HMRC Admin 25 Response

Hi RevRy,
There may be a problem with the your NI record.
We would advise you to contact the NI Helpline on 0300 200 3500 so we will look into it for you. 
National Insurance: general enquiries
Thank you. 

Hi Harvey S,
The figure for UK pension applied in a Self Assessment return comes automatically from the DWP.
If the actual figure received is different, you can update your Self Assessment return to show the correct figure.
Thank you. 

Hi Eric Law,
1 - If you do not need to send tax returns for 2021-2022 and 2022-2023 tax years, then if you have any income to declare, you can do this in writing, sending your letter to:
H.M. Revenue and Customs Pay As You Earn BX9 1AS. 

2 - You must submit your whole tax return together and in the same format.
This means you either submit a SA100 and SA109, along with any other relevant supplementary pages on paper or by buying a commercial tax return that includes SA109 and submitting that version of the return online, using your government gateway user ID and password.
3 - Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
For your convenience, there are exchange rates here: Exchange rates from HMRC in CSV and XML format
 For older rates here:
Exchange rates.
You are free to use any of the supplied rates or one of your own choosing.
Thank you. 

Hi AB2121,
Deferral relief does not have to be allowed in full against the gain.
You may wish to utilise the annual exemption allowance (AEA) for the year and so only defer the balance of the gain.
Normally any losses arising in a year are set against any gain arising in the year in the first instance and are set off before the annual exemption is applied.
Unless the loss is arising from EIS shares or is a qualifying loss for income tax relief, and the loss is being set against income tax.
Therefore in the scenario provided, for the loss to remain available to be carried forward you would need to extinguish the full gain of £14,000, any smaller sum applied would leave a gain to be covered by the losses before the AEA is allowed.
VCM23000 - EIS: deferral relief: shares issued on or after 6 April 1998: contents: 
VCM23080 - EIS: deferral relief: shares issued on or after 6 April 1998: how deferral relief is allowed 
HS297 Capital Gains Tax and Enterprise Investment Scheme (2023)
CG15800 - Losses: allowable losses
Thank you. 

Hi sarahlloyd16 Sarah Lloyd,
We may need more detail from your daughter to give her the right advice here.
Please ask her to contact us by webchat or phone here:
Income Tax: general enquiries
Thank you. 

 

Hi AB2121,
This is a financial question that we cannot answer.
We can only state that you have 5 year to claim for tax relief on EIS investments.
For capital gains deferral relief, the payment of tax on a capital gain can be deferred where the gain is invested in shares of an EIS qualifying company.
The gain can arise from the disposal of any kind of asset, but the investment must be made within the period one year before or three years after the gain arose.
Thank you. 
 

Hi Andy_1983,
As your base taxable income is over £50,000 and your partner receives Child Benefit, you would still need to complete a Self Assessment return.
Thank you. 

Hi BryanBoy Shaw,
Capital losses can be deducted from any capital gains made in the same tax year.
If your total taxable gain is still above the tax-free allowance, you can utilise any unused capital losses from previous tax years.
Any remaining capital losses can be carried forward to future tax years.
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. 

Hi Lewis Taylor,
If you submitted your tax return online and a repayment of tax is due, you can log into your personal tax account and claim a repayment into your bank account, by adding your bank details.
Alternatively, you can contact our Self Assessment helpline to arrange for your repayment to be sent to your bank account.
Self Assessment: general enquiries
Thank you. 
 

Hi G T,
There are no capital gains liabilites when transferring assets between spouses and civil partners.
You do not need to notify HMRC of the transfer of the asset.
 Please have a look at the guidance here:
Capital Gains Tax on personal possessions
Thank you.