HMRC Admin 20 Response

Hi,
You will need to review the guidance at RDR1 (Residence, domicile and the remittance basis: RDR1).  
As you will be in the UK for more than 183 days, you are tax resident in the UK for the whole tax year.  
This is where you need to consider split year treatment rules.  
If split year treatment applies, then you only declare your UK income for the whole tax year and your foreign income for the period from the date you arrived in the UK to the end of the tax year.  
If split year treatment does not apply, you are required to declare your world-wide income in the tax return for the whole tax year.  
As you were in Hong Kong when you earned your employment income from your Hong Kong employer, then this income is not taxable in the UK, but for full disclosure, you would mention the income and tax deducted in the free hand notes box of the tax return (SA100 box 19 on page TR7).  
Regardless of the outcome, a tax return will still be required.
Thank you.

Hi,
Any foreign income arising in tax years that you were not UK tax resident, will not be taxable if brought into the UK.  
Any foreign income arising in tax years you were UK tax resident, is taxable in the UK.  
If you have already paid that tax, there will be no further tax implications on bringing the capital into the UK.
Thank you.

Hi seattlemadness,
A 401(k) plan is a company-sponsored retirement account to which employees can contribute income, while employers may match contributions.  
There are two basic types of 401(k)s—traditional and Roth—which differ primarily in how they're taxed.  
With a traditional 401(k), employee contributions are pre-tax, meaning they reduce taxable income, but withdrawals are taxed.  
Employee contributions to Roth 401(k)s are made with after-tax income: There is no tax deduction in the contribution year, but withdrawals are tax-free.
If you have a Roth 401K, then the lump sum will not be taxable either in the USA or in the UK.  
If you have the tradition 401K, then the lumpsum is taxable in the USA.  Article 17(2) states the lumpsum is taxable only in the USA, however, article 1(4) over-rides
this and allows the UK to tax the lumpsum as well.
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.  
In short, you pay tax on the lumpsum in the USA and declare the lumpsum in a UK tax return and also claim a foreign tax credit of up to 100% of the foreign tax paid.  
(Uk/USA Double Taxation Agreement - 2002).
Thank you.
 

Hi anderssummers,
Where a tax return is not being used to declare losses, then the claim for losses must be in writing to
H.M. Revenue and Customs
Self Assessment
BX9 1AS
and include supporting evidence.  
Your claim for losses will be reviewed by a technical tax inspector and if agreed, can be carried forward.  
The four year rule on claiming losses still applies in this situation.
Thank you.
 

Hi,
As you have until 31 January to submit an online tax return (31 October if paper) you would include the previous years loss in your capital gains calculation,
to help work out the tax payable and report and pay the tax due.  
You would then complete your previous years tax return (23/24) claiming the loss in the capital gains section and electing to carry it forward.
Thank you.

Hi vbino69 Knipmeyer,
Please have a look at article 10 of the UK / Australia tax treaty (https://www.gov.uk/government/publications/australia-tax-treaties/2003-australia-uk-double-taxation-convention-in-force).  
It advises that the maximum tax payable in Australia is 15% on the dividends.  
Any tax paid in excess of this should be claimed back by you, through the Australian tax authorities.  
In your self assessment tax return, you declare the dividend and claim up to 15% tax relief as a foreign tax credit.
Thank you.

Hi n99,
Please refer to the following link - HMRC interest rates for late and early payments
Thank you.

 

Hi vbino69 Knipmeyer,
Please refer to the following Guidance - Capital Gains Tax: what you pay it on, rates and allowances
Thank you.
 

Hi jwmcauliffe,
You will include the reimbursement as income and deduct the expenses as normal.
Thank you.

 

Hi DeeDee,
You will need to contact Self Assessment: general enquiries to discuss any discrepancies with their record.
Thank you.