HMRC Admin 20 Response

Hi Prince,

Please refer to below link which explains how to claim preferential rate of duty and proof is required, it covers the exporter requirements.
Proving originating status and claiming a reduced rate of Customs Duty for trade between the UK and EU
If trader believes that goods qualify for preference and duty was overpaid they can look in claiming a repayment, more information on below link.
How to apply for a repayment of import duty and VAT if you've overpaid (C285)

Thank you.

 

Hi JC66,

In terms of the selling of a property within the rental business, trading would normally cease when the last property is disposed of, alternatively, if only one property is let out, then when you begin to use the property for non-business purposes, or when the decision was made to not re-let the property as covered in PIM2510.
If this property was the sole let property within the business, then costs such as council tax, house insurance and electricity bills would not be claimable within the rental business once the tenancy ended.
As for mortgage payments, for the duration that the rental business is trading, you may only claim the interest on the mortgage, not the payment itself at the basic rate as found here: Restricting finance cost relief for individual landlords.

Thank you.

 

Hi Petitechien,

As per PIM2120, professional fees of a revenue nature are deductible if they are incurred for the purposes of the rental business but are not deductible if they are of a capital nature or incurred not wholly and exclusively for the rental business. the property notes draw attention to the differences between capital and revenue expenditure.
If the professional fees are incurred towards say the purchase of the property or re-claiming rental income, then this would be deemed as capital and not claimable.
Revenue expenses of advertising for new tenants and conducting viewings are allowable to the extent that they are incurred solely for the rental business, so you may claim the fees within box 27. Guidance on PIM2120 is attached here: PIM2120 - Deductions: main types of expense: legal and professional costs.

Thank you.


 

Hi Stephanie Duprat,

Recurring Estate Agents fees would be deductible.
For more information about rental deductions see: PIM2120 - Deductions: main types of expense: legal and professional costs 

Thank you.

Hi Mihaela Carp,

If the property met the Occupancy conditions for qualifying as a FHL ,after excluding the 94 days in the year 2022/23, then all the income is reported under FHL.
For the year 2023/24 the 118 days from 6/4/23 to 31/07/23 are not included in the 105 day letting condition.
Help sheet 253 provides full info  Furnished holiday lettings (Self Assessment helpsheet HS253)

Thank you.

Hi abc123,

You are correct that the Personal Allowance is used first, then the starting rate if eligible and then the personal savings allowance.
If all the income falls within this there will be no tax due.

Thank you.

Hi Alley Yim,

1.If tax is paid in Hong Kong, you will show this under both self employment and foreign income in order to claim the foreign tax credit relief.
If no tax paid, it is just under the self employment page.  
2. you need to file the return based on the UK dates. you can amend it at a later date for the tax paid in Hong Kong  
3. HMRC don't need to see the paperwork for your business and as long as the income/expenses are declared in sterling there is nothing else required at this stage  
4. dividend tax is only applicable if you receive dividends over £1000. If this is how you intend to take the profit from your business then yes you will be liable to this.

Thank you.
 

Hi Eileen Heenan,

You will declare the private pension under foreign income and at the pension section within that claim foreign tax credit relief for the Belgian tax paid.

Thank you.
 

Hi Vybarr Cregan-Reid,

You cannot set your self employed losses against your PAYE income if you are using the cash basis for accounting.
If using traditional accounting then you would claim the loss against other income on your return.
Further guidance is at HS227 Losses (2023)

Thank you.
 

Hi Susan Senecal,

Send the cheque back to us at
HMRC,
PAYE & Self Assessment,
BX9 1AS.
Put a covering letter with it to give bank details - UK only as we cannot pay into a foreign account.
If you do not have a UK bank account, please give details of a nominee that can accept it on your behalf.

Thank you.