HMRC Admin 32 Response
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RE: Second job tax
Hi,- It is up to you what you cxonsider to be your main employment and if you wish to make the 2nd job he main one, you will need to contact us to have this updated.
- Again this is a choice for you.
- If the dividends are over £1000, you will need to notify HMRC. If they are over £10,000 these need to be declared in a Self Assessment Tax Return.
- Again this is your choice. This all relates to financial advise which we are not authorised to give.
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RE: Applying Digital Nomad Scheme but still PAYE employee
Hi,
This depends on what you class as your residence status.
See guidance at:
Tax on your UK income if you live abroad
Thank you. -
RE: Reporting savings interest
Hi,
As it is a joint account, you both need to declare 50/50 on the interest. You only need to be in Self Assessment if the intereest is over £10,000. the banks normally notify HMRC of your interest and after the year end we will issue a calculation if there is any additional tax to pay. You can pay this in your tax code if under £3000.
Thank you. -
RE: Reporting savings interest
Hi tonycee,
You would enter the gross amount of untaxed interest and the net amount of taxed interest. Self assessment will apply the relevant threshold in the calculation.
Thank you. -
RE: HMRC cheque for tax refund
Hi Jasper715124,
If you contact our Income Tax team, we will be able to send a copy of the document HMRC received which will also advise if any repayment was to be sent to the company or just the PPI refund.
Income Tax: general enquiries
Thank you. -
RE: Transfer from SAYE into an ISA
Hi,
The guidance at below advises that you will not pay capital gains tax if you transfer the shares to and ISA withing 90 days of the scheme ending.
Tax and Employee Share Schemes
If you do not transfer your shares to a pension immediately when the scheme ends, you can still transfer them up to 90 days later. You may have to pay Capital Gains Tax if they go up in value between when you buy them and when you transfer them.
Thank you. -
RE: Remittance basis and arising basis
Hi,
The Mandatory Provident Fund (MPF) is not taxable in the UK and does not need to be reported to HMRC.
Thank you. -
RE: Cash gift from parents outside UK
Hi Aurelie,
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: Am I eligible for the Marriage Allowance?
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RE: Cash gift from parents outside UK
Hi Gary,
You will need to consult your bank to ascertain what evidence they require.
Thank you.