HMRC Admin 17
Joined: 1/20/2021
-
RE: £100k TCF / additional 15 hours funding assessment
Hi,
Yes, when reviewing an individual's entitlement to Tax Free Childcare (TFC), HMRC calculate your Net Adjusted Income
based on the previous year's tax return:
Personal Allowances: adjusted net income .
For guidance re: carrying back charitable donations, please refer to HS342:
HS342 Charitable giving (2019) .
For any other TFC-related queries, please call oor Childcare Service helpline:
Childcare Service helpline .
Thank you. -
RE: Building an extension for my parents
Hi,
Using a loan to build an extension has no income tax consequences.
For information re: potential inheritance tax implications, please call the number below:
0300 123 1072
Inheritance Tax: general enquiries .
Thank you. -
RE: Gift tax for cash gift from overseas
Hi
Elka E ,
Gifts of money from friends or relatives overseas are non taxable.
You may however have to pay tax on any interest arising when the money is deposited in your UK bank account.
Thank you. -
RE: PAYE reporting for pension scheme
Hi,
It depends on what type of pension it is.
The answer I provided was based on 'term certain pension', from your original question it sound like this.
Apologies for any confusion.
I have had a further look at 'pension to be paid by the trustees of a pension fund' guidance and it has a section on 'if an employee dies'
This states to show the deceased employee's personal details on the FPS.
You advised it is the pension administrator who is making the payment - i'm taking this to be trustee of a pension fund?
Alternatively, there is different guidance if the employer is making the payment.
I would suggest calling us at our Employer Helpline so we can discuss this with you, to ensure we are
fully understanding your enquiry and providing the correct advice.
Guidance mentioned above starts at section 2.2.2 in the CWG2 manual :
2022 to 2023: Employer further guide to PAYE and National Insurance contributions .
Thank you. -
RE: Stumped - which starting figure to use for calculation? Odd situation.
Hi,
TCGA92/S17 & TCGA92/S18 advises that you use the market value of the assest instead of the actual consideration,
which passes between the parties where:
The transaction is otherwise than by way of a bargain made at arm’s length, in particular:
a gift, a transfer into settlement by a settlor or a distribution of assets by a company to its shareholders.
You will need to decide if this is applicable to determine whether to use the market value or the purchase price.
The parent being a tennant in the property does not affect any capital gains, as it is the beneficial owners who would be liable.
Inheritance tax may be a factor.
There is guidance on inheritance tax available at www.gov.uk .
Thank you. -
RE: Mileage records
Hi,
HMRC guidance does not specify the detail of the private mileage recorded.
The guidance at section 151 & 152 ITEPA 2003 state that "So long as suitable measures are in place to administer this,
you can normally accept an employer’s statement:
that the employees are required to make good car fuel provided for private motoring and that they actually do so".
Thank you. -
RE: Register a personal tax account for self employment
Hi,
The trading allowance of £1000.00 is a simpler alternative to claiming expenses.
If you claim the trading income allowance, you cannot deduct any allowable expenses or claim any other allowance.
Further information can be obtained at :
Tax-free allowances on property and trading income .
Thank you. -
RE: Gift tax for cash gift from overseas
Hi
Sha Sha,
There is no tax arising from giving or receiving a cash gift.
There may be inheritance tax implication though.
There is guidance at :
How Inheritance Tax works: thresholds, rules and allowances .
Thank you. -
RE: MTD VAT Submission
Hi.
I'm sorry you're experiencing this issue as we will receive the return instantly and so it's a suprise that this doesn't reflect on your Business Tax Account.
I would suggect checking after a couple of days as it should not take any longer than it.
If you are ever unsure as to whether your return has been succefully submitted then please contact us on 03002003700.
Thank you. -
RE: VAT registration- Overseas company
Hi.
If these documents are necessary as part of the VAT application, then I would certainly get these documents translated into English, as we would need to be able to read and understand what these documents say.
I wouldn't worry about it being a certified translator, just a competent one.
Thank you.