HMRC Admin 20 Response
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RE: Professional memberships on a PAYE based self assessment tax return
Hi,
The professional subscription is added to the expenses section on the employment page.
On the employment page you need to answer yes to the question "Do you wish to claim any employment expenses or capital allowances while working for?"
This will then open the expenses section to complete.
Thank you. -
RE: Reporting US income to HMRC and claiming foreign tax credit relief on US income
Hi Effie Mae,
1) No.
2) Yes.
3) The only expenses you can claim would be those related to the rental property.
The property being rented out is a UK property and the UK/USA tax treaty, gives the UK the right to tax the income first.
This income / expenses, should be declared in your self assessment tax return.
As you were not resident in the UK in 23/24, you will need to complete the residence section of the tax return (don't forget to claim personal allowances).
If any tax is payable in the UK, you claim a credit for that tax in the USA.
Thank you. -
RE: Capital gains on gifted property
Hi,
1) No.
2) Yes.
3) You would be required to convert to pounds sterling, the market value of the gift using an exchange rate in use at the time the gift was made.
This would allow you to obtain your acquistion cost.
You would also have to convert the disposal value to pounds sterling, to work out the difference between the disposal value and allowable costs.
There is a calculator at Tax when you sell property that will help.
You would be required to declare the disposal in a self assessment tax return, whether a gain arises or not.
Thank you. -
RE: Transferring personal money to UK
Hi YX,
Cash gifts are not taxable, as such it does not affect your personal allowance or savings allowance.
You are correct.
Please have a look at article 20 of the UK / china tax treaty
(UK/CHINA DOUBLE TAXATION AGREEMENT SIGNED 27 JUNE 2011 regarding the taxation of payments and
Tax on foreign income If you come to study in the UK for general information for foreign students.
Thank you. -
RE: Gifting Property
Hi Giorgio,
Please have a look at the guidance at Stamp Duty Land Tax.
We cannot comment on stamp duty in this forum, as it is not a tax we cover here.
Thank you. -
RE: Expense of water connection v. CGT on property sale
Hi,
This would be considered as a normal maintenance cost and as such, would not be an allowable expense, please see the following link for further Guidance -
Tax when you sell your home
Tax when you sell property
Thank you. -
RE: Self Assessment request to pay via employment PAYE
Hi graeme,
If we are sending you statements, and the amounts due are increasing, you may have unpaid tax on your account from the period when you were a Self Assessment customer.
To allow us to confirm this, and advise you further, contact us by webchat or phone via Self Assessment: general enquiries
Thank you. -
RE: PPR and capital expenses
Hi,
As you owned it prior to 2015, you can use the rebasing rule, if so, you cannot include any costs prior to 06/04/2015.
Please refer to guidance at Work out your tax if you're a non-resident selling UK property or land Report and pay Capital Gains Tax for UK property disposal from 6 April 2020
Thank you. -
RE: Capital gain and taxi credits
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RE: Cost basis for US shares acquired before becoming UK resident
Hi,
If they are all in the same company the S104 holding rules will apply.
Thank you.