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  • Sale of Shares in Foreign Company

    If a UK resident sells shares in a foreign company, should this be reported in the Foreign Income or Capital Gains section of the self assessment form. No foreign tax has been deducted.
  • Self Assessment - Overpaid Tax

    If for the year 2020/21 you have overpaid tax under SA because you payments on account exceeded your tax due for that year, will a refund be sent automatically or do you have to manually process a repayment claim. If the latter, do you have to wait for the refund to show on your Statement first?
  • RE: Self Assessment - Overpaid Tax (Bank Details)

    Dear HMRC Admin 19, Thank you for your reply, but my concern was more that when completing the Return online through the Government Gateway I cannot see anywhere where I can enter my bank details in the event I am entitled to a refund. I have been through the Return from start to finish several times, right through to where you would submit, but nowhere does it ask for my bank details. This has never been a problem before. Is the bank details part of the online form available to everyone or does it only get displayed in certain circumstances? The bank details part of the form has always been displayed in previous years, so I don’t understand why it is such an issue now.
  • RE: Self Assessment - Overpaid Tax (Bank Details)

    Dear HMRC Admin 20, Thank you for your reply. On the paper Return I can see where you enter your bank account details under the Overpaid Tax section, but when you complete the Return online via the Government Gateway, when you get to the Overpaid Tax section it states:- “Claim a Repayment If you have overpaid tax and want to claim a repayment, you won’t be able to do this until after you have submitted your tax return. You will need to wait 72 hours then: Log back into your online account….etc etc” This leads me to believe if you enter the return online there is no automatic refund and you need to log back in and that is where you select the method of repayment and enter your bank account details. So you no longer enter the bank details when completing the Return online, or am I missing something obvious? Kind regards
  • Self Assessment - Overpaid Tax (Bank Details)

    When completing the Self Assessment form online, there used to be a section where you could select method of payment in the event of tax overpaid and enter your bank account details. Does this not exist anymore? If you have overpaid tax, do you have to make a repayment claim yourself (no automatic refund?) and enter bank details then?
  • Payments on Account (Self Assessment)

    If in the tax year 2020/21 your tax bill falls unusually below £1,000 owing to poor trading due to Covid and some one-off AIA, is there a requirement still to make payments on account if you believe for 2021/22 things will be more back to normal and your tax bill will be in excess of £1,000. Or do you not make any payments on account and pay the 2021/22 tax when submitting the self assessment return. If no payments on account are made in these circumstances would the 2021/22 tax attract interest penalties?