HMRC Admin 19 Response

Hi,
If your gross turnover from trading exceeds £1000 in a tax year, you are rquired to complete a Self Assessment tax return.  If you have not registered for Self Assessment as self employed, you can do this here:
Set up as a sole trader: step by step
Thank you.

Hi,
The guidance at below advises "Where a UK resident makes a lump sum withdrawal from an RRSP or an RRIF, Canada imposes a 25 per cent withholding tax. No tax credit relief is allowable in the United Kingdom in respect of the tax withheld, however, because the Canadian tax is imposed upon the lump sum withdrawal (which does not itself give rise to a tax charge in the United Kingdom), whereas any UK tax charge is on the disposal of assets held within the Plan or Fund to enable the lump sum to be withdrawn (and no tax is levied on the disposal of fund assets in Canada). The Elimination of Double Taxation Article (Article 21) obliges the United Kingdom to give credit for Canadian tax paid only against UK tax computed by reference to the same profits, income or chargeable gains by reference to which the Canadian tax is computed. Since no UK tax is computed by reference to the subject of Canadian tax (that is, the withdrawal), no tax credit relief is allowable. Similarly, where the disposal of fund assets to facilitate a withdrawal gives rise to a UK tax charge, no tax credit relief is allowable since the disposal does not attract a tax charge in Canada"
https://www.gov.uk/hmrc-internal-manuals/double-taxation-relief/dt4605
This means that you have to pay tax in both countries on the withdrawal and that no double taxation relief is allowed.
Thank you.
 

Hi,
In most cases, this transfer would not incur any tax. To confirm this for your individual circumstances you would need to contact our Self Assessment team.
Self Assessment: general enquiries
Thank you.

Hi
The following guidance advises that the general rule is the cost of food and drink consumed, and accommodation used, by a trader is not in general an expense incurred wholly and exclusively for the purposes of the trade, since everyone must eat in order to live. Such costs are, either wholly or partly, normal costs of living incurred by all and not for the purposes of trading:
BIM47705 - Specific deductions - travel and subsistence: expenditure on meals and accommodation
BIM37900 - Wholly and exclusively: expenditure having an intrinsic duality of purpose
Expenses if you're self-employed
Thank you.

Hi,
As you have emptied each pension pot, you will need to complete a P50Z for each pension. You can see guidance here:
Claim a tax refund if you've stopped work and flexibly accessed all of your pension (P50Z)
Thank you.

Hi Keith Duncan,
To apply for a UTR you need to register for Self Assessment, on succesfully registering, your UTR will be issued to you:  
Check how to register for Self Assessment
Thank you.

Hi,
As there is no Capital Gains Tax liability on the transfer of assets between husband and wife, the transfer is at the value at the time of inheritance.  
Your mother now owns 100% of the property she inherited, so she would use the inherited value as declared in probate.
Thank you.

Hi,
Yes, you will be able to claim a foreign tax credit, for tax deducted in the USA. This needs to be declared in the foreign section of the tax return. The UK will tax bonds as income and equities as dividends.
Equities, bonds and commodities are subject to Capital Gains Tax on disposal.
Thank you.

Hi,
Are these items your own personal property or are they acquired for the purpose of disposing for profit? If they are your personal possessions, then there is the potential for Capital Gains Tax. You can see guidance here:
Capital Gains Tax on personal possessions 
If they are acquired as part of your trade to dispose for profit, then they should be included in your gross turnover from self employment. If you exceed £1000 trading allowance, then you will need to register for Self Assessment as self employed and complete Self Assessment tax return.
Check how to register for Self Assessment
Thank you.

Hi RPDean,
If your gross self employment income will be greater than £1000 in the tax year then you will need to register as self employed and complete a Self Assessment tax return at the tax year end: Check how to register for Self Assessment
Thank you.