HMRC Admin 19 Response

Hi,

There is a capital gains calculator to help you work out your gain here:

Tax when you sell your home

You declare your taxable profits. In your Self Assessment tax return, you would declare your pension payments. This will extend the basic rate band and should reduce the Capital Gains Tax payable.

Thank you.

Hi,

Please have a look at article 17 of the UK / Hong Kong tax treaty, which you can see here:

2010 Hong Kong-UK DTA

It advises that social security pensions arising in Hong Kong, are only taxable in Hong Kong. In the interest of full disclosure, you can add a short comment in the free hand box declaring this non taxable pension per article 17.

Thank you.

Hi,

You will need to work out what the difference is of your 12.5% disposal value, minus your 12.5% acquisition value and 12.5% acquiring and disposing costs, such as solicitors fees, estate agent fees. If the sum is greater than your annual exempt allowance, which in this tax year is £3000, then you need to report the capital gain and pay the tax within 60 days of the completion date.

You can see a calculator below, which leads on to registering for a capital gains acccount, which you can use to report and pay the Capital Gains Tax.

Capital Gains Tax

Thank you.

Hi,

We can confirm these figures when your banks and building societies have confirmed them to us. Though we usually receive confirmation shortly after the tax year ends, this can vary. We would recommend contacting your banks and building societies for confirmation of any figures required.

Thank you.

Hi,

If you have a mixture of class 2 and class 3 that you can pay, we would advise that you contact our National Insurance team to confirm which years and what class you intend to pay. We can then put a note on the system so when your payment comes around to be allocated, we will know where the payment needs to go. 

National Insurance: general enquiries

Thank you.
 

Hi,

The liability of cakes is generally at the zero rate of VAT. You can see the guidance at section 3.6 here:

Food products (VAT Notice 701/14)

If the cakes are being consumed on the premises then this will be a 20% supply of catering. You can see guidance here:

Catering and takeaway food

If your taxable supplies are above £90000, then you would need to register for VAT. However, you can choose to apply for an exemption if most of your sales are zero rated. Please see the guidance at section 3.11 here:

Working out whether you need to register

Thank you.

 

Hi,

If you are an overseas business and you are supplying general rule services to a non VAT registered business in the UK, then the reverse charge will still apply and the UK business customer will add the supply to their UK turnover. You can see the guidance at section 5.7 here:

Reverse charge

Thank you.

Hi,

It is quite normal for a business to reclaim VAT on the first VAT return due to the expenses incurred while setting up the business. This would need to be reclaimed on the first return. If it is not then the VAT would need to be reported as an error. You can see the guidance here:

Input tax when VAT paid on goods and services received before VAT registration

Correcting VAT errors on a return already submitted

Thank you.

Hi,

We are sorry that this error has occured. Please contact our VAT team so we can complete an urgent referral over to our registration team to resolve.

Thank you.

Hi Desmond High,

If you have sent in an annual return and the return total is less than the total instalments you have made, then there should be an automatic credit release in to your bank. Occasionally, the credit can remain on the account in which case we would then request for the release of the credit from our banking team. This can take a few days for the credit release to take place. We apologise for the delay.

Thank you.