HMRC Admin 29
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Re: Recovery of monies from leaver and NMW
Hi,
Most deductions made by an employer from a worker’s pay will reduce their pay for NMW purposes. There are some exceptions to this, such as where the deduction or payment is in respect of the worker’s conduct or any other event where the is contractually liable.
Further information on such deductions can be found in the Department for Business, Energy and Industrial Strategy publication ‘Calculating the Minimum Wage’ which is available here:
Calculating the minimum wage
Thank you.
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Re: Capital Gains on Oversea Property
Hi,
If you meet the conditions of being UK tax resident, then you need to declare your worldwide income, including capital gains unless you are claiming split year or the remittance basis.
RDRM12000 - Residence: The SRT: Split year treatment: Contents
Residence, domicile and the remittance basis: RDR1
Thank you. -
RE: Do I need to report income from mining if it's less than a £1000?
Hi,
Please see the badges of trade for further guidance as to what qualifies as a trade
BIM20205 - Meaning of trade: badges of trade: summary
Thank you. -
Re: Gain in a tax year but realized before become tax resident
Hi,
If you are UK tax resident then all taxable income needs to be declared to the UK for that tax year, unless you are claiming either the remittance basis where you are not bringing the income into the UK, or split year where you only declare the income from any period after which you arrived in the UK.
You can find further guidance here:
Residence, domicile and the remittance basis: RDR1
RDRM12000 - Residence: The SRT: Split year treatment: Contents
Guidance on foreign life insurance policies, in case this needs to be reported, can be found here:
Gains on foreign life insurance policies (Self Assessment helpsheet HS321)
Thank you.
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Re: Donation from EU to help pay mortgage in UK
Hi,
There is not a limit for Income Tax on monetary gifts as these are not subject to Income Tax.
If they are held in a bank account that generates interest, then this interest would be taxable. You would only need to then declare the interest only to HMRC.
Thank you. -
Re: Tax on inheritance from parents domiciled in EU
Hi,
This is something that you will need to speak to our Inheritance Tax team about.
Inheritance Tax: general enquiries
Thank you. -
Re: GVMS T1 DIscharge at Port of Destination
Hi
GVMS will not carry out any transit formalities for the office of destination role. For a transit movement not arrived as a simplified movement (not at an authorised consignee location), the haulier will need to present the Transit Accompanying Document (TAD) and the goods at the customs office of destination declared (accepting any transit diversion) within the time limit. This may be at a customs office at a port or it could be a customs inland location such as an Inland Border Facility (IBF).
Thank you. -
RE: HMRC SEISS receipts bank account details
Hi cwall080,
We are aware that some banks may show this as a Child Benefit account but it is the correct account for SEISS payments.
The following link confirms the correct bank details for HMRC SEISS payments and the additional information required:
Tell HMRC and pay back a Self-Employment Income Support Scheme grant
Thank you. -
Re: Tax treatment of shorter-life items on property - COP26
Hi,
Installing a solar battery as part of a solar installation is a capital expense. Capital expenses are not allowable and cannot be claimed against rental income.
In terms of capital allowances, expenditure incurred on the provision of plant or machinery for use in a dwelling-house is not qualifying expenditure for an ordinary property business.
The plant or machinery does not necessarily have to be located in the dwelling-house in order to be for use in it. For example, if a landlord installs ground mounted solar panels within the garden of a house he lets and the electricity generated will be used in that house, the expenditure will not qualify for capital allowances.
The Landlord’s Energy Saving Allowance was withdrawn from April 2015.
Please see the guidance at:
Work out your rental income when you let property
CA23060 - Plant and Machinery Allowances (PMA): qualifying expenditure: plant and machinery in dwelling house
Thank you. -
Re: I purchased crypto on behalf of my parents, how is this treated?
Hi,
There is no disposal if the individual retains beneficial ownership of the crypto throughout the transaction, for example, moving tokens between public addresses that the individual beneficially controls.This is commonly described as moving tokens between wallets.
Ultimately, whether there is a disposal of beneficial interest is very much a question of fact.
CG11700P - Introduction and computation: chargeable assets: introduction: contents
Thank you.