HMRC Admin 25 Response

Hi hellogoodmorning,
The guidance on SA106 guidance notes:
Foreign notes
Advises on page FN6 to declare offshore funds in the section 'Interest and other income from overseas savings' on page F2 of SA106:
Foreign
There is an equivalent box in the online return with the same name, which can be found by ticking yes to foreign income when tailoring your return.
Thank you. 

Hi Octopus91,
What you pay into the pension scheme is the net figure.
The pension provider claims 20% from HMRC to make up 100% of the payment into the pension scheme.
If you use the lumpsum from a pension to pay into a pension, that is recycling and is an unauthorised payment, subject to tax.
Thank you. 

Hi ALBERT,
Yes the savings allowance is automatically taken into account on the calculation. 
Thank you. 

Hi vandenm,
Yes, you will still be able to make a negligible value claim.
Guidance can be found here:
HS286 Negligible value claims and Income Tax losses on disposals of shares you have subscribed for in qualifying trading companies (2023) Updated 6 April 2024
Thank you. 

Hi Paula,
Your work as a beater in the shooting season is self employment.
As this self employment is below £1000 in the tax year, you can set the trading income allowance against it, which means you do not need to submit a tax return.
Should your self employment earnings exceeds £1000 in a tax year, you will meet the critieria for completing a Self Assessment tax return, in which you declare all of your sources of income, including your pensions and State Pension.
Thank you. 

Hi Robin,
We can only give general advice.
If  you want an answer to a scenario, you will need to seek out a professional adviser.
Thank you. 

Hi island246,
Annual investment allowance would reduce your self employed profits to then work out your adjusted net income.
Thank you. 
 

Hi Mark Funnell,
From a UK point of view, there would be no UK tax liability.
There may be tax payable in that other country.
Thank you. 

Hi Geck09,
If the company reinvests the dividends by using them to purchase additional shares on a shareholders’ behalf through a dividend reinvestment plan (DRIP) (the company reinvests the shares automatically, without the shareholder having to do a thing or ever receiving the dividends physically themselves)
That shareholder does not pay Income Tax on the reinvested dividends until they eventually sell the shares.
At the point of selling the shares, Capital Gains Tax would apply on any increase in share value since the reinvestment occurred.
For the share save please refer to:
Tax and Employee Share Schemes
Thank you. 

Hi Flora Corbett,
If it is not your main residence then yes:
Please see:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.