HMRC Admin 19 Response

Hi,

No, the new remittance basis rules will not take effect until 6 April 2025. Until then the existing rules will still apply.

Thank you.

Hi,

With the estimate of £49,743 received from your main employer, your second wage would be partly taxable at 20% and partly at 40%. Adjusting the code used at your primary source with the adjustment to rate band is how we collect this tax due at the higher rate.

If you believe your employer's estimate to be incorrect, or would like to discuss your code in more detail, please contact our Income Tax team.

Income Tax: general enquiries

Thank you.

Hi,

With your 2023 to 2024 pay per annum being exactly £50,000, you can expect your bonus in March to be taxed at the 40% rate. The exact figure you can expect to receive will depend on a number of different factors, though, including the code being operated against your wage. please contact our Income Tax team so we can advise you further.

Income Tax: general enquiries

Thank you.

Hi,

Your existing government gateway user ID and password, relates to a business account. You will need to re-register for a personal account and government gateway user ID and password.  

Please sign up for a personal tax account and create brand new user ID and password for personal tax use. You cannot use your existing government gatewasy user ID and password.

https://www.gov.uk/personal-tax-account.

Thank you.

Hi,

This is a matter between you and your landlord.

Thank you.

Hi,

You can see guidance on Income Tax rates here:

Income Tax rates and Personal Allowances

When claiming higher rate tax relief in your Self Assessment tax return, you increase the 20% threshold of £50270, by the gross amount of pension payments you made in the tax year.  By increasing the 20% rate, you are in effect reducing the highest rates of tax you pay by the same amount. This means you pay more tax at 20% and less at the other rates, thus giving tax relief.

If you claimed tax relief on EIS/SEIS shares, the Self Assessment tax calculation reduces your tax liability by a straight forward credit of the amount of investment at 30%, for example,  your tax liability is £20000 and you invest £33333 in EIS shares, £33333 at 30% is £10000. Your tax liability of £20000 is reduced by £10000, if you have paid more than £10000 tax, the difference is refunded to you.

Thank you.

Hi,

There are no Income Tax implications on the giving or receipt of cash gifts, but you may wish to speak to our Inheritance Tax team regarding any Inheritance Tax implications.

Rules on giving gifts

Inheritance Tax: general enquiries

You may also want to review the guidance here:

How Inheritance Tax works: thresholds, rules and allowances

There are no Income Tax or Capital Gains Tax implications on the transfer of assets between spouses or civil partners.

Thank you.

Hi,

You have not provided enough detail about the buy out transaction for us to confirm whether or not there is any Capital Gains Tax liability. For clarification, you may wish to use our Capital Gains tax calculator here:        

Tax when you sell property 

Thank you.

Hi,

You have not provided enough detail about the buy out transaction for us to confirm whether or not there is any Capital Gains Tax liability. For clarification, you may wish to use our Capital Gains Tax calculator here:        

Tax when you sell property 

Thank you.

Hi,

As you correctly say, your £421 savings income will not be subject to tax, as you have the additional £1000 savings allowance and £5000 starting rate. The £421 is applied to your code for your information only, should your income increase to the extent that the £421 reduction causes you to pay tax, that £421 reduction will automatically be removed.

Thank you.