HMRC Admin 32 Response

Hi,

If the foreign currencies are held outside the UK, the interest would be foreign income.

Thank you.

Hi,

Banks notify HMRC directly and you don't need to inform HMRC. Unless you are already completing a Self Assessment tax return.

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Hi,

Only one Government Gateway ID can be linked to Self Assessment. When accessing Self Assessment online, this can be done through the 'business tax account' or 'personal tax account' for the same login details. If the UTR number shown on the business account matches the reference in the penalty letters then it is the correct one.

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Hi,

Some repayments are submitted for additional security checks, if we have cancelled the repayment or require additional information you will receive a letter advising of the next steps.

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Hi,

If you contact our Income Tax team we can reissue a tax code.

Income Tax: general enquiries

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Hi,

If you are unable to amend this please contact our Income Tax team.

Income Tax: general enquiries

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Hi,

For tax purposes yes but any interest received would need to be split between the account holders. You may want to check with your bank though.

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Hi,

You should enter the gross payment to the pension scheme in box 1. This will extend your basic rate band, reducing the amount you pay tax at 40% on.

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Hi,

If you have not received a response you will need to contact our Income Tax team.

Income Tax: general enquiries

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Hi,

If the property is jointly owned by your parents, they each may have a capital gain tax liability if they gift the property to you and or your siblings. If a gain arises, they each will have 60 days from the completion date to report and pay any Capital Gains Tax.

There is a capital gains calculator at:

Work out tax relief when you sell your home

If you own your home (or a share in it) your tax-free threshold can increase to £500,000 if: you leave it to your children (including adopted, foster or stepchildren) or grandchildren and your estate is worth less than £2 million.

You may wish to speak to inheritance tax regarding any inheritance tax implications

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

You may also want to review the guidance at:

How Inheritance Tax works: thresholds, rules and allowances - Overview

Thank you.