HMRC Admin 32 Response

Hi,

The contact methods for Income Tax are listed here.

Income Tax: general enquiries

Thank you.

Hi,

As the trust is now wound up, a trust and estate tax return covering the period to cessation will be required, usually do this after the end of the tax year in which the cessation occurred.  

The beneficiaries, would still need to declare their trust income on a Self Assessment Tax Return for the tax year in which the trust was wound up. The trustess would still need to provide the beneficiaries with R185 (trust income) to allow then to report the income.  

For further information, please contact the trust helpline Number: 0300 123 1072
Overseas: +44 300 123 1072
9.00am to 5.00pm Monday to Friday Closed bank holidays (including Scottish bank holidays)  

Alternatively, write to HM Revenue & Customs Trusts BX9 1EL.

Thank you.

Hi,

It would be this address.

Self Assessment: general enquiries

Thank you.

Hi,

The maximum tax free payment into a pension scheme anyone can make in a tax year, is £40000.00 or up to their annual salary, if their annual salary is below £40000.00. A carry forward of unused pension allowance, can on occasion increase this theshold. Any payments into the pension scheme above the threshold are subject to tax and are declared in a Self Assessment Tax Return.  

For very high earners, this threshold of £40000.00 can be reduced down to £4000.00 and is called the "tapered annual allowance".

 PTM057100 is used to calculate the pension threshold where an individuals income exceeds £240000.00 in the tax year. For every £2.00 over this threshold, the £40000.00 threshold is reduced by £1.00, down to a minimum of £4000.00.  This is ""adjusted income"" and is not the same as ""adjusted net income"".  Adjusted net income is used to calculate High Income Child Benefit Charges and Personal Allowances.

A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions.  A percentage of your pay is put into the pension scheme automatically every payday. In most cases, your employer also adds money into the pension scheme for you.

You may also get tax relief from the government.  

Workplace pensions  

Where tax relief is given at source (the employer deducts the pension payment before calculating the tax due), then the pension payment should not be included in working out adjusted net income, as these payments are not taxed and have already reduced the income subject to tax. Where pension payments are made after tax is deducted, the employer can claims 20% tax relief, to add to the pension pot. Individuals who pay higher rate tax, can then claim personal pension relief, to claim a further 20% tax relief.  

A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in return for a non-cash benefit, in this case a pension.

Thank you.

Hi suresh,

Offshore income, is any income or capital gains, arising outside the UK. As a domciled UK resident, you are taxable on your world-wide income. Any foreign income or gains, chargeable transfers, should be declared on a Self Assessment Tax Return. You will need to convert the undeclared income into pounds sterling.  

You can check interest and penalties at:

HMRC interest rates for late and early payments

Thank you.

Hi MStirling,

There is a Capital Gains Tax calcuator below which will help you determine if there is no UK capital gains tax to pay.

Tax when you sell your home

If there is none as you say, then there would be no tax charged against bringing the money from the sale of the property to the UK, unless the money generated interest, in that case, the interest  may be taxable.

Thank you.

Hi,

1. 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.  
2. Again this is a choice for you.  
3. 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.   
4. Again this is your choice. This all relates to financial advise which we are not authorised to give.

Thank you.

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.

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.

Hi,

The Mandatory Provident Fund (MPF) is not taxable in the UK and does not need to be reported to HMRC.

Thank you.