HMRC Admin 25 Response

Hi Aled,
Please have a look at helpsheet HS278
HS278 Temporary non-residents and Capital Gains Tax (2024)
For guidance on temporary non-residence.
If you meet this criteria, you may have to declare those gains, but can claim a Foreign Tax Credit of up to 100% of the foreign tax paid.
Thank you. 
 

Hi lilly90,
Whe declaring foreign interest in your tax return you would select 100%, as a Foregin Tax Credit for interest can be up to 100% of the foreign tax paid.
It is only dividends that are restricted to to a lower percentage, depending on the tax treaty.
Thank you. 

Hi lilly90,
Foreign gilts are taxed as foreign interest.
In the foreign section, tick 'yes' to "If you received any foreign income, do you need to complete the foreign section" and 'no' to "Do you wish to claim Foreign Tax Credit Relief on Capital Gains".
In 4- fill in your return, click on the foreign header and tick 'yes' to "Interest and other income from overseas savings".
This will allow you to declare your gilts and claim a foreign tax credit of up to 100% of the foreign tax paid.
You should ensure that all of your world-wide income is included on the tax return before attempting to calculate the foreign tax credit.
Alternatively, you can request that HMRC calculate this for you, provided you submit your tax return on time.
Thank you. 

Hi Julian,
We are unable to review personal matters in this forum.
For an answer to a personal question of this nature, you would need to contact our Self Assesment helpline here:
Self Assessment: general enquiries
Thank you. 

 

Hi P L,
Please have a look at the guidance here:
Pay your Self Assessment tax bill
For guidance on the variety of methods available to pay your Self Assessment tax liability.
You should always use your 10 digit UTR number with the letter K at the end as a reference.
In this way, your payments are assigned to the correct tax record.
Thank you. 
 

Hi aksche2024,
If you are in receipt of foreign  income or capital gains, you meet the criteria for completing a Self Assessment tax return.
Please have a look at the guidance here: 
Make a voluntary disclosure to HMRC Updated 30 January 2024
Make a disclosure using the Worldwide Disclosure Facility
There is a penalty and interet calculator at:
Calculate interest and penalties for tax years ending 5 April 2004 to 5 April 2023.
You may have to save the URL link and open Adobe acrobat reader, then open the file from within.
Thank you. 

Hi Mark25810,
If you are employed to do a job of work at the end of the tax year, you will receive a P60.
You would tick 'yes' to employment and show your pay and tax from the P60.
As a sole trader, you tick 'yes' to self employed.
This will allow you to declare your gross turnover and either claim £1000 trading allowance of itemised expenses.
Self assessment adds up all of the sources and types of income declared and works out how much tax is overpaid or underpaid on them.  
If you submit your tax return and then later discover a mistake, you have 2 years from the end of the tax year, to amend that mistake.  Eg, the 2023 to 2024 tax returns needs to be submitted no late than 31 January 2025 and you would have until 31 January 2027 to make any amendments.
Here is guidance to "My first Self Assessment tax return"
My first Self Assessment tax return
Thank you. 
 

Hi AnnW,
As you were in the UK for more that 183 days, you are treated as UK tax resident for the whole tax year.
You will need to review the guidance on split year treatment, to determine whether split year applies.
If it does, you will need to complete SA109 to claim this.
You would then only declare your UK income in the whole tax year and your worldwide income from the date your arrived in the UK.
For the purposes of full disclosure, you would declare your non UK income for the period you were not in the UK, as a free hand note.
If split year treatment does not apply, then you will have to declare your world wide income for the whole tax year and claim a foreign tax credit for any foreign tax paid, provided there is a tax treaty with the UK and the other countries.
RDR3 Statutory Residence Test
Thank you. 

Hi Sue Warner,
The date of purchase is used when calculating capital gains arsising from the disposal.
You are free to play about with the capital gains calculator, as much as you would like.
It does not record any of your actions or send any information entered into the calculator to anyone.
You can save the results of a calculation to your computer, to keep as part of your records.
Capital gain tax will be calculated using figure that show your percentage of ownership of the asset.
Being married or in a civil partnership at the time of disposal would give you the option to split the share of the property 50:50, otherwise the split is in beneficial ownership only.
Thank you. 

Hi fishfishfish,
Once you move money out of an ISA, it loses its protection and any interest earned elsewhere is taxable income.
Thank you.