HMRC Admin 25 Response

Hi Kristina Cvetanovska,
So long as the foreign savings you send to the UK, arise from income, from a tax year in which you are not resident in the UK, your savings will be treated as clean capital and will not be taxable.
Any foreign savings derived from income arising in a tax year you are resident in the UK, will be taxable as income.
Thank you. 

 

Hi Max McCarthy,
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, for example the London Stock Exchange rates.
Thank you. 

 

Hi Jaybird9,
When HMRC receives your savings interest figure we would use this as an estimate going forward.
If your savings interest has changed then you can contact HMRC to amend the estiamte and update your tax code.
Income Tax: general enquiries
Thank you. 
 

Hi Granddaughter,
BIM50725 advises that the royalties received by an individual other than the author, are chargeable to income tax, as miscellaneous income BIM50725 - Authors and literary profits: royalties to person other than author
Miscellaneous income is declared in boxes 17 to 20 of page TR3 on SA100 or the online equivalent.
You would only need to declare the royalties in SA106 (foreign) if any foreign tax is payable.
Where foreign tax in not payable, but has been paid, you would need to claim this back from the foreign country in question.
You may require a certificate of residence, which can be requested online  here:
How to apply for a certificate of residence to claim tax relief abroad
Thank you. 


 

Hi Raymond Wong,
The interest arises overseas, so would be foreign interest, even if the trading platform is UK registered.
Any overseas tax paid on the income would be declared in the foreign section of the tax return and a credit may be claimed to avoid double taxation.
Thank you. 

 

Hi Seatownlover Darby,
Thank you for your question.
There is a special tax treatment relating to furnished holiday lets.
Capital allowances can be claimed against a furnished holiday let.
Losses can be carried forwards to be set against the same FHL business.
I have attached some guidance links which may help you.
What you can do with losses
PIM4140 - Furnished holiday lettings: special tax treatment of furnished holiday lettings
Thank you. 



 

Hi Steven,
DTR cannot be carried forward (or back) except in specific circumstances.                               
1.where the foreign tax is “eligible unrelieved foreign tax” arising on a dividend received by a UK company or
2.where foreign tax is payable on the profits of an overseas branch and  not all of it can be utilised by way of credit against the UK tax chargeable on that year’s branch profits (see INTM163040).
Please see:
INTM161150 - UK residents with foreign income or gains: double taxation relief: Repayment, carry forward
For more information. 


 

Hi Ali888888888,
If you are based overseas then you will only need to register for VAT if you are making taxable supplies in the UK.
Please see the guidance here:
Working out whether you need to register
Non-established-taxable-persons (NETPs) — basic information
Thank you. 

Hi Weronika,
There will be a requirement to register the new company for VAT if they belong in the UK and making supplies over £85K or if they belong overseas and are making any supplies in the UK.
Please see the guidance below;
Working out whether you need to register
Non-established-taxable-persons (NETPs) — basic information
Please see the guidance below which explains the conditions for taking over the VAT number from the seller.
How to apply the TOGC rules
Thank you. 


 

Hi VOT,
The import VAT should always be recovered during the period in which the import VAT was incurred based on the C 79 evidence.
However, if this has not been done then you can treat this as an error correction and if the value of the import VAT is under £10k then you can include this on the Q4 return.
If the value is over £10K then you would need to send us a VAT 652  to correct this.
Please see the guidance here:
Correcting VAT errors on a return already submitted
Thank you.