HMRC Admin 19 Response

Hi,

That is correct, you will declare the gross amount you have received.

Thank you.

Hi,

These would be classed as deeply discounted securities and you can see guidance here:

SAIM3010 - Deeply discounted securities

Thank you.

Hi Katia,

No you do not, as this is an inheritance.

Thank you.

Hi,

When the shares vest they are still taxable income and form part of your P60. If you then sell them then it is possible that Capital Gains Tax is due. What your employer has done is correct and as your income is over £100000, you will not be due full personal allowances and hence the underpayment.

Thank you.

Hi,

In the self employment section 'Capital allowance and balancing charges', have a look at the box 'other capital allowances' and consider the writing down allowance '18% Writing Down Allowance (WDA) on the balance of expenditure on equipment in the main pool, the unrelieved amount is carried forward to your next period'.  

You may also wish to consider the annual investment allowance, which goes in the same box. You can see guidance on capital allowances here:

Claim capital allowances

Thank you.

Hi,

There is no requirement for you to report capital gains losses to HMRC. If you do, you can carry those losses forward to a future tax year and set them against a future gain. This must be done in writing, which includes supporting evidence or when submitting a Self Assessment tax return.

Thank you.

Hi,

Every applications for any type of ISA, must contain:

• Full name 
• Permanent residential address, including postcode
• National insurance number, which must be provided for all ISA types
• Date of birth
• The applicant must be a UK resident in the year they make their application. They will need to prove their residency status.

You can see guidance here:

Information you need from investors when they apply for an ISA

Thank you.

Hi,

We are only able to provide general information in this forum and on our helpline and webchat facility. Your question is seeking a definitive answer, which you will only be able to obtain from a financial adviser such as an accountant.

Thank you.

Hi,

You do not need to declare the employment income from Hong Kong, as this arose while you were not resident in the UK.
Your bank interest, is however, taxable in the UK and should be declared in a Self Assessment tax return, even if no tax is payable.
Thank you.
 

Hi,

If the sole trader business ceased on 5 March 2024 and the partnership commenced 6 March 2024, then the each of the individual's Self Assessment tax return, SA100, would include supplementary pages SA103, self employment, for the sole trader up to 5 March and SA104, partnership, for their part of the partnership from 6 March to 5 April.  

The nominated partner would also be required to submit the SA800, partnerhip, tax return. The SA800 will show the overall partnerhsip proft, and, or loss and how the proft, and, or loss is attributed to each of the partners.  

The forms SA104 will be submitted by each partner, showing their profit, and, or loss, this should match the figures submitted for them on the SA800.

Thank you.