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Good after,
I wanted to confirm that my understand of CGT is correct.
In the 23/24 tax year, I have been buying and selling shares in a normal Trading 212 account (i.e. non-ISA account).
If on the last day of the tax, 5 April 2024, I sell all my shares, and then on the first day of the tax year for 24/25 (i.e. 6 April 2025) I transfer my funds to a Trading212 ISA account, and buy the same quantity of shares but in a Trading 212 ISA account, does that mean:
1. for Tax year 23/24 I should pay capital gains tax on all realised gains achieved in my normal (non-ISA) Trading212 account,
2. for Tax year 24/25 I would not have to pay any capital gains tax on the shares I buy and sell in the Trading212 ISA account (deposit limit of £20,000).
I wanted to check my understanding above was correct. Thank you
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Thank you for your feedback.
I am really concerned that I will get a fine/penalty. I did know that I had to pay taxes over the £12,3000 threshold, but I misunderstood what "realised gains" means -- that's to say, I thought that a person realised a gains when the funds were transferred to their bank account, because then you have realised those funds. I appreciate I misunderstood this and hence did not pay the required tax, but does this mean I will get a fine?
Apprecaite you don't have all the details on my case, but any views would be helpful. Thanks
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Good day,
Back in 2020, I had made a profit of £21,000 from buying and selling cryptos. Unfortunately, in 2021, I moved the amount to the crypto exchange FTX, and added an additional £18,000 in funds. Regrettably, on the FTX exchange I purchased a derivative, which moves 3 times as much as when the price of Bitcoin goes up or down. When Bitcoin dropped in price, this investment lost most of its value. As FTX was then declared bankrupt due to fraud, I was forced to liquidate what little I had left, making a near total loss of £39,000 in 2021.
I made the mistake in thinking that I should pay tax on crypto gains when transferring the funds to my bank account, and hence I did not declare the profits on the £21,000 profit. As this is £9,000 above the 20/21 CGT allowance of £12,000, am I correct in thinking that I owe HMRC capital gains tax of approximately 20% £9,000 = £1,800?
If this is the case, how do I go about in advising HMRC and paying this tax? This was a genuine error on my side, but I am wondering if I will receive a fine for this? I am working with an accountant to put together detailed records.
Also, with regards to the loss of £39,000, is it possible to carry this loss forward and offset against any future gains? If so, how do I advise HMRC of this? What supporting evidence will I need to present?
Many thanks
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Sorry, I am a bit confused. So will my employer's PAYE reference number indicate to what is my employer's tax office reference number? The Home Office require the tax office reference number of my employer to review my citizenship application. So I just wanted to confirm I am doing the right thing by providing my employer's PAYE reference number?
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Thank you, I will ask my employer.
When you say "they will have an employer's reference number, attached to their local tax district. " -- what do you call this reference number?
Thanks
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Hi HMRC,
I don't believe it is to do with the national insurnace number, as this is asked previously in the citizenship application form. Please see below extract of questions. So hence my question, does "Tax office reference number" refer to my employer's tax office reference number? thanks
What is your current National Insurance number?
Employment details
Are you currently employed?
What is your occupation?
Employer or business name
Employer or business address
Start Date
Tax office reference number
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Hello, I am in the process of submitting my application to the Home Office for my UK Citizenship application. In one section of the application, I am asked for my employer details and "tax office reference number". My employer is Marks and Spencer, and when I asked HR, they said that M&S' "PAYE reference number" was:....... My question is as to whether the "tax office reference number" is the same thing as a company's "PAYE reference number"? Appreciate this may seem to be a detail, but I would like to ensure my application to the Home Office is accurate, given that the cost of an application in £1400. Many thanks
[Personal information removed - Admin]
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Hi, you should check with the institution that has your pension. For example, I asked Generali what documents they required, and they said rental agreement or utility bill. But check with your pension provider, they will be able to tell you. tks
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Dear HMRC Team,
I have gaps in NI contributions, as I worked in Switzerland from April 2012 until February 2016. Prior to that, I was working in the UK from June 2011 to March 2012, and paid NI (although not for the full year). Before that I was living outside of Europe.
I have a few questions:
1. I worked full time in a professional role in Switzerland for a Swiss company. Would any of my tax payments qualify for National Insurance Contributions in the UK? In other words, is it possible to transfer any tax payments made in Switzerland from 2012-2016 to my UK National Insurance?
2. If the above is not possible, how do I estimate the amount of voluntary NI I can make?
3. How can I calculate the effect on my state pension (i.e. increase in value) if I were to make the voluntary contributions?
Many thanks
You have:
8 years of full contributions
25 years to contribute before 5 April 2048
5 years when you did not contribute enough
2023 to 2024Your record for this year is not available yet
2015 to 2016Year is not fullView 2015 to 2016details
2014 to 2015Year is not fullView 2014 to 2015details
2013 to 2014Year is not fullView 2013 to 2014details
2012 to 2013Year is not fullView 2012 to 2013details
2010 to 2011Year is not fullView 2010 to 2011details
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Apologies, I have looked at the link but I am still unclear.
So if I am buying an ETF, is it only when I sell an ETF that I am invested in, that I have to pay CGT?
If so, what would be the amount of tax I would have to pay?
Thank you.