HMRC Admin 25 Response

Hi foreigneruker,
Questions 1 - 4.
There is no requirement for you to notify HMRC that you have obtained a loan, are paying interest on the loan or how you are paying for the loan. We cannot comment on question 5.
Thank you. 

 

Hi Y D,
CG22423 will apply in this case and as such, the new rules from 06/04/23 do not apply.
Thank you 

Hi George43,
Please refer to guidance here:
Pensions tapered annual allowance Published 8 July 2015
Thank you. 

Hi Stephen Clements,
As this is foreign assets you are referring to, you would need to check with the Canadian autorities for the rates of tax that should be applied.
Capital Gains Tax will only arise when assets have been sold and the tax would be paid in Canada as part of the estate and you would then be a beneficiary of the estate income.
However, if it is you that is selling the assets, you need to report the gain and can then claim Foreign Tax Credit Relief for tax paid in Canada to reduce your UK tax bill.
Thank you. 

Hi jjramang,
As they are reimbursing costs already incurred by you, they cancel one another out.
If they have given you a P11D to show that they paid you expenses, you would then claim this back so that no additional charge was due.
Thank you. 

Hi Maxtv76,
We would normally be advised that the loan had been paid off. however, for Self Assessment, any charges are based on what you declare and by stating you still had a loan, it assumed it was not paid in full.
You would need to say no to this question to show that no student loan charges were added.
Thank you. 

Hi patient-zero,
Please refer to guidance here:
Corporation Tax when you sell business assets
Thank you. 

Hi Heather Mitchell,
Please refer to guidance here:
CG37000 - Absolute entitlement
Thank you. 

 

Hi Enrico06,
You are correct.
Thank you. 

Hi Tom Clark,
Pension contributions do not reduce your profit as they are not an expense.
Please see guidance here:
Tax on your private pension contributions
Thank you.