HMRC Admin 25 Response

Hi s h yip,
No, this income does not need to be declared.
With regards to dividends though, you need to pay tax on amounts over £2000 for 22/23 and £1000 for 23/24.
If this applies you will need to report this but you don't need a Self Assessement tax return.
Thank you. 

 

Hi Ventoux,
You will need to check with your pension provider, to ensure that they have not already repaid the excess relief claimed.
There is guidance in the pension scheme administration rules, with instructions for them to do so within 90 days.
Please see:
Tell HMRC you’ve claimed too much relief at source for pension scheme members
Thank you. 

Hi Prathapa Reddy Ulichi,
If you have already received a refund for the 2022/23 from HMRC when you are completing your Self Assessment tax return in the tailor your tax return section you would answer yes to the question- 'Have you had any 2022-23 Income Tax refunded or off-set by us or JobCentre Plus? '
This will then open the section were you can enter the details of the refund already received so not refunded again. 
Thank you. 

Hi Loujayt,
It is the amount you donated to charity.
Thank you. 
 

Hi orgndy-slog-0k,
On your Self Assessment tax return you would declare the professional subscription as being reimbursed as a taxable benefit then if the subscription is related to your job and is on the approved list you would then claim relief in the expenses section on the employment page to offset.
You can check if on the approved list here:
List of approved professional organisations and learned societies (List 3)
Thank you. 

 

Hi Jonathon,
Please have a look at the list of approved offshore reporting funds.
Approved offshore reporting funds
Thank you. 

Hi maheshangadi,
The default taxation method is the 'arising basis' on world-wide income, which means you would need to declare the annuity payouts in a Self Assessment Tax return.
If you are resident, but not domiciled in the UK, you may wish to consider the 'remittance basis'  which is an alternative method of taxing income and capital gains.
Have a look at section 9 of:
Residence, domicile and the remittance basis: RDR1
To help you dedicde which is your best option.
Thank you. 


 

Hi Alan Redford,
If the life assurance policy, is a qualifying policy, then it will not be taxable and there is nothing more that you need to do.
Most life assurance policies are qualifying policies, but you would be best place to check this with the policy provider, as they will know if it is qualifying or not.
When policy is surrendered, you will receive a chargeable event certificate.
For non qualifying policies, you would send the certificate to HMRC to check if further tax is due, but if you have to complete a tax return, you would declare it there.
Thank you. 

 

Hi Angelholiday,
There are no Income Tax implications for giving or receiving cash gifts.
For Inheritance Tax purposes, the maximum you can give to one person in a tax year if £3000.00.
Any more than that, the gift is considered part of your estate for the next 7 years and should be recorded for Inheritance Tax purposes.
Please have a look here for more information:
Inheritance Tax
Thank you.

Hi Favreau,
If the fund states dividend, you will report it as such.
If already completing a tax return, you still need to declare it as you need to declare all your income.
As it will be dividends, you would need to consider the other dividends.
Thank you.