HMRC Admin 32 Response

Hi,

You will need to contact HMRC to trace and allocate your payment.

Self Assessment: general enquiries

Thank you.

Hi,

Please refer to:

Tax on your private pension contributions

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Hi,

You should answer yes to the question about bank interest and you should include the figures as shown on the P45.  

HMRC will have recieved updated pay and tax figures from your employer, which you can see through your account.  

The revised figures will be used to calculate any repayment of tax due.

Thank you.

Hi,

Form SA1 is where you are not registering as self employed. As you intend becoming self employed you register for Self Assessment differently, so that national insurance is also notified.  

This is done by following the guidance at:

Set up as self-employed (a 'sole trader'): step by step

If you have not commenced self employment yet, but know when you are likely to start, you should use the date you belief you will commence trading.  

If you are unable to register online, you can complete the online form CWF1 below, 

HMRC: CWF1

You can print it off and post to:

Self Assessment HM Revenue and Customs
BX9 1AN
United Kingdom

Please note that sending the completed form by post will take longer to process.

Thank you.

Hi,

Please have a look at the guidance on valuing intellectual property.

Valuing your intellectual property

You may also find advice from the valuation office at:

Contact VOA

Thank you.

Hi,

We cannot advise you how much to pay into your pension scheme.  

We can only state that for every £2 that your income is over £100000, your personal allowance reduced by 1.  

The maximum you can pay into your pension scheme and receive tax relief for, in 2023 to 2024, is £60000 plus any unused threshold carried forward from the 3 previous years.  

For an answer to how much to pay to a penson scheme, you would need to seek the advice of a financial adviser.

Thank you.

Hi,

If you are a higher rate tax payer then you would be entitled to £500 Personal Savings Allowance. Details online at:

Tax on savings interest

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Hi,

As there is no Capital Gains Tax liability arising from the transfer of assets between spouses and civil partners, you are considered to have acquired your wife's 50% at the value the share of the property was acquired for by your wife.  

If you dispose of 50% of the property to someone who is not at arms length, you are required to use the market value of the asset when calculating Capital Gains Tax.

CG14541 - Consideration for disposal: market value rule: at arm's length

The difference between 50% of the market value at the time of disposal and 50% of the acquisition costs is either a gain or a loss.  

There is a calculator below, to help you calculate any liability and provide guidance on reporting and paying Capital Gains Tax within 60 days of the completion date.

Tax when you sell property

Thank you.

Hi,

If you were Uk resident when you gifted the property to your son, you would be subject to capital gains on the market value of the property at the time you gifted the property to him - minus your acquisition costs.  

He in turn would be subject to capital gains tax liabiliy if he disposes of the propert for more than the market value he acquired it for.  
He can deduct the costs of improvements to the property, such as extensions, when calculating his capital gains liability.  

As SDLT is not a personal tax, we are unable to provide any advice other than suggest looking at the guidance on stamp duty and land tax below for information on refunds.

Stamp Duty Land Tax

Thank you.

Hi,

TC02050 relates to tax tax credits act and does not imply that personal allowances are available. Personal allowances are not related to tax credits.

Please have a look at the SA109 notes in relation to boxes 15 and 16. Citizens of an EEA country are still entitiled to personal allowances, as are individuals resident in some countries where it is included in the double taxation agreement. 

Residence, remittance basis etc notes

If your wife does not meet the criteria for boxes 15 or 16, then she cannot claim personal allowances, while outside the UK.

Thank you.