HMRC Admin 25 Response

Hi Andrew Evans,
No. the payments only increase the level of income that is taxed at basic rate. as the total income is over £100k, reduced personal allowances would still apply.
Thank you. 
 

Hi McFishie,
If you use the cash basis for your self employment, you cannot set your losses against your other income and it must be used against the same self employment source.
Thank you 

 

Hi mb8888,
If you qualify for split year then you only report any foreign income for the UK part of the year :
RDRM12000 - Residence: The SRT: Split year treatment: Contents.
If you do not qualify then you will need to report all your foreign income to the UK:
Tax on foreign income
The guidance at RDRM12150 at www.gov.uk will help you work out if split year treatment applies.
Thank you. 
 

Hi robert0099,
HMRC cannot advise you on your residence status as this is for you to determine.
Please refer to:
RDRM12000 - Residence: The SRT: Split year treatment: Contents
And for the tax  return:
Self Assessment tax returns
Thank you. 

Hi Lorien Gordon,
If you want to claim the losses then yes a tax return is required. 
Thank you. 

Hi JAHOUL,
Please refer to guidance here:
Expenses if you're self-employed
Thank you. 

Hi Philip Butterworth,
HMRC cannot comment on future events as legislation/plans may change.
Thank you. 

 

Hi Tom Entwistle,
Please refer to:
Shares and Capital Gains Tax (Self Assessment helpsheet HS284)
And associated links.
Thank you. 

Hi VFPers,
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid. 
UK tax relief not exceeding 15% is available for ten years from the opening date of the NRE account per Article 24(5) UK-India Double Tax Convention.                                                                            
Any excess tax that is due to be paid is dependant on your level of total income declared.
Thank you. 

Hi RVS,
Please refer to guidance here:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you.