HMRC Admin 18 Response

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.

Hi,
You will still report ALL disposals for the year in the tax return and there is a section that you report the ones already reported so that you are not charged twice. If you have not paid the tax then leave the tax already paid box blank.
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:
Self Assessment: general enquiries
or contact our webchat facility at:
Contact HMRC
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:
Self Assessment: general enquiries
or contact our webchat facility at:
Contact HMRC.
Thank you.

Hi,
You are able to carry forward unused annaul allowances from the 3 previous tax years.  As long as you pension payment in the year is below the threshold plus the carried forward suplus, there is nothing to declare on your tax return.  If you do exceed the maximum, then the excess is called a pension savings tax charge and is taxable.  Please have a look at the guidance at:
Check if you have unused annual allowances on your pension savings
Thank you.