EMdriver

Thank you for your reply. May I ask a follow up question? If I am only a sole trader for a period of few months in a tax year and then stopped being self-employed. And at the same time I am still an employee of a company until the end of the tax year, in this situation, I still need to register as a sole trader for the tax year? Kind regards

Hello, I have done my self assessment for last tax year already and I got my UTR number. (As employee and a landlord) During this tax year, I keep employed by a company, and I also run my part-time business as sole trader (Self-employed) as a nail beauty professional. Due to I am employee and self-employed at the same time, I am not sure if I have to register with HMRC as a sole trader / self-employed immediately, or I need to do nothing now and just wait until the end of this tax year, and submit self-assessment as usual? If I have to register immediately, what will be the step to do the registration? Thanks.

I am a sole trader living in UK and re-selling foreign merchandise on Amazon UK, my turnover is less than £85,000, as I understand there is no need for me to to VAT registration and add VAT on the retail price when I sell the merchandise. I would like to clarify the following scenarios: 1. My friend lives in foreign country helps me to send foreign merchandise to UK via post office, may I know if I have to pay import duty before parcel is delivered? If so, is there any guideline to follow or any instruction before my friend sending the parcel? 2. If I travel to foreign country and pack the merchandise into luggage and fly back to UK, when I enter the border of UK, do I need to declare these as commercial goods and pay import duty? 3. If I received a gift from my friend which is from foreign country, and at later time I decided to re-sell it online, do I need to pay any import duty of the gift?

My father has a property which is under his name. It is a property that he rents out. It is fully owned without mortgage. It is not his main residence. Now, he would like to add my name as join tenant ownership, it is basically a “gift” that I will NOT pay him any money to buy the ownership. It will remain as a BTL property. The property is the only one my father has under his ownership. I have another property under my ownership and it is my main residence. We have some questions as stated below: 1. Is there any stamp duty we have to pay for adding a name to my father's BTL property? 2. If we change this property to join tenant ownership, is there any capital gain tax we have to report to HMRC? And is there any other tax we have to pay to HMRC? 3. After the property become join tenant owned, the rental income will remain 100% collected by my father and I will NOT receive any rental income, in this case, when I submit self assessment for the tax year, if I still need to report any income from this property? Thanks.

Hi team, have been awaiting for a response, if you could help to take a look? Thank you. Below is the details of transactions, please review. 1. Cash rewarded by foreign bank for putting new money to the foreign bank account 2. Cash rewarded by foreign bank for currency exchange incentive program 3. Cash rewarded by foreign bank for buying financial investment product (mutual funds) 4. Cash rewarded by UK local property builder for friend referral scheme for property purchase in UK 5. Cash rewarded by UK local bank for putting new money to bank account

Hi team, below is the details of transactions, please review. 1. Cash rewarded by foreign bank for putting new money to the foreign bank account 2. Cash rewarded by foreign bank for currency exchange incentive program 3. Cash rewarded by foreign bank for buying financial investment product (funds) 4. Cash rewarded by UK local property builder for friend referral scheme for property purchase in UK 5. Cash rewarded by UK local bank for putting new money to bank account Thanks!

Hi team, I have read all the information of SAIM8020, SAIM8030 and Statement of Practice 4 (1997), but still cannot find out if the following cash rewards are taxable in UK. Can you please further clarify? 1. Cash reward for putting new money to a new bank (From foreign bank) 2. Cash reward for foreign currency exchange (From foreign bank) 3. Cash reward for buying financial product (funds) (From foreign bank) 4. Cash reward for friend referral scheme of buying property (From local UK property builder) 5. Cash reward for putting new money to a new bank (From local UK bank) Thanks! 4.

Hi team, I have already read through HS321 but still got questions about foreign insurance policy in Hong Kong. 1. If the insurance is not yet surrender, no cash is paying to my bank account, and the insurance policy is receiving interest / dividend accumulation each policy year, is this interest / dividend treated as "gain" and is taxable? 2. If above stated insurance interest / dividend is taxable, will it be subject to personal interest / dividend allowance? 3. If I have foreign interest / dividend income, but it is within the personal allowance, that means no need to pay tax, is it still necessary for me to register to do the self assessment? Thanks!

Hi team, I have read some information on the gov uk website regarding landlord might have to pay national insurance if they are running business. However I would like to further clarify for the following condition, does landlord has to pay national insurance? Condition: The landlord is renting out 2 properties, no other jobs (not employed, not self-employed), and is not going to buy other property to rent out. Thanks!