HMRC Admin 20 Response

Hi Mike Duncan,

If a repayment has been issued, please allow 10 working days for it to be received before contacting us regarding the repayment.

Thank you.

Hi Sixto Olson,

If you dispose of Exchange Traded Funds (ETF's) for more than they were purchased for, there is a gain.  
The gain is worked out as the disposal value, minus the purchase price and the allowable costs.  
The difference is either a gain or a loss.
On SA108 a gain would be shown as the disposal value and the 'disosal proceeds' and the 'allowable costs (including purchase price)'.
 Use these notes to help you fill in the Capital Gains Tax summary pages of your tax return describes the allowable costs.

Thank you.
 

Hi Sixto Olson,

No.  Capital gains tax and income tax are two separate taxes that never mix.  
The dividends paid each year, were treated as income and taxed as income.  
Disposing of the shares can create a capital gain subject to capital gains tax or a capital gains loss.  
You will need to convert all parts of the capital gains calculation into pounds sterling, using the exchange rate in force
at the time the shares were purchased and sold.  
The official exchange rate can be found at Exchange rates from HMRC in CSV and XML format.  
Archived exchange rates can be found at Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

Thank you.
 

Hi PL Cheung,

The government gateway user ID and password for businesses, cannot be used to submit an online commerical tax return for individuals.  
You will need to register for a personal government gateway user ID and password to do that.  
You need to have a government gateway user id and password. 
If you do not have one you can create new one.
To be able to pass the identity verification process you will need:
•    your National Insurance number
•    a recent payslip or P60 or a valid UK passport
If you cannot pass the identity verification question then you need to use the get help option at the bottom of the page giving details of what
the error message is, and the digital team will reply: 
You cannot access the service from this page

Thank you.

 

Hi Richard Knibbs,

The Interest will be declared by NS&I to HMRC after the tax year has ended. If there is any additional tax due we will send you a P800 tax calculation.

Thank you

Hi Pittenweem Crail,

For overseas payments by cheque please write your NI number on the front of the cheque.  
This allows our banking services to process your payment to your NI record.
We are in the process of updating the payment information and apologies for any inconvenience caused.

Thank you.

Hi dom.1000,

The maximum tax free annual allowance for pension payments is £60000 in the current tax year, or the maximum of your employment income if your employment income is below £60000. For example, in 2023 to 2024, your employment income is £45000, then that is your maximum pension conrtibution to receive tax relief.  Any amount above that would be subject to income tax.  
In another example, if your employment income is £25000, then that is your maximum pension conrtibution to receive tax relief.  
Any amount above that would be subject to income tax.  
You can carry forward unused allowances up to the maximum of your employment income.

In the previous tax years, the threshold was £40000, if your employment income was £40000 or above and you paid less than £40000 into your pension scheme, then the unused relief of the three previous years, can be carried forward to the tax year that you pay in excess of the threshold.  
For example.  Your employment income was £45000 in each of the years 20/21 to 23/24 and you paid £25000 into your pension each year.
In 23/24 you put £100000 into your pension.  
The three previous tax years are 20/21, 21/22 & 22/23.  In each year you paid £25000 out of a maximum of £40000, that means that you have £15000 + £15000 +£15000 to add to the 23/24 threshold of £45000.  
A total of £900000.  
£10000 would be taxable and declared in a SA tax return, as you will have exceeded the revised threshold.

Thank you.
 

Hi jictink,

I can confirm that the rates for paying Voluntary Class 2 will stay at the same rate to 05/04/2025.
If you have already received the information on how to pay a tax year this information can be used up to the above date.

Thank you
 

Hi Jane Jacob,

Unfortunately, the option to pay via Direct Debit for past tax years isn’t an available payment option.
We don’t offer any payments by instalments.
However, if you owe more than one year you can break it down and pay one year in full at a time. 

Thank you.