KF@2023

Dear Sir/Madam, No need to reply on this thread as I have got an answer already. Sorry to disturb you. Cheers

Dear Sir/Madam, Thanks a million for your advice and guidance. Have a nice day. Cheers

Dear Sir/Madam, As deadline for tax return is approaching, any reply on the above? Thanks and regards

Dear Sir/Madam, Any feedback on the above? Since tax return deadline is approaching, would like to hear your guidance . Best regards and thanks.

Dear Sir/Madam, Thanks for your reply. If I am eligible to apply for a split year treatment, say starting from July 1, 2022. Do I need to report all income received from entire facial year (April 6, 2022-April 5 2023)? Or simply report all income received from July 1, 2022 to April 5, 2023? Thanks for your clarification and advice. Cheers

Dear Sir/Madam, I needed to exchange USD to GBP so support my living expenses in UK. I used a stock trader platform to conduct currency exchange transactions then moved away money from trader platform to a local UK bank.Please kindly help clarify my queries on whether I need to report capital gain/loss for the said activities. Pls see my example below: My Situation: (Activity 1) I exchanged USD to get 100GBP at a trader platform on April 10, 2022, then: (Activity 2) I transferred out 20GBP to a UK bank on May 5, 2022 and got a profit “gain” of 3GBP, simply due to rise in USD value then; (Activity 3) I transferred out the remaining 80GBP to a UK bank on March 30, 2023 and recorded a profit “loss” of 10GBP, simply due to fall in USD value (To sum up my capital gain/loss over the entire 2022-23 tax year, I experienced a capital loss totaling 7GBP!) My queries: I cannot tell whether the above activities are subject to Capital Gain Tax, if yes, (A) How should I report the “realized gain”? By single entry transaction on exact date or by lump sum gains over the entire tax year ( have many transactions in a year at different dates)? And how should I report those losses? Can total gains be offset against total losses? (B) What is the charge rate in a low income tax band? Where should I report these figures on a tax return form? Appreciate your guidance and advice. Many thanks and cheers

Dear Sir/Madam, I would like to know how I might convert my USD currency dividend into GBP? Since distributions fall in different date, can I use a simple way to do those calculations as exchange rate fluctuates each day. Thanks for your guidance. Cheers

Dear Sir/Madam, I am not so sure whether I have to report a gain /loss under currency exchange process. I did currency exchange via a trader platform (not a bank) and then transfer money to a local UK Bank. As we may be aware, currency exchange rate keep on changing minute-to-minute. There may be a gain/loss when I move away money from one institution to another institution. Please see below example: I spent 10USD in exchange for 8GBP at a time. Then by the time I move out money, the 8GBP is now cost 10.8USD (due to changes in exchange rate). I simply move out the 8GBP to a banking account but there is capital gain of 0.8USD in my transaction record. In this case, do I have to report the 0.8USD as a “capital gain” in my tax return? More, is there any tax allowance for capital gain? Appreciate your guidance and advice. Thanks and cheers

Dear Sir/Madam, I decided to use an officially approved software (not paper form) to submit my tax return online. I understand that the deadline to file a tax return online is Jan 31, 2023. As well, I know that the final tax pay date is also fixed on Jan 31, 2023. My confusion is how do I know how much I should pay on Jan 31 if I filed a tax return on the same date. It seems that I cannot do the “two things” together on Jan 31, 2023. Or should I submit my tax return earlier in order not to clash the “tax pay date”? Appreciate your guidance and advice. Thanks and cheers I

Dear Sir/Madam, I arrived UK on June 24, 2022 and lived in a hotel. My first rental lease stated July 1, 2022 and had become UK tax resident on Dec 24, 2022 (after 183 days living in UK). If I apple for a split year tax treatment for 2022/23, when is the start date to “divide my UK part of income”. July 1st, 2022 or Dec 24, 2022? Your reply and guidance are highly appreciated. Thanks and cheers.