HMRC Admin 17 Response
Joined: 1/20/2021
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RE: Forex trading - capital loss
Hi .
The answer to your question is Yes .
Thank you . -
RE : Other property, assets and gains
Hi ,
The answer to your question isYes.
Thank you . -
RE : How to cancel a refund cheque and get refund online
Hi ,
Once a repayment has been issued as a cheque, we are usually only able to reissue the repayment as a cheque.
If the cheque is now out of date and you require it be reissued, contact us by webchat or phone via :
Income Tax: general enquiries .
Thank you . -
RE : SIPP and Remittance Basis
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RE : Additional pension contribution to keep net income under £100k
Hi ,
Not quite; you subtract the grossed up pension contribution from your total taxable income - this is how you reach your net income figure :
Personal Allowances: adjusted net income .
To ensure that your additional personal pension contributions are factored into your dividend tax calculation,
include them in your tax return, or contact us by post, webchat or phone via :
Income Tax: general enquiries .
Thank you . -
RE: Change of name - two names after marriage
Hi ,
If the name on your record is the name you wish to be identified by, there is no need to update us.
Thank you . -
RE: Corporation Tax Treatment of Insurance Claim Proceeds
Hi ,
The receipt of insurance proceeds for the loss of the company van should be treated as a capital receipt, not income.
BIM40755 - Specific receipts: insurance recoveries: capital recoveries refers to treating the proceeds as income where a company
has already made a deduction for the loss of the asset against the profits of the trade.
Please refer to guidance at :
BIM40751 - Specific receipts: insurance recoveries: whether trading receipts
for more information on when insurance proceeds can be treated as income receipts.
If the company has not claimed any deductions for the loss in the P&L, the insurance proceeds should be treated as a
capital receipt for the disposal of the company vehicle.
Thank you .
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RE: Rent a Room scheme vs income tax
Hi ,
We cannot comment on scenarios or examples, we can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to seek professional advice.
Thank you . -
RE : Tax Free Cash from a Pension
Hi ,
We cannot comment on scenarios or examples, we can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to seek professional advice.
Thank you . -
RE : pension contribution and foreign earnings
Hi ,
A foreign tax credit can only be set against a UK tax liability on that income.
If there is no UK tax liability, then there is no foreign tax credit.
Thank you .