HMRC Admin 20 Response
-
RE: Disposing fixed assets upon closure of company and strike off
Hi,
Whilst you aren't legally required to use an accountant, completing accounts for a limited company can become complex. It's one of the considerations
you need to make before setting up a limited company.
After researching and using the available information on GOV.UK, means you can't complete your accounts, balance sheets and company tax returns, it might be
more cost effective to use an accountant as HMRC does not offer tax advice.
Thank you. -
RE:Maiden name and married name
Hi,
If your wife is being fined for late Self Assessment, she must already be registered for Self Assessment.
If she is unable to file her return online, she can print and send a paper return - if she contacts us by webchat or phone via Self Assessment: general enquiries ,
we can issue a paper return for her to complete.
Thank you. -
RE: CGT on house sale - how to report as executor
Hi,
1. you will be reporting the full value now that both parents are deceased.
2. you will have 2 prices as you will have the 50% value at the time your father passed and then the other 50% for your mother so your purchase price is 545k
3. see answer at 2. and it is only 1 report that you need to file.
See also guidance at:- Report and pay your Capital Gains Tax
Thank you. -
RE: Roth IRA Withdrawal for non-US Expat in UK
Hi, foobsall,
Article 17(2) of the UK/USA DTA provides the US with the right to tax any Lump Sum payment which is made from a US sourced pension scheme (including IRAs).
However, the UK is also permitted to tax the same lump sum payment(s), which is in accordance with Article 1(4) of the DTA – Both Article 17(2) and Article 1(4) are outlined below and, when read from the perspective of a UK resident, state:
Article 17(2) - Notwithstanding the provisions of paragraph 1 of this Article, a lump-sum payment derived from a pension scheme established in a Contracting State [USA]and beneficially owned by a resident of the other Contracting State [UK]shall be taxable only in the first-mentioned State [USA].
Article 1(4) - Notwithstanding any provision of this Convention except paragraph 5 of this Article, a Contracting State [UK and/or USA]may tax its residents, and by reason of citizenship may tax its citizens, as if this Convention had not come into effect.
A UK resident, Article 1(4) above permits the UK to tax any US sourced Lump Sum payment received, as if Article 17(2) of the DTA was not in force or applicable – Article 1(4) effectively ‘overrides’ the provision at Article 17(2), and the consequence is that both the UK and USA can tax any Lump Sum payment received from a US sourced pension scheme.
In these situations, double taxation will occur since both the UK and the USA can tax the same income. However, that double taxation will be eliminated in accordance with Article 24(4)(a) of the DTA which requires the UK (as the country of residence) to provide FTCR to offset the US tax correctly paid against the UK tax charged on the same the IRA withdrawal.
Thank you. -
RE: CGT on partially sold fund
Hi,
You would treat this as a S104 holding. see guidance at Shares and Capital Gains Tax (Self Assessment helpsheet HS284)- select both parts for a full review.
Thank you. -
RE: Masters' Students Working Hours and Tax Process
Hi Vishwa,
The holiday pay should be for a week you have not worked and therefore wwill not form part of the 20 hours maximum.
Thank you. -
RE: Universal credit and sole trader
Hi,
Universal credit is tax free so you do not need to declare this on your Self Assessment.
To check on your national insurance contributions you will need to contact that department National Insurance: general enquiries
Thank you. -
RE: Government gateway account
Hi,
I am sorry, for assistance with your government gateway account you will need to contact our online Technical support with HMRC online services
Thank you. -
RE: Home responsibilities protection
Hi,
To be eligible to transfer HRP from their spouse/partner, the applicant must reach state pension age on or after 6/4/2008, so in this case if the person making the application was SPA in 2007 then any request for a transfer would be rejected.
Thank you.
-
RE: Mechanism for paying class 2 NI contributions from abroad
Hi mike,
If your payment of voluntary National Insurance contributions is still not recorded on your Personal Tax Account then please call our
National Insurance Helpline on 0300 200 3500 (from the UK) or +44 191 2037010 (from overseas) and they will be able to arrange
for your payment to be allocated.
Thank you.