HMRC Admin 20 Response

Hi Wal62asking,

Your wife may be subject to tax on any interest the gift  generates.  
Any interest that the savings generated before the gift was made, would be yours and you may be subject to tax on that, plus any interest your remaining savings generate in the tax year.

Thank you.

Hi Beverly,

Archived exchange rates can be found at Exchange rates.  
As the disposal took place at the end of April 2023, this is the 2023 to 2024 tax year, any gains that you need to declare, will be in the 23/24 tax return, in the SA106 (foreign) and SA108 (capital gains) pages, which will become available after 5 April 2024.  
Private residence relief is calculated as the number of months the property was your main residence, plus an extra 9 months over the number of months you owned the property. (147+9)/163 times the gain.  The resulting figures from this calculation are deducted from the gain.  As the property is jointly owned, you will only declare your 50% share of the property.

Thank you.

Hi Antoinette Watt,

You cannot file a Self Assessment tax return online using the HMRC tax return: for a partnership, for a trust or estate, if you lived abroad as a non-resident, to report multiple ‘chargeable gains’, for example from life insurance, if you get income from a trust, you’re a Lloyd’s underwriter or a religious minister.
Instead, you purchase commercial software to submit the return online, that include the additional section you need.  
You need to have a government gateway user ID and password to do this.  
There is a list of software suppliers at Self Assessment commercial software suppliers.

Thank you.

Hi Ray Bater,

As it is not your main residence, capital gains will be due if/when the property is sold, further guidance is at:
 Capital Gains Tax: what you pay it on, rates and allowances
and is based on current legislation.
We cannot provide any guidance on future events.

Thank you.

Hi Vijay Sampath,

1. the letter should specify a time but if not, it should be back to when you first started to receive the income as a UK tax resdient.  
2.  yes this will be taken into account when working out any liablilty. the full amount should be declared before deducting this  
3. yes only your share  
4.  the tax year in which the interest arises

Thank you.

 

Hi Peter Dalton,

You can ask for a post valuation check - Post transaction valuation checks for Capital Gains (CG34)

Thank you.

Hi cdimat91,

Unfortunately this is not a service that HMRC provide.

Thank you
 

Hi Shiawase,

Foreign interest comes under income in relation to this. Further guidance is at Remittance basis 2023 (HS264)

Thank you.


 

Hi FDJ,

Where an employee receives a taxable benefit in kind, and this is provided through a salary sacrifice agreement, you need to consider the legal postion.  There is a legal case (Peninsula) which deals with salary sacrifice and unpaid family leave, but this specifically concerns Child Care Vouchers.  You may want to speak to ACAS on 03001231100.  
In respect of dealing with the net pay contributions, this will depend on the contractual arrangment concerning those contributions.

When reporting benefits in kind, you always report the cost to the employer.  You must do this.  However, the net pay contributions would be reported as an amount made good or from which tax deducted.  This reduces the value of the benefit.  This is the amount the employee pays on and which the employer pays Class 1A NIC.

Thank you.

Hi Jessica Leung,

As the director of your own company, you can choose when and how much you are paid.
If you take a salary on an ad hoc basis, you should report the actual pay date and pay amount when you take that salary.  
You should not report dates and payments that were never actually paid.  

You can find more information about running payroll here:  
Payroll
National Insurance for company directors
Statutory leave and time off
Pensions for your staff

Thank you.