HMRC Admin 25 Response

Hi Benson,
No, Residence Relief is only applicable if you have lived in the property and Lettings Relief is no longer due (unless you live in it at the same time as letting)
Thank you. 

 

Hi Paul Hudson,
15% is the maximum relief allowed but this depends on any other dividends received and your other income so the full 15% may not be due.
Thank you. 

 

Hi Global_Kittizen,
The country in which you are resident will have first rights to tax you on your worldwide income.
Foreign Tax Credit Relief can then be claimed in respect of tax paid elsewhere to reduce your liability.
Thank you. 

Hi C K,
Please refer to see if it meets the conditions:
SAIM8020 - Annual payments: meaning of annual payment
Thank you. 

Hi James,
Please refer to:
Pay your Self Assessment tax bill
Thank you 

Hi Rhys C,
You would need to contact the Inheritance Tax Helpline for advice on this matter. 
Contact details here:
Inheritance Tax: general enquiries
Thank you. 

 

Hi Topcatk C,
Please refer to:
Tax on your UK income if you live abroad
For the pension that has the NT status, this doesn't need reporting should a tax return be required.
Thank you. 

Hi carlos.calroy,
Do you mean how you would declare your dividends from shares you own?
Please have a look here:
Tax on dividends
Which advises you do not need to report your dividends to HMRC, if you are within the dividend allowance.
If you dispose of shares, then you may have a capital gain or a capital loss.
If your capital gain is more than the annual exempt allowance:
Capital Gains Tax rates and allowances
Then you need to report the gains using the online realtime service here:
Report and pay your Capital Gains Tax
You do not need to report capital gains if they are below the annual exempt amount for the whole tax year.
Capital gains losses, must be report in writing to HMRC, along with supporting eveidence.
Thank you. 

Hi KuenHK Lam,
These are payments on account.
Which are payments of tax paid in advance of the end of the 2024-2025 tax year.
You will have the unpaid tax for 2023-2024 and the first payment on account for 2024-2025 to pay no later than 31 January 2025.
With the second payment on Account payable by 31 July 2025.
Both payments on account, should hopefully, cover your 2024-2025 tax liability, with a balancing payment becoming due if they don't.
Please have a look at the guidance on payments on account here:
Payments on account
Thank you. 
 

Hi jm87,
1. Declare as other earned income
2. You can use any of the spot rates within the tax year - HMRC currency exchange average rates
3. No