HMRC Admin 17 Response
Joined: 1/20/2021
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RE : is gift aid and EIS income tax reliefrelief
Hi ,
The amount of gift aid declared, increases the basic rate band, to give higher rate and additional rate tax relief,
where tax is otherwise payable at these higher rates.
EIS relief is 30% of your investment and is deducted from the tax payable.
Thank you . -
RE: Drawings sole trader where to record
Hi ,
On the supplementary page SA103F page SEF5, you would declare drawing in box 98
( fSelf-employment (full) ).
If you are completing an online tax return, you would tick yes to the box asking if your have an annual turnover of more than £90,000.
By doing this, you have the full self employment.
Tick 'yes' to the option to include a balance sheet. Enter the drawing in the last box on page 2 of 2 of the balance sheet.
Thank you . -
RE : Private Pension
Hi ,
You still claim personal pension relief on page TR4 of SA100 or on page 3 of 3,
select "Did you make contributions towards a personal pension or retirement annuity?"
to allow you to enter the gross amount paid into your pension.
Thank you .
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RE: Foreign inheritance (from EU country) and tax implications
Hi ,
The disposal will need to be calculated in pounds sterling using just and reasonable exchange rates that applied
at the time you inherited the property and the disposal value.
Whether there is a gain or a loss, you will need to report the disposal of the property in a self assessment tax return,
in the capital gains section of the tax return and again in the foreign section of the tax return,
where you can claim up to 100% of a foreign tax credit to set against any UK capital gains liability.
Thank you . -
RE : 2 year cash ISA
Hi ,
The answer to your question is Yes .
Thank you . -
RE: Tax on foreign rental income not received
Hi ,
The tax treaty between the UK and Italy, allows both countries to tax your rental income, but it allows Italy to tax your rental income first, as that is where the property is located.
You would convert your gross rental income, expenses and tax paid into pounds sterling and declare in the residential property section of the tax return and claim a foreign tax credit of up to 100% of the tax paid in Italy on the property income and complete the property section of the foreign supplementary section.
Thank you . -
RE : UK Equivalent of USA FBAR
Hi ,
No.
As you are not resident in the UK, you do not need to declare any income or capital gains
that arise outside of the UK .
Thank you .
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RE: Pension contributions to reduce tax band
Hi ,
Your Personal Savings Allowance rate will be based on your Adjusted Net Income,
so in this case, the rate would be £1000.
Thank you . -
RE: Accessing previous years tax returns (self assessment)
Hi ,
Yes; if you wish to amend tax returns for up to 4 years previous in order to claim tax relief on personal pension contributions, you would do so by claiming Overpayment Relief, in the way described under SACM12150 - Overpayment relief: Form of claims .
Write to us detailing the additional pension contributions you wish to claim, and state that you wish to claim these under 'Overpayment Relief' - this allows us to amend your returns.
Send your letter to Self Assessment,
HM Revenue and Customs,
BX9 1AS,
United Kingdom .
Thank you . -
RE : Income from PAYE and self-employed
Hi ,
To give you the best advice here, we may need to confirm some information.
To allow us do this, contact us by webchat or phone via :
Self Assessment: general enquiries .
Thank you .