HMRC Admin 25 Response

Hi follybrook.irish,
Please have a look here:
CG72800 - Land: disposals: consideration due after date of disposal
For more information.
Thank you. 

Hi johndoe123,
You will need to check whether there is a tax treaty between the UK and the country you are now resident in:
Tax treaties.
There is likely to be an article relating to capital gains.
You may find that the disposal of the shares will result in a gain arising in the country you are resident in and not the UK.
Thank you. 

Hi Ari Silver,
As we are still awaiting draft legislation on any changes to FHL taxation / reliefs and that we can’t provide financial planning advice.
For advice on FHLs please refer to HS253:
HS253 Furnished holiday lettings (2024)
For Business Asset Disposal Relief helpsheet HS275:
HS275 Business Asset Disposal Relief (2024)
And for holdover relief helpsheet HS295:
HS295 Relief for gifts and similar transactions (2024)
Thank You. 
 

Hi Pongo,
We can only give general advice in this forum.
There is no Income Tax implication around your proposal, but there could be a capital gain implication.
Foreign currency is considered an asset and can give rise to a chargeable gain or an allowable loss.
This could be the case in your situation.
Please have a look here:
CG78300 - Foreign currency: introduction
Onwards.
Thank you. 

Hi Robert Simpson,
As you are not UK resident, it is unlikely that a Self Assessment tax return is required.
Your individual circumstances would determine this.
Please go through the Self Assessment criteria tool to determine if a tax return is required.
Check if you need to send a Self Assessment tax return.
As a non UK tax resident, HMRC is only concerned with your UK sources of income and capital gains, so anything arising outside the UK would not be taxable and not declared in the UK.
Thank you. 
 

Hi SaSa,
The annual allowance for 22/23 is £40000 or your taxable earned income, whichever is lower.
You do not need to pro rata this allowance, if you arrived in the UK part of the way through a tax year.
You can carry forward the unused element of your annual allowance from the 3 previous tax years and add it to your current annual allowance.
Have a look at the guidance here:
Standard individual lump sum allowance
Thank you. 

Hi eagleinlondon,
No, you will not need to declare this on your Self Assessment tax return. 
Thank you. 

Hi G1965M,
As you use the cash basis of accounting, you would include the VAT in the Self Assessment tax return, for the tax year in which it comes out of your account and is paid to your VAT account.
Thank you. 
 

Hi E,
The repair to the plaster will count as a revenue expense.
Provided the kitchen is replaced with a similar standard kitchen and does the same job as before, then this is a repair, and the expenditure is allowable.
If the kitchen is substantially improved, for example if standard units are replaced by expensive, high quality materials or the layout is significantly changed, then the expenditure would be capital.
Further information can be found here:
Work out your rental income when you let property
PIM2030 - Deductions: repairs: is it capital? 
When entering an amount into the ‘property, repairs and maintenance’ box which exceeds the ‘Total rent and other income’ box, an advisory message will display in red- ‘WARNING:
This figure is high in relation to 'Total rents and other income from property'.
If you are happy with the figures given, you can scroll to the bottom of the page and click ‘save and continue’, you can still progress through the tax return and any losses will be recorded under the ‘Profits and losses for other property income’ page.  
Thank you. 

Hi Amprui,
There are no Income Tax implications for cash gift.
What you have mentioned is the annual exemptions that relates to Inheritance Tax.
Please have a look here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you.