HMRC Admin 25 Response

Hi graham fur,
For payment over £10,000 you need to write in with evidence of the payment.
HMRC cannot advise you on investments as this is financial advice, which we are not authorised to give.
Thank you. 

Hi Josephine M,
You will not be taxed on the transfer of the capital but any interest or dividends that it then generates is taxable income.
Thank you. 

Hi amarjmoore,
As no tax is deducted on these payment, you will include them as part of your self employed income.
Thank you. 

Hi WH,
Under the remittance basis, the starting rate for savings is not available.
You will receive the personal savings allowance of £1000 (basic rate), £500 (higher rate) or £0 (additional rate) depending on the level of income.
Thank you. 
 

Hi Philtax,
If you have foreign dividends of less than £2000 then you can include the foreign dividends in box 6 of page TR7 of SA100.
You do not need to declare the dividends in the foreign section.
Please tick 'yes' to the question "Did you receive any dividends, for example, from UK companies, authorised unit trusts, open-ended investment companies, foreign companies (up to £2,000)?" on page 2 of 3, when tailoring your online return, to enter dividends when filling in your return.
It's possible you have duplicated the dividends, perhaps in the foreign section.
Thank you. 
 

Hi CocoF,
As the disposal is that of a foreign property, you should declare the disposal in your Self Assessment tax return, even when there is no Capital Gains Tax to pay.
As you disposed of the property in the 23/24 tax year, you can declare the disposal after 5 April 2024, when the tax return is available.
You should keep a record of how you acquired the market value used and retain any documents, for at least 5 years.
Thank you. 

Hi Yurii T,
Prize money, goods and any incidental expenses awarded on entering a competition would not be taxable,
As long as they are not considered as a normal source of income for customers trade, vocation or profession and they do not arise out of the customers employment.
So, if the prize is connected with the customers trade or profession etc then the general rule is that it will be taxable.
An example would be the sports profession such as golf, snooker or darts etc or Authors and other creative arts professions.
Where it is seen as a normal part of the profession to enter related competitions and receive prizes for doing so.
BIM50710 sets out the general rule for authors, but can equally be applied to self-employment as income from the underlying trade.
You would include the income within the self employment along with any other receipts of the trade or profession.
Alternatively, if of a more casual or occasional nature it can be shown as miscellaneous income on the main return Page TR3 Question 17. 
Thank you. 

Hi conls0,
Please download and print of the form here:
Double Taxation: UK-USA (SI 2002 number 2848) (form US-Individual 2002)
You should include your pension / annuity details and send the completed, signed and dated form to your locar IRS office.
The IRS will validate the form (for a fee) and send it directly to HMRC.
Once we have the completed validated form, we can work out how much tax will need to be repaid.
Thank you.
 

Hi Rob Woodward-Booth,
We can only provide general information and guidance on this forum.
 For an answer to a detailed question of this nature, you would need to contact our Self Assesment helpline.
Contact details here:
Self Assessment: general enquiries
Or seek professional advice.
Thank you. 

Hi franeknowak,
We would need to access your record to review your  tax code.
Details of how to contact HMRC here:
Income Tax: general enquiries
Thank you.