HMRC Admin 25 Response

Hi Robert,
As an exam assessor, you are self employed.
You would need to regiseter as self employed here:
Register as a sole trader
The current tax year 2024 to 2025 does not end until 5 April 2025.
From 6 April 2025, you can submit your 24/25 Self Assessment tax return, either by paper or online.
You can download paper tax return and supplementary pages here:
Self Assessment tax return forms
Or online here:
File your Self Assessment tax return online,
Provided you have registered for a government gateway.
You can create a personal tax account here:
Personal tax account: sign in or set up
Which will allow you to fill in, send and view a personal tax return amongst many other things.
Thank you. 

Hi Anne,
Articel 11 of the UK/France tax treaty
Synthesised text of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and the Convention between the Government of the United Kingdom of Great Britain and Northern Ireland and Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital
Has not changed.
It continues to advise that the foreign tax credit rate for dividends is 15%.
Article 10 of the tax reaty with Spain, shown the rate at 15%
UK-Spain Double Taxation Convention.
Often, the quickes and easiest solution is to delete the foreign section all together and create a new blank foreign section.
Thank you. 
 

Hi Nando89,
As you are in receipt of foreign income / foreign capital gains, you meet the criteria needed for the completion of a Self Assessment tax return.
You can register for Self Assessment here:
Check how to register for Self Assessment
In that tax return you would declare your UK savings interest and your foreign interest, converted into pounds sterling.
If you made a capital gain from the conversion of sterling to Euros to deposit into the bond and back to sterling, this would also be declared in the capital gains section of the tax return, even if the gain is below the £3000 annual exempt allowance.
Thank you. 

Hi Peter Maddocks,
If you gift a property to your son, you may have Capital Gains Tax to pay from that gift.
Please have a look at the guidance here:
Tax when you sell property
Which includes a calculator to help you work out your gain and tax payable on it and guidance on reporting an paying the Capital Gains Tax.
You must report and pay Capital Gains Tax on UK property within 60 days of the completion date.
Thank you. 

Hi Vihango Shah,
There is no need to re-submit a form 17 and declaration of trust.
If HMRC have replied to you accepting the unequal share, there will be a record of this linked to both of your tax records.
The change that the declaration and the form 17 requested, will remain in force until, your interests in the property or income change, or you stop living together as a married couple.
You can contact HMRC if you choose and ask for a copy of the confirmation letter.
You can do this by contacting our Self Assesment helpline.
Self Assessment: general enquiries
Thank you. 



 

Hi Wai Nang Chin,
You would be taxable on your world-wide income from the date you arrived in the UK and for the full tax year in 2024 to 2025.You will be entitled to claim a Personal Allowance in 2023 to 2027.
Your savings interest allowance is determined by the level of your income.
Please have a look here:
Tax on savings interest
As you have rental income from a UK property, you will need to register for Self Assessment to report the gross income and expenses.
You can register for Self Assessment here:
https://www.gov.uk/register-for-self-assessment.
Thank you. 

Hi hk1 K,
Most trusts do not pay Income Tax on income up to a tax-free amount (normally £500).
Tax is due on the full amount if the income is more than the tax-free amount.
The trust would declare the interest and pay the tax due and give your daughter a R185 statement of income from trusts.
Trusts and taxes
Your daughter would complete a Self Assessment tax return and include SA108, entering the values shown on the R185.
Any overpaid tax can then be refunded.
Please note that the HMRC online tax return does not cover the trust section.
Either a paper tax return or commercial tax return is required
Self Assessment commercial software suppliers
A government gateway user ID and password is required for submitting a commercial tax return.
Thank you. 

 

Hi Winnie,
It will be the value of the shares when you first bought them.
Please have a look at helpsheet HS283:
HS281 Capital Gains Tax civil partners and spouses (2024)
Thank you. 
 

Hi Gary Y,
Capital gains losses arising in a tax year, need to be claimed withing 4 years of the end of the tax year, by writing to HMRC at H.M. Revenue and Customs Self Assessment BX9 1AS
And enclosing supporting evidence or in a Self Assessment tax retur in the capital gains section.
Again, supporting evidence is required.
If the losses are agreed by HMRC tax inspectors, they can be carried forward indifinitely or until the next tax year a gain arises where they can be set against the gain.
Any surplus losses can continue to be carried forwards.
This process is repeated for each tax year that losses arise.
Thank you.

Hi Stephen, 
Class 2 NIC is a voluntary National Insurance payment, where the net turnover (net profit) is below the 'small profits threshold for the year.
In 22/23, 23/24 & 24/25 this threshold is £6275.
If your net profit exceeds this sum, then £3.45 is compulsory and is payable for each week you traded (£179.40 per annum).
It is collected through self assessment.
Class 4 NIC is payable where your net profit exceeds £12570.
3. Class 2 and Class 4 National Insurance (self-employed)
Thank you