HMRC Admin 18 Response

Hi,
It should be included in the capital gains section, as this will bring the gain into the self assessment calculation, after SA applies the annual exempt allowance.  If the tax treaty between the UK and the other country allows the other country to tax this gain, then you also declare in he foreign section, so that you can claim a foreign tax credit.
Thank you.

 

Hi,
We are unable to review personal matters in this forum.  For an answer to a personal question of this nature, you would need to contact our self assesment helpline on telephone number shown on the link here:
Self Assessment: general enquiries
or contact our webchat facility at:
Contact HMRC
Thank you.

Hi,
Capital gains tax arises when an asset is disposed of for more than it was acquired for.  You have to work out if there is a gain or a loss when disposing of assets, such as crypto currency.  Have a look at:
Capital Gains Tax
which includes a section on shares and investments.  You can report capital gains using the realtime transaction service, or in a self assessment tax return.
Thank you.

 Hi,
In year capital losses are used first against capital gains even if it means you lose out on the annual exempt amount. Any unused losses can then be carried forward to use when required. If you make a loss in a year with no gain in the same year, these losses are also carried forward until you need them.
Thank you.

Hi,
Please refer to further guidance at:
HS321 Gains on foreign life insurance policies (2024)
Thank you.

Hi,
Yes, you can be employed as a Pay As You Earn employee while you are Self Employed. You may wish to mention this to your new employer when you begin working for them, to ensure they register you for the correct tax code. Please also ensure that you declare both your PAYE and Self Employment earnings on your tax return when the current tax year ends.
Thank you.

Hi,
As the source of income is not taxable in the UK and no tax has been deducted from it, there is no need to include on a self assessment tax return.
Thank you.

Hi,
HMRC might consider donations to be a business’s income and therefore tax-deductible. If the money raised from crowdfunding campaigns qualifies as donations, where the contributor expects nothing in return, it is unlikely to attract VAT .
As per the law, you are required to report revenue from crowdfunding on your returns. This includes gifts, which are considered taxable income.
For donation crowdfunding, the backer cannot claim tax relief unless the project is a charity and if so, will be awarded in the form of Gift Aid. Further, as per inheritance tax law, the donation made by the backer is considered a potentially exempt transfer.
There is no tax relief for rewards crowdfunding, as it’s an advance payment.
As for debt crowdfunding, if the lender is a company, the taxing of interest payments or loan write-offs are provided under the loan relationship rules. Further, there is Social Investment Tax Relief for donations to a charitable project. Finally, if the loan cannot be recovered, there is a Capital Gains Tax relief on loans to traders.
With equity crowdfunding, relief is available with Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS). Moreover, if the equity shares report a loss or become devalued, capital gains tax or income tax loss relief is claimable.
Thank you.

Hi,
As this income is only taxable in the UK, it should be shown in the employment section of the tax return.  You should claim a refund of any HK tax deducted from the income.  You can request a certificate of residence to support any repayment claim.
Thank you.
 

Hi,
We can only provide general information / guidance in this forum.  For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on:
Self Assessment: general enquiries,
contact our webchat facility at:
Contact HMRC
or seek professional advice.
Thank you.