HMRC Admin 20 Response
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RE: Inquiry Regarding Tax Obligations for Funds Transferred from Property Sale in Europe
Hi,
As no gain then you will not have any tax to pay on the proceeds.
You will however need to declare any interest or dividends that this then generates whether you transfer the funds to the UK or not.
Thank you. -
RE: Day trading losses - Do I need to complete a self assessment?
Hi,
You do not need to report them at this time unless the actual disposals were in excess of £50,000.
You do need to report them within 4 tax years if you want to use them at a later date and you can do this by sending a letter to
HMRC,
PAYE & Self Assessment
BX9 1AS
Thank you. -
RE: Tax-Free Amount
Hi,
The tax free allowance for 2024/25 is £12,570.
Do you have just one source of PAYE income?
Is it possible that your allowances have been split?
Did your tax coding notice show any deductions? i.e underpayment, employment benefits, etc...
Unfortunatly we are unable to check your personal record via this forum.
Check your Income Tax for the current year
Thank you. -
RE: Personal Information
Hi,
Contact HMRC to update personal details, or send copies of your legal documentation with a letter stating the changes you wish to make.
Thank you. -
RE: P85 query
Hi,
If you submitted your P85 online, just resubmit one using the correct details.
If you posted your P85 then you would need to resend the P85 in the post with a covering letter advising that your first one was incorrect.
Advisors when working post usually check to see if other post items have come in for customers, in which case (depending on the time difference between forms)
this may be realised before the first claim can be worked.
Thank you. -
RE: Moving to Italy, paid by UK employer
Hi,
You must complete a form P85 when you leave the UK.
This will notify us of your departure and the form also covers continuing UK income.
Get your Income Tax right if you're leaving the UK (P85).
Thank you. -
RE: Income Tax Question
Hi TroTro,
When someone leaves one job and starts another job within a short space of time there is often an overlap of pay days which results in duplicated personal allowances,
especially if both employers use the standard tax code of 1257L.
We will often reduce a tax code to collect this underpayment by adding an in year adjustment which will aim to collect the underpayment in equal installments each
week or month up to the 5 April.
Thank you. -
RE:v Part time job with one week job (zero hours)
Hi,
You can Contact HMRC to allocate a split in your allowances, if your main occupation does not utilise the full amount of your personal allowance.
If you're taxed at BR on your secondary source, it would likely result in waiting for the tax year to finish to claim any (if any) overpaid tax.
Thank you. -
RE:Leaving PAYE and Continuing Self Employment
Hi,
You would need to see how much you have earned PAYE and self-employed from 6 April 2024 up until you left PAYE to see how much income you had earned.
The personal allowance for 2024/25 is £12,570. When you complete your tax return for the 2024/25 tax year, you would complete the employment income pages (ensuring to include your leaving date where applicable) and also your self-employment income and this will be calculated automatically.
Thank you. -
RE: annual bonus tax implications
Hi, Jean-Paul,
Please find below a link to the rates of income tax for Scotland.
Income Tax in Scotland
We cannot provide an exact figure of income tax that will be deducted from your bonus as this is dependant on your personal circumstances.
Thank you.