief as you have not lived in it for the whole period of ownership. Whilst you were posted overseas, you then chose not to return to the property so the period overseas will only count up to this date. Further guidance is at:

HS283 Private Residence Relief (2023) - Calculating the gain where only partial relief is due

Thank you.

Hi,

Based on this information, no.

Thank you.

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.

Hi,

You still need to recognise this as a gain irrespective of where the funds then end up.

Thank you.

Hi,

Please refer to:

Self Assessment tax returns

If you do not meet any of the criteria, no return is required.

Thank you.

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.

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.

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.

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.