HMRC Admin 25 Response

Hi agarwal_ravj,
No, this is not taxable and there is no limit/
Thank you. 

Hi Viddywellbrother,
If payments are deducted after tax has been deducted you will only have received basic rate relief so you will claim the further relief in your tax return.
Thank you. 

 

Hi TaxMoo,
You may wish to consider making a S48 claim
Please have a look at CG14933 - Deferred consideration: ascertainable: claims that consideration is irrecoverable.
CG14933 - Deferred consideration: ascertainable: claims that consideration is irrecoverable
And:
CG15080 - Deferred consideration: unascertainable: election for treatment of loss:
CG15080 - Deferred consideration: unascertainable: election for treatment of loss - introduction
Thank you. 
 

Hi spaceoddity2001,
The annual exempt amount will be in the calculation as long as you have declared the capital gain.
For the period that you lived there, you can claim Private Residence Relief and this figure should be deducted from the final gain figure.
You don't show it anywhere as an amount but you need to confirm that you are making a claim or election and then claim the Private Residence Relief option.


 

Hi kloeriou sacm,
If your costs are greater than your turnover, then you make a loss.
You can elect to carry the loss forward and set against a profit in a future tax year.
There are other alternatives, if your busines is less than 4 years old.
Have a look here:
HS227 Losses (2023)
Thank you. 
 

Hi Crowley,
You are correct.
Thank you. 

 

Hi RayP,
Yes, you need a tax return either to declare your world wide income and tax paid or to claim split year treatment, where you would declare split year treatment applies and declare your UK employment income and tax deucted.
Thank you. 

 

Hi Ksiko,
Please refer to:
PIM3000 - Beginning and end of a rental business: post-cessation receipts and expenses
Thank you

 

Hi Marg Jones,
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 londa123,
Please refer to:
RDRM32040 - Remittance Basis: Accessing the remittance basis: Claiming the remittance basis: Loss of Personal Allowances and the Annual Exempt Amount
Thank you.