HMRC Admin 20 Response

Hi Eson,
Unfortunately we cannot provide accountancy advice.
You may need to seek the assistance of a professional tax advisor/accountant. 
Thank you.

Hi 
In the circumstances you have outlined  it will not be necesary to submit a CT600 tax return including statutory accountsto HMRC.
Thank you.

Hi NTUK_2021,
If you have established that they are not subject to tax or NIC then your software should have tax and NI free section.
Thank you.

Hi K.CHI,
We would require a more in depth conversation regarding this, please contact us on 0300 200 3200.
Thank you.

 

Hi Claire Whiter,
Yes it is the figure as decalred on your Self Assessment. 
Thank you.
 

Hi Bart Stry,
Yes income for property is included Personal Allowances: adjusted net income
Thank you.
 

Hi njc23,
Once you have filed your 2023/24 Self Assessment if you meet the conditions payments on account will be introduced for the 2024/25 tax year
See;:- Understand your Self Assessment tax bill
If your income for 2024/25 will be lower and you need to adjust the payments on account you can do this online using the link or you can download and submit a from SA303 to do this. 
Thank you.
 

Hi Ciaran McC,
There are no tax implications on the giving or receipt of cash, but you may wish to speak to inheritance tax helpline regarding any inheritance tax implications
How Inheritance Tax works: thresholds, rules and allowances Rules on giving gifts
and
Inheritance Tax: general enquiries.  
You may also want to review the guidance at How Inheritance Tax works: thresholds, rules and allowances Overview. 
Thank you.

Hi Gillian Smith,
If,  the company reinvests the dividends by using them to purchase additional shares on a shareholders’ behalf through a dividend reinvestment plan (DRIP) (the company reinvests the shares automatically, without the shareholder having to do a thing or ever receiving the dividends physically themselves), that shareholder does not pay income tax on the reinvested dividends until they eventually sell the shares. 
Thank you.

Hi Aleksandra Laniecka,
The answer is 'yes' to both questions.  
As it is foreign income, a tax return is required.  
You complete SA103 as part of the return and can claim the £1000 trading allowance.  
The result is you have declared the foreign income and you do not need to pay tax on it while it is below the trading allowance.  
Anything above the trading allowance would be taxable.
Thank you.