HMRC Admin 19
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RE: Auto Enrolment Pension Tax Relief
Hi,
You can still amend the 2021 to 2022 tax return up to 31 January 2024, and as you have overdeclared your income, it is likley a repayment is due.
Returns are selected at random for review so we cannot comment if yours would be looked at or not.
Thank you. -
RE: Moving Abroad, Income Tax
Hi,
The tax will have been deducted up until you left as the NT code should only apply from the day after. The matter will reviewed after 6 April 2024 to confirm if any liability is due and a request for payment will be issued if applicable.
Thank you. -
RE: Double taxation Agreement
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RE: Completion of Form US Individual
Hi,
As the form should only be submitted once a pension is in payment, you will refer to the date the pension actually started, you do not need to declare every month paid.
Thank you. -
RE: Money transfer
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. You can see guidance here:
Tax on savings interest
Tax on dividends
Thank you. -
RE: Crypto Airdrop
Hi,
You can see guidance here:
CRYPTO21250 - Cryptoassets for individuals: Income Tax: airdrops
Thank you. -
RE: Capital Gains and any effect on the Starter Rate for Savings
Hi,
The starter rate band still falls within the basic rate band for this, but based on your figures, you still have the basic rate band to cover the taxable gain as the annual capital gain allowance would be deducted from the £40000 gain.
Thank you. -
RE: Share Dividend allowance not applied
Hi,
The dividends are still taxable income and will be added to show this. However, further down the calculation, you should be able to see that the first £2000 is taxed at 0 percent and anything over this is then taxed according to the level of other income declared.
Thank you. -
RE: Can I carry expenses forward from previous tax years?
Hi,
Expenses need to be declared in the year that they are incurred and if this creates a loss, then the loss can then be carried forward to set against future profits from the same source of income.
Thank you. -
RE: Mortgage interest on UK property
Hi,
The mortgage relief is no longer an expense so does nOt affect any taxable profit received in respect of rental income. It is now given as a relief at 20%, restricted to any taxable profit declared, to reduce your tax bill only.
Thank you.