HMRC Admin 20 Response

Hi Hiu Young,

The result of the calculation when a chargeable event arises may not be a positive amount.
There’s no relief for a loss and you should not make any entries on your tax return.
However, if the result of a full surrender, death or maturity calculation is negative and you made gains on the policy in
earlier years, the section that follows about ‘deficiency relief’ may be relevant.
A loss on one policy cannot be set off against a gain on another policy.
Further guidance is at - HS321 Gains on foreign life insurance policies (2023)

Thank you.

Hi Dr Malik,

You will not pay anything on the actual capital that you transfer but you will need to declare any interest or dividends that this then generates.

Thank you.

Hi Dave Oafish,

Remittance basis only covers foreign income / gains not remitted to the UK.  
As national insurance and skilled worker visa are not income or gains, the remittance basis would not apply to them.

Thank you.

Hi HT2023,

Firstly, please note that there is no restriction on the right of UK residents to have offshore or overseas bank accounts.
You therefore do not have to close your existing bank accounts before you move to the UK.
HMRC requires UK residents to declare any interest arising from overseas or offshore bank accounts, but the transfer of monies from an overseas (or offshore)
bank account to the UK has no income tax implications, unless interest or dividends are generated when the monies are lodged in a UK bank account.
As regards split year treatment,detailed guidance is provide at: RDRM12030 - Residence: The SRT: Split year treatment: When will split year treatment apply

Thank you

Hi Jon Carter,

Article 18 of the UK / Austria DTA, covers pensions.  
Paragraph 18.1 advises that pensions and other similar remunerations paid to a resident in Austria, from past UK employments, shall only be taxable in Austria.  
Paragraph 18.2 advises that lumpsums, including trivial commutation lumpsums paid to a resident in Austria, from past UK employments, shall only be taxable in Austria.

Thank you.

Hi Mabel F,

Please refer to guidance at Tax on foreign income.

Thank you.
 

Hi Claire B,

If you are providing services to a customer based outside the UK then these sales would be classed as being Outside the Scope Of UK Vat and so would not go towards your turnover when considering the need to register for VAT.
Please see the guidance below;
6. The place of supply rules for services
I would recommend speaking to the software provider regarding how this is accounted for as we can't advise on this.

Thank you.

Hi 2020Lotus,

Please refer to Set up as self-employed (a 'sole trader'): step by step

Thank you.

Hi njc23,

You can do this with a P85 - Get your Income Tax right if you're leaving the UK.

Thank you.

Hi Karen Howes,

If you have had notification from HMRC that we have granted the credits, are already in receipt of your pension and have not yet seen a change in your payments – you would need to speak to the DWP helpline on 0800 731 0469.

Thank you.