HMRC Admin 25 Response

Hi Yuki Lin,
You would need to contact our National Insurance Team for assistance:
Apply for a National Insurance number
Thank you. 

 

Hi dale,
HMRC cannot give clearance before a gain is declared.
We can only signpost you to the guidance at CG15120 which is limited to the four categories for expenditure allowable under TCGA92/S38 and no other expenditure is allowable unless specifically provided for by TCGA92/S38.
CG15250 covers incidental costs of acquisition and disposal which are allowable and regarding your question, only fees, commission or remuneration paid for the professional services of any surveyor, valuer, auctioneer, accountant, agent or legal adviser are allowable.
It is important to remember that the taxation of capital gains is concerned with the gain on the disposal of assets and not the finance costs connected to the transaction.
The expenses you describe does not appear to meet any of the examples listed at CG15250 but under Self Assessment principles it is your responsibility to make the final decision based on the available guidance.
CG15120 - Deferred consideration: unascertainable: election for treatment of loss - necessary adjustments
Thank you. 


 

Hi Noor,
This is classed as a remittance so is taxable income.
Please see:
Remittance basis 2024 (HS264)
Thank you. 


 

Hi Lynne 576,
To confirm why your code has changed, and update it if necessary, we would need to access your record.
To allow us to do this, contact us by webchat or phone here:
Income Tax: general enquiries
Thank you. 

Hi Johnny Li,
Yes, untaxed foreign interest and savings interest from the UK can be covered by the Starting Rate for Savings.
Thank you. 

 

Hi Alex,
You will declare this in sterling as a foreign capital gains.
Thank you. 

 

Hi Jalakm,
This is not a tax query.
HMRC would not be able to offer any advice other than to contact ACAS.
Here are their contact details:                                  
Acas
Thank you. 

Hi Kazim116,
Basic rate taxpayers like yourself have a personal savings allowance of £1000, so any interest recieved over this amount it will be liable to tax.
Your bank or building society will tell HMRC how much interest you received at the end of the year.
HMRC will tell you if you need to pay tax and how to pay it.
Please see link for further information on this:
Tax on savings interest
Thank you. 

Hi ipc,
Sorry, but we are unable to provide we are unable to give financial advice.
However, your Personal Allowance  is £12570 and the Personal Savings Allowance is £1000.
If your are a Basic rate and the savings starting rate for the year is £5000. 
Marriage Allowance
Thank you. 
 

Hi Alan Chan,
When an individaul has a PAYE record and they also complete a Self Assessment tax return then following the submission of a Self Assessment tax return there is a process that takes place to automatically code certain items from the tax return and include them in the current years tax code.
Auto coding from a Self Assessment tax return takes into account certain entries made on the tax return for the previous year and can include casual earinings/other income included on the tax return.
It may also take into account any effect your current estimated pay for the current year held on the record has.
An IYA (In Year Adjustment) may be calculated to attempt to collect the estimated tax underpaid for the current year where possilbe during the year. The IYA will be the deduction needed to collect the anticipated underpaid tax for the current year at the relevant tax rate so the deduction for the IYA is not the same as the source amount/amount underpaid.
If you have concerns about your tax code for the current year we would suggest you contact us to discuss.
Income Tax: general enquiries
Thank you.