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  • RE: Enquiry on the relationship between Hong Kong Company and BNO holder

    Hi Chan Chi Ho,

    Unfortunately this is not something HMRC would get involved in.

    The first point of contact would be for you to appoint a tax advisor / accountant for advice.

    Then they would need to research guidance specific to your query and if they still have a questions, they can use HMRC’s clearance service:

    How to apply for clearance or approval of a transaction from HMRC 

    Thank you.

     
  • RE: Rental income from overseas company

    Hi HS123321,

    Please can we have the additional information below to enable us to answer your post

    1.    How the business and management of the company would be conducted if you were to move to the UK   

    2.    Details of the role of the other directors in conducting the business of the Company including where those duties will be carried out;

    3.    Directors meetings 

    a)    The likely location of each meeting;
    b)    If any attendees won’t be physically present, for example they attend by phone, details of where they’ll dial in from.

    Thank you.

     
  • RE: NI record slow to update?

    Hi Blobcore,

    Some NI credits are awarded immediately, others at the end of the tax year.

    As the credit you are querying is regarding the 20/21 tax year I would recommend contacting the NI helpline on 0300 200 3500.

    Thank you.

     
  • RE: After brexit opening a CBD business is still possible?

    Hi Samuel Sutera ,

    Sorry, we can only answer HMRC questions on this forum

    Thank you
  • RE:CIS and VAT reverse charge

    Hi Hamacleod1,

    The introduction of the VAT reverse charge has not changed how businesses should apply CIS to payments they make or receive. The reverse charge is only a change to VAT rules but uses the CIS definition of construction operations as the basis for defining what services should be subject to the reverse charge. Therefore, as a general rule where the services are subject CIS the reverse charge will also apply but there are exceptions, for example where a customer who qualifies as an end user and notifies their subcontractor they are an end user. 

    Where the reverse charge applies the VAT is paid over to HMRC by the customer using box 1 of their VAT return and not the subcontractor, which is the case under normal VAT rules. Therefore if there are also CIS deductions to be made, the customer will also withhold that amount and account for that through the CIS process as usual.

    Thank you.
     
  • Property sell in India.

    Hi vivkit,

    Jointly owned property will be declared to reflect how the beneficial interest is apportioned. Please see guidance here:

    Capital Gains Manual

    Thank you
  • RE: How to declare funds of unclaimed shares received from USA

    Hi Paul Gibbons,

    You will need to check your paperwork to see if these shares are subject to capital gains tax or income tax. This will then determine where they need to be entered on the return.

    If they are Capital gains tax you would complete the capital gains section and then only complete the foreign section if tax has already been deducted at source so that  foreign tax credit relief can be given.

    If they are subject to income tax then this will be noted as other income. 

    Thank you.

     
  • RE: National Insurance record 2020/2021

    Hi John Hill

    This depends on the Class of NI that has been paid.

    Class 1 (PAYE)    -            

    This is noted on the NI record when the employer has submitted the ‘end of year return’ and it has been processed.  There is no definitive date as we are dependent on the employer.  As a general rule of thumb I would say that ‘most’ are done by October/November following the end of the tax year. 

    Class 2 (self employed)

    These are paid through self assessment and the earliest they will show on the NI record is the end of November.  The ‘transfer window’ which is when the Class 2 NICs start to be transferred from SA to the NI record opens towards the end of November (the date varies each year).

    Class 3  (voluntary)        

    These are paid directly to the NI office and it depends on the current  lead time how quickly they are noted on the record.  At present they should be noted on the NI record within 6 weeks of being paid (often quicker).

    Thank you.
     
  • RE: Repayment of Contractual Maternity Pay

    Hi Register_1984,

    A repayment of Occupational Maternity Pay is treated in the same way as an unintentional overpayment of salary.

    You should advise the employee of the net difference overpaid and discuss how this will be paid back.

    Please see the guidance at CWG2, paragraph 1.19 - linked below:

    CWG2: further guide to PAYE and National Insurance contributions

    Thank you.
  • RE: Deed of Trust

    Hi Axial apk,

    Yes you can, the change will be effective from the date that the new Deed of Trust has been signed.

    Thank you.