HMRC Admin 32 Response

Hi,

No. It is the actual writing of the book that counts as the trade.

Thank you.

Hi,

Please refer to:

Tax on foreign income

Thank you.

Hi,

Please refer to:

Claim tax relief for your job expenses

Thank you.

Hi,

There may be tax to pay when you sell it as you have not lived in it for the whole period of ownership.

Private Residence Relief (Self Assessment helpsheet HS283)

Thank you.

Hi,

Yes, you should still receive interest on both.

Individual Savings Accounts (ISAs)

Thank you.

Hi,

Your losses can be carried forward to future tax years and set of against profits in that tax year. On your Self Assessment tax return, there is a box for losses carried forward. As this is a new business, you are also able to carry back the losses to a year before and set against income, provided you did not use the cash basis of accounting.  
You will need to claim this in your tax return (on SA103F box 80 or online box named "Total loss to carry forward after all other set-offs".  Have a look at the guidance on losses on helpsheet HS227.

HS227 Losses (2024)

You can set all of your losses against the net profit, if your losses are less than the net profit. A warning in the online return, is only bringing something to you attention, just so that you can review the box and ensure that it is the right box and the figures are correct. It is not an error.  
If you are happy with the entry when you receive a warning, all you need to is click on save and continue to move to the next part of your return.  
The loss carried forward from the previous tax year is shown on SA103F at box 74 or online in the box named "Loss brought forward from earlier years set off against this year’s adjusted profit".  
This is the amount of loss from the year before that you are using in this tax return.
Thank you.

Hi,

In my reply, I stated that "if a contract has been signed, then this may be considered as income but again that will depend on whether the hourly rate is the same as, higher than or below the standard rate of pay for a care worker.  If it is at least 20% less than the standard rate then it may not be deemed as taxable".  This would be the gross rate of pay.
Thank you.

Hi,

As a UK resident, you would be subject to UK rules on capital gains on the disposal of the shares.  
You would be required to report the disposal in a Self Assessment tax return, where a gain arises, in the capital gains section, which on paper, is SA108. 

Self Assessment tax return forms

If tax is withheld in the USA, you would need to review the UK/USA tax treaty, regarding capital gains taxation. If you have to pay tax in the USA, you can claim up to 100% of the foreign tax in the foreign section of the tax return (on paper SA106).

Thank you.

Hi,

The maximum you can deposit in the ISA is £20000. Any interest that accrues remains in the account (unless you take it out) and is tax free. In this way, the balance can exceed £20000, but the amount deposited does not.

Thank you.

Hi,

It is entirely your choice whether to report the losses or not. You have 4 years from the end of the tax year the loss arises.  
If you declare the losses within the allowed time-frame, you can carry them forward and set them against a future gain.  
If you are required to submit a tax return, you claim the losses in the capital gains section.  
If you do not need to complete a tax return, you submit your loss claim in writing to H.M. Revenue and Customs Pay As You Earn BX9 1AS.  In either case, supporting evidence should be included, such as calculations of the losses.

Thank you.