HMRC Admin 32 Response

Hi,

Please find guidance in the link below.

Tax on foreign income

Thank you.

Hi,

Yes, both qualify as it is still part of your business.

Thank you.

Hi,

If the expenses were taxed through payroll then you do not need to declare them separately on your Self Assessment.
If not taxed through the payroll then you should receive a P11d from your employer.
If allowable expenses then you can then claim relief back on the employment section of your tax return.

Thank you.

Hi,

1. Yes, this is correct.   
2. If the actual disposal was in excess fo £50,000, yes.  
3. Yes you can carry it frward as long as it is notified to HMRC within 4 years of it arising. whether a return is needed or not is answered at pont 2. if no return, then you would send a letter with the information to:
   
   HMRC PAYE & Self Assessment
   BX9 1AS

Thank you.

Hi,

You can declare untaxed interest from your banks in the 'Untaxed UK Interest etc' box, towards the end of your return (your partner would do the same in his return). The amount of bank interest in your 2023 to 2024 code is a predicted amount, based on the previous years' confirmed figure.
Entering 2023 to 2024's bank interest in your 2023 to 2024 return confirms whether there is more or less tax to pay (if any) on the predicted amount in your code.

If your partner wishes to cease filing Self Assessment returns, he should inform us. He can do so here:

Self Assessment tax returns

After this, bank interest will be taxed through PAYE, where we receive figures automatically from your banks following the end of the tax year.

Thank you.

Hi,

Please refer to guidance using the link the below.

Tax on foreign income

Thank you.

Hi madunse,

Contacting a source of income for verification is one of a number of things we may have to do as part of conducting security checks on your repayment, this was given as a potential reason for the delay you've experienced.
Ultimately, these checks are conducted to ensure the safety of your record.
If you wish to formally complain, you can do so via:

Complain about HMRC

Thank you.

Hi,

There is no basis where there income would not be taxble. The guidance is stating that you will be taxed in the same way, regardless of whether you receive cash distibutions or the equivalent is re-invested. Both methods are taxed equally, so that there is no befit of one over the other.

Thank you.

Hi,

Correct. Your gross turnover is reduced by £1000, leaving the net proft to be taxed at the relevant tax rate, which you state is 40%.

Thank you.