HMRC Admin 19 Response
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RE: Cancel the medical insurance and withdraw the money
Hi,
Not for that, but you should check if you meet the requirements for any other reason:
Who must send a tax return
Thank you. -
RE: Clarification on Capital Gains Tax for Cryptocurrency Gift and Subsequent Sale
Hi,
Yes, this can be a capital loss to be used at a later date. You need to report the loss within 4 years to allow this to be carried forward.
As they were a gift, you would need something to show the value at date they were gifted.
Thank you. -
RE: Tax Reliefs - Overseas pension scheme (SA100)
Hi,
You can see guidance here:
Claiming tax relief on your contributions to overseas pension schemes
Thank you. -
RE: Basic Rate Tax payer: Donation to Charity Claim back tax relief, Do I need to report?
Hi,
As a basic rate taxpayer, you will not receive any additonal relief for any charity payments made. As such, you do not need to enter these payments in Box 5.
Thank you. -
RE: How to Report Repaid Underpayment from P800 on Self-Assessment for 2022-2023?
Hi,
If you previously repaid a PAYE underpayment in a specific tax year, and you then submitted a Self Assessment tax return for that same tax year, your overall tax liability for the year will be recalculated in Self Assessment, and the PAYE underpayment cancelled.
If you are then underpaid in Self Assessment, contact the PAYE department to transfer your PAYE payment to your Self Assessment record. If you are overpaid in Self Assessment, or you have already paid your Self Assessment underpayment, contact the PAYE department to have your PAYE payment refunded.
Income Tax: general enquiries
Thank you. -
RE: Automatically reinvested dividends: how taxed
Hi,
If a company pays out cash dividends to shareholders and they use that cash to buy additional shares, in other words, they reinvest the dividends themselves, the company does not automatically reinvest the dividends on their behalf, that shareholder will owe Income Tax on the dividend payments made in the year they are received, just as if they were taken as cash and never reinvested.
If, however, the company reinvests the dividends by using them to purchase additional shares on a shareholders behalf through a dividend reinvestment plan, DRIP, the company reinvests the shares automatically, without the shareholder having to do a thing or ever receiving the dividends physically themselves, that shareholder does not pay Income Tax on the reinvested dividends until they eventually sell the shares. At the point of selling the shares, Capital Gains Tax would apply on any increase in share value since the reinvestment occurred.
Thank you.
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RE: Property income stopping, allowances?
Hi,
This £1000 allowance is an annual allowance, it does not matter how long you trade for within the tax year. So the full £1000 allowance is available for you to use. You can see guidance here:
Tax-free allowances on property and trading income
Thank you.
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RE: Depreciation and interest
Hi,
When you prepare your UK Self Assessment return you have to ignore what you put on your Australian tax return and start with your gross Australian property income and deduct only what is allowable in the UK. The guidance on replacing domestic items is here:
Allowable expenses
You can also see information guidance on the paper SA106 notes:
Self Assessment: Foreign (SA106)
No, as interest is deductible on your Australian tax return it does not mean that it is allowed in the UK. You can however add your residential property finance costs in box 24.1. This will give you a deduction 20% of the lower of either the finance costs, property profit after deducting losses brought forward or your adjusted total income. We take the tax that you have paid in Australia into account in box C and box 28 page F4.
Thank you -
RE: UK Resident with Rental Income in Ireland
Hi,
If you do not already complete Self Assessment returns, then you should register for Self Assessment to report your foreign income. To register, please visit:
Check how to register for Self Assessment
When you complete your Self Assessment return, you will be able to include details of any foreign tax already paid on your foreign rental income, and claim Foreign Tax Credit Relief to avoid double taxation. Foreign Tax Credit Relief is always limited to the amount of UK tax that would be due on the foreign income. You can see general information about tax on foreign income here:
Tax on foreign income
Thank you. -
RE: Renting to family members
Hi,
You can see guidance here:
PIM2130 - Deductions: main types of expense: properties not let at a commercial rent
Thank you.