HMRC Admin 19 Response

Hi,

if you are a UK based company then the income that is outside the scope of UK VAT would not count towards your threshold for registering.  

If you are a Non UK company there is no threshold and you would need to register regardless of your turnover. You can see guidance here:

Non-established-taxable-persons (NETPs) — basic information

Thank you.

Hi,

You can see information at section 2.3 of the following guidance:  

Installations of energy-saving materials

As long as you meet the conditions in this notice the supply will be zero rated for goods and services.

Thank you.

Hi,

You are correct. The return is paid at maturity rather than regular interest payments. In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity. The discount is taxed as income, rather than as capital gains.

Thank you.

Hi,

A fund that has been approved by HMRC as a reporting fund is required to report to the investor and HMRC details of the income that has arisen within the fund, whether or not the income has been distributed.

A UK resident investor must declare the income , whether or not distributed, in their UK tax return for the year, and pay tax on that income at their marginal rate of income tax, up to 45%, or up to 38.1% for dividends.  

Gains arising on the disposal of units are subject to Capital Gains Tax (CGT) at a top rate of 20%.

Thank you.

Hi,

Accumulation funds are funds that automatically reinvest in the fund. The distributions are chargeable to Income Tax.

Investors in Authorised Investment Funds (AIFs) may receive dividend distributions or interest distributions. You can see further guidance here:

IFM03120 - Investors in authorised investment funds (AIFs): accumulation units

IFM03200 - Investors in authorised investment funds (AIFs) receiving trail commission

Thank you.

Hi,

1.  Article 7 (business profits) would apply for self employment. Your self employment income from your French client is taxable in the UK. The foreign gross profit and expenses are converted to pounds sterling and added to your UK self employment profit, if they are from the same trade. You would also declare the foreign income and tax deducted on SA106.
2. No, subject to tax provisions do not apply to the UK / France double taxation agreement.
3. Yes
4. You cannot request a certificate of residence to include dates in the future, as HMRC cannot confirm which country will be resident in at a date in the future.
5. If you were born in the UK, then the date of arrival in the UK, is your date of birth. If you were born outside the UK, you enter the date you came to the UK.

Thank you.

Hi,

Yes, you are correct. the 10% rate will apply only up to the basic rate band for tax and if the gain is higher then 20% will be due. Please see our previous reply and link.

You can see information on what is classed as allowable expenses here:

CG15250 - Expenditure: incidental costs of acquisition and disposal

Thank you.

Hi,

Where a DTA gives the other country exlusive right to tax the income, and, or gains, they will not be taxable in the UK.  

In the interests of full disclosure of your worldwide income, you would only mention the income, and, or gains in the freehand additional information box 19 on SA100.

Thank you.

Hi DXM,

Yes, the tax paid in China, is subject to tax relief in the UK. On SA106, you can claim a foreign tax credit of up to 100 percent of the tax paid in China.

Thank you.

 

Hi,

Income from UK bank accounts should be declared on SA100. In answer to your numbered questions, the income received should be declared as follows:   

1. SA100
2. SA100 
3. SA106 and SA108
4. SA106
5. SA106
6. SA106 and SA108

Thank you.