HMRC Admin 19 Response
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RE: Calculating adjusted net income
Hi,
If the pension is deducted from your salary before tax is calculated then the adjusted net income will be your gross slalary plus bonus minus the pension contribution. This will already be taken into account on your wage slip or P60. Details on adjusted net income can be seen here:
Personal Allowances: adjusted net income
Thank you. -
RE: Expenses with left over stock
Hi,
You can use the cost of the actual items bought in the tax year and then your turnover is the proceeds from those that have sold.
Thank you. -
RE: Section 104 shares in an ISA
Hi,
Shares held in a Self Invested Personal Pension (SIPP) are chargeable to Capital Gains Tax. They can be included in a S104 holding. You can see guidance here: Shares and Capital Gains Tax (Self Assessment helpsheet HS284)
Thank you. -
RE: When will I receive my payment reference for CGT?
Hi,
Please contact our Self Assessment team to get this processed as a priority due to the date of submission.
Self Assessment: general enquiries
Thank you. -
RE: Sale of gift gold oversea
Hi,
Yes, you do. You would need to obtain the value of gold at the time you received the gift and using the weight of the gold, calculate the value of the gift. This value should be converted to GBP sterling using an exchange rate appropriate to the date of the gift. The disposal value and disposal costs should also be in GBP sterling, so that the difference can be calculated. If there is a gain, then you may have Capital Gains Tax to pay. You can see guidance here:
Capital Gains Tax on personal possessions
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
and for older rates here:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing.
Thank you.
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RE: Query on CGT for non-residental property sale
Hi,
The guidance at CG73700 onwards advises that you use the rebased value of the property at 5 April 2015, when calculating your capital gains:
CG73700 - Non-Resident Capital Gains Tax (NRCGT) - Disposals from 6 April 2015 to 5 April 2019
Private residence relief (PRR) can be claimed for the period that the property was your main residence. Guidance on calculating PRR can be found here:
Private Residence Relief (Self Assessment helpsheet HS283)
There is a capital gains calculator to help you work out if there is a gain below:
Tax when you sell property
If there is, you can move on to the next section to register for a capital gains account, report and pay the capital gains tax due within 60 days of the completion date.
If you are unable to verify your identity, you will need to contact our Self Assesment team for further advice.
Self Assessment: general enquiries
Thank you. -
RE: split year
Hi,- You need to be a UK resident to contribute to an ISA.
- You can see guidance here: Transferring your pension
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RE: Problem in correcting the name at personal tax account
Hi,
For assistance changing your name online please contact out online services team.
Technical support with HMRC online services
If not able to change your name online, then you ewll need to send a letter to:
HMRC,
Self Assessment & PAYE,
BX9 1AS UK
Thank you. -
RE: CGT for unmarried couples and sole ownership
Hi,
We cannot provide financial advice.
Private Residence Relief is applicable for the period that a property was your main residence and needs to be calculated to determine if there is a capital gain chargeable to tax. You can see guidance here:
HS283 Private Residence Relief (2024)
There is also a capital gains calcualtor below which leads on to reporting and paying the capital gains within 60 days of the completion date.
Tax when you sell property
Thank you. -
RE: Property sale tax liability
Hi,
If the money accrued interest while in your joint account, you will both be liable to tax on the interest.
As for the capital, you advise that UK Capital Gains Tax has already been paid, so no further tax is chargeable.
Thank you.