HMRC Admin 25 Response

Hi Steve506,
If you have already contributed to any this tax year no.
Please see guidance here:
Individual Savings Accounts (ISAs).
Please note this changes from 06/04/24 when you can open more than 1 but the deposit is still limited to £20k.
Thank you. 

Hi dawnandsimon2014,
Please refer to guidancehere:
Tax on foreign income
Thank you. 

Hi Lisa Hall,
As it was the estate that sold the property then there is only 1 Capital Gains Allowance on this and the sale should have been reported within 60 days.
Report and pay your Capital Gains Tax
It is the main executor who would report the sale.
Thank you. 

Hi RE: Ending a partnership,
HMRC PAYE & Self Assessment BX9 1AS.
Thank you. 

Hi Phoebe,
You qualify for split year then you only report any foreign income for the UK part of the year.
You need a UTR in order to file a return to claim split year and the return needs to be filed by paper unless you buy 3rd party software.
Bank interest also needs to be included. your main job should have a code of 1257l and the 2nd one should be BR.
If this is not the case you will need to telephone 0300 200 3300 to have this pdated.
Thank you. 


 

Hi cp3,
You would need to contact the company direct od the London Stock Exchange.
Thank you. 

Hi 2greenwilloW2,
You can contribute more than the annual allowance of £60,000 each year but would be liable to pension tax charges by doing so.
The charge would then be reduced if you do have any unused allowance from the previous 3 tax years.
Thank you. 

Hi Sam Blanning,
HMRC cannot comment on future events as legislation and/or plans may change.
Thank you. 

Hi Medallion Pond,
If it is paid directly in sterling then no.
If paid in Euros it is foreign income.
You will need to declare it as self employment in your tax return in order to pay the Class 2.
If no foreign tax has been deducted, you do not need to show it as foreign income as it will all fall under self employment turnover.
Thank you. 

Hi Jon24234,
No, If the sell the shares they are still in your name and fully liable on any gain made irrespective of what you do with the funds.
Thank you.