HMRC Admin 19 Response

Hi,

Yes, if a balance is due from your Self Assessment tax return and the balance is paid late then interest will be charged. Once the balance has been paid you can object to the interest charges in writing or by phone.

Self Assessment: general enquiries

You can write to:

Pay As You Earn and Self Assessment,
HM Revenue and Customs,
BX9 1AS,
United Kingdom 

Thank you.

Hi

Reporting capital gains losses to HMRC is entirely optional, there is no requirement to report capital gains losses. If you choose to report the losses, for example to carry them forward to a future tax year to set against a future gain, then this is done in one of two ways. Where a tax return is required, you would declare the losses in the capital gains section of the tax return for the tax year that the losses arise.  

If a tax return is not required, then you claim the losses in writing to:

H.M. Revenue and Customs,
Pay As You Earn,
BX9 1AS 

Both methods will require the inclusion of supporting evidence. You have 4 years from the end of the tax year in question, to claim for losses.

Thank you.

Hi,

You can see guidance here:

Tax on your private pension contributions

Plan your retirement income

Check if you have unused annual allowances on your pension savings

Thank you.

Hi,

Once a trust becomes liable to tax, the trust must be registered with HMRC and a tax return submitted each year.  

We cannot advise on the type of trust or whether it has become liable to tax on this forum. You can see guidance on trusts and taxes here:

Trusts and taxes

Trustees - tax responsibilities 

You do not have employ the services of an accountant to submit a SA900 or SA905 for the trust. The trustees can submit the tax return themselves. Where there are 2 or more trustees, they nominate a 'principle acting trustee', who will submit tax returns either on paper or online, on behalf of the trust.

Thank you.

Hi,

You can see the guidance on pre April 2006 lump sum rights here:

PTM063100 - Member benefits: lump sums: protection of pre-6 April 2006 lump sum rights

Thank you.

Hi,

You would need to contact our Income Tax team to amend the details of any incorrect employments shown on your record. This will also allows us to send any referrals to have this looked into.

Income Tax: general enquiries

Thank you.

Hi,

If the payment was made by PAYE, we would have record of the payment received. If you are not expected to receive any further income for 2024 to 2025, you can claim a repayment using a P50 form. You can see information here:

Claim back Income Tax when you've stopped working (P50)

If you are expected to receive further payments, you should hand your P45 to the new income source and then you can use the following link to check your tax code is correct:

Tax codes

Thank you.

Hi,

There would be no Income Tax implications on this unless you have previously claimed the remittance basis on this income that you are now bringing into the UK.

If the money generates any interest in a bank however, this would be reportable for tax purposes.

Thank you.

Hi,

You would need to declare the untaxed bank interest on your Self Assessment return if you already complete a return for other reasons.

If you do not already complete a Self Assessment return you would only need to register for Self Assessment if your total income from savings and investments is over £10,000. If your savings income is below this and your tax affairs are purely PAYE, the banks will notify us automatically at the end of every tax year the amount of untaxed bank interest you have received. Or if you prefer, you can phone or write to us to provide this information. Once we have received all the information we will issue a tax calculation to let you know the tax underpayment due and how this will be collected. 

Thank you.

Hi,

Both incomes will be treated separately with regards to Income Tax and have 2 seperate tax codes allocated. The personal allowances for the current tax year are £12570, if you earn above this with your employer any secondary income will be taxed at 20% or 40% depending on your total income for the year.

You can below a link to the Income Tax rates to determine your highest rate of income tax.

Income Tax rates and Personal Allowances

Sometimes a tax code at your main source can be reduced for various different reasons, to determine the reason for this, you would need to contact our Income Tax team to review your records.

Income Tax: general enquiries

Thank you.