HMRC Admin 25 Response

Hi Amanda Lambert,
Advise by letter and send to:H
MRC, PAYE & Self Assessment BX9 1AS,
Thank you. 

Hi Julia,
You are not classed as being abroad when posted as a partner of a crown servant:
Please see guidance here: 
Crown servants working abroad
Thank you. 

Hi uktaxqueries,
For the remittance basis please refer to further guidance here:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Cash gifts do not need to be reported as this is not taxable.
Any interest of dividends that this capital then generates is taxable incomme.
Thank you. 

Hi mui wong,
You can make reference to it at the additional comments section of the tax return.
Thank you. 

Hi Craig,
As your client is paying for the travel mileage, not your business, you treat their payment as gross profit and add their payment to the gross turnover. In turn, you claim business mileage as an expense.
In this way you are still claiming £0.45 per mile and effectively claiming the balance.
Thank you. 

 

Hi Milan Sincic,
1. No tax to pay as no interest is being charged.
You should however keep records both personally and for the company
2.  Please see:
CTM61710 - Close companies: loans to participators: companies controlled by a close company
Thank you. 
 

Hi mhpmvp,
Yes, as it the total investment for the year that you need to show.
You will therefore need to amend your tax return to show the correct investment.
Thank you. 

Hi SunnyUK,
Tax relief is limited to your actual earnings in the tax year the contribution is made.
The unused allowance is only in respect of a savings tax charge.
Based on your figures relief would be restricted to £54k.
Thank you. 

Hi Pansartax,
No, per the link given, BADR can only apply up to £1million in a lifetime for assets disposed afer 11/3/20.
Your gain exceeds this and as such the 10% relief would be restricted.
Thank you. 

 

Hi _viator,
Please refer to guidance here:
SAIM2440 - Interest: taxation of interest: when interest arises
Thank you.