HMRC Admin 20 Response
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RE: Unsigned Self Assessment Return 2022-2023
Hi ericisok LEE,
HMRC will return your unsigned form to you, but we would advise that you send another tax return with signature immediately.
Thank you.
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RE: Seafarers earnings deduction
Hi,
He will have to make a separate claim.
Thank you, -
RE: NEST pension contributions above earned income
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RE: Not receiving the UTR number
Hi JessC,
If you have not received your UTR by the 2nd of November, contact us again by webchat or phone via Self Assessment: general enquiries - we can register you from there.
Thank you. -
RE: Badr on % FHL gifted to children
Hi,
Provided it qualifies for BADR per
CG63975 - Business Asset Disposal Relief: qualifying disposals by individual
then yes you can do that.
The disposal cost would be the MV at that date, which would be the acquisition cost for the children.
Thank you. -
RE: Capital gains tax on sale of overseas property
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RE: Gofundme tax
Hi,
HMRC might consider donations to be a business’s income and therefore tax-deductible.
If the money raised from crowdfunding campaigns qualifies as donations, where the contributor expects nothing in return, it is unlikely to attract VAT .
As per the law, you are required to report revenue from crowdfunding on your returns, this includes gifts, which are considered taxable income.
For donation crowdfunding, the backer cannot claim tax relief unless the project is a charity and if so, will be awarded in the form of Gift Aid. Further, as per inheritance tax law, the donation made by the backer is considered a potentially exempt transfer.
There is no tax relief for rewards crowdfunding, as it’s an advance payment.
As for debt crowdfunding, if the lender is a company, the taxing of interest payments or loan write-offs are provided under the loan relationship rules. Further, there is Social Investment Tax Relief for donations to a charitable project. Finally, if the loan cannot be recovered, there is a Capital Gains Tax relief on loans to traders.
With equity crowdfunding, relief is available with Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS). Moreover, if the equity shares report a loss or become devalued, capital gains tax or income tax loss relief is claimable.
Thank you. -
RE: Not able to confirm my identity
Hi KAJAL,
To give you the best advice and resolve your issue, contact our online services team, by webchat or phone, via Technical support with HMRC online services
Thank you. -
RE: Do I need to declare a home insurance payout on my self assessment?
Hi,
No you dont need to declare this.
Thank you. -
Jointly owned main residence
Hi,
If it has been your only and main residence for the whole period of ownership then no capital gains will apply when it is sold.
Thank you.