HMRC Admin 25 Response

Hi Kolif,
This would result in a loss, so there would be nothing to declare.
Thank you. 

 

Hi Ahmed_ZA,
If already sending the P85, then no.
Thank you. 

 

Hi Spencer,
This income is only classed as foreign income if you are a UK resident.
As you state you are not then it is not taxable here.
If this is the only reason you thought a return was required then you do not need one.
Thank you. 

Hi dc991,
No, as the tax has been paid by you and by transferring them to your wife, this is a no gain/no loss situation for you.
She is then liable for any increase.
You then do no thave any acquisitions costs due to the no gain no loss situation.
Thank you. 
 

Hi John,
The real time system allows you to report the gain without the need for a full tax return.
If you want to use this system, you need to report the gain before 30 December to avoid having to do a full return.
Thank you. 

 

Hi Peter,
Choose 1, as you will also need to register for Class 2 National Insurance.
Thank you. 


 

Hi DUGGIE,
This would not be income, it will be classed as expenses.
Expenses if you're self-employed
Thank you. 


 

Hi DanFarley,
If you no longer meet Self Assessment criteria then HMRC will review the tax year from your PAYE records.
If you are higher rate and make gift aid payents then you can contact HMRC with the details of the gift aid payments and this will then be taken into account when the tax year is reviewed.
You can contact HMRC to update the gift aid detail here:
Income Tax: general enquiries
Thank you. 

 

Hi Fozymoss,
If you have a PAYE source of income and have claimed personal pension relief on your Self Assessment and not shown the payments as one off then your tax code will be amended for the next tax year to include the personal pension relief as an estimate for the next tax year.
If you are higher rate tax payer then you will receive the relief for the pension payments through your code.
At the tax year end you would claim the pension relief as normal on the tax return.
If the pension contributions have changed and your code needs to be amended then you will need to contact HMRC to review
Income Tax: general enquiries
Thank you. 

 

Hi Rushem,
If the one-off payment was £13,000 then this would be the figure for box 1.1
Thank you.