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  • RE: UK tax when I move abroad

    Hi, I found the below on the HMRC website: You’re automatically non-resident if either: - you spent fewer than 16 days in the UK (or 46 days if you have not been classed as UK resident for the 3 previous tax years) - you work abroad full-time (averaging at least 35 hours a week) and spent fewer than 91 days in the UK, of which no more than 30 were spent working So does that mean if I dispose of any investment WITHIN THREE UK tax years then I would still be liable to pay for UK CGT? If this is the case, then can I still use the self assessment online form whilst being physically abroad?
  • Do I qualify for EIS

    Hi, I'm trying to find out whether I can benefit from EIS at all. I am: - unemployed - Have been earning rental income (below the £12k yearly allowance) From what I read having an EIS the investor can claim 30% income relief. This of course does not benefit me at all as my income does not exceed the £12k allowance anyway. 1a. Then the next part of the EIS is that if the investment is at least of three years old then any gains are tax free - Tax-free growth. Can I still benefit from this even though I can claim for the 30% income relief? 1b. If I claim for EIS Tax-free growth then how should I do this? 1c. Do I need to report the EIS in the tax year that I received the EIS certificate? 1d. If so, is this done via self assessment? Thank you
  • Selling property

    Hi, I'm about to sell my property and would like to know the following questions: 1: I will be making a loss once I sell my property and I understand that I can report that to HMRC online. Where exactly should I report this? I've been doing my own online self-assessment since 2016/17, would it be separate to that? 2a: The property I'm selling is also my only rental property and so once that is sold, I will no longer need to do a self-assessment report. Do I wait until the 2022/23 tax year (i.e. April), fill in my last self-assessment or would I be doing this when I fill for the loss I made from selling the property? 2b: As it'll be my last self-assessment report (for now anyway) do I need to state that it'll be my last? 2c: If say in three year's time that I need to fill in a new self-assessment report, would there be any problems with that? since there is a gap of three years. 3: I assume that any profit or losses from a rental property sale would be considered a CGT filling. If so, I presume I can carry the losses for filling any future profits from say shares trading? Thank you
  • Working out total profit to report

    Hi, I have some questions below that I hope you can assist with: 1. If I've made a profit of £20,000 (in shares trading) in a given tax year and within the same tax year I reinvest say £5,000 (in shares), do I only submit £20,000 or £15,000 as my total profits for the year? 2. the below example is to do with shares trading: Year 1; invested £1,000 and made a loss of £500 but not reported - LOSS of £500, TOTAL ACCOUNT VALUE of £500 (i.e. reinvested) Year 2; invested £1,000 and made a gain of £500 but not reported (as within allowance) - GAIN of £500, TOTAL ACCOUNT VALUE of £2,000 (year 1 plus year 2 values, reinvested) Year 3; not invested new capital but trades from year 1 and 2 are carried over to year 3 (trade value of £2,000) and then make a gain of £15,000. initial investment amount = £2,000 profit = £15,000 Do I report £13,000 as profit? Thank you
  • UK tax when I move abroad

    Hi, I'm a British citizen and have plans to move abroad. Please assist with the below questions: 1: If I continue to trade shares on a trading platform with a UK address (I will continue to keep my UK home); 1a: Do I continue to pay UK CGT? 1b: Do I ever stop paying UK CGT? perhaps after I become a non-resident or after 5 years being abroad or? 1c: Does the trading account address have any impact on the tax status at all? I presume not, but just wanted to confirm. 1d: My understanding is that I cannot use the HMRC online services (including self-assessment), so is it either use their postal service or a tax advisor? 2: I've made some investments in startups (whilst in the UK as a UK resident); 2a: Do I pay UK CGT when I sell it regardless of whether I'm a UK resident or non- UK resident? Many thanks