HMRC Admin 25 Response

Hi PF,
You will need to review the statutory residence tests to determine whether you will be considered tax resident for the whole tax year or not tax resident for the whole tax year.
If you are deemed tax resident, you will need to check whether split year treatment applies.
If it does, you will need to claim this on SA109 as part of your 2022 to 2023 tax return.
RDR3 Statutory Residence Test
Thank you. 

 

Hi S Loh,
You will need to review the statutory residence tests to determine whether you will be considered tax resident for the whole tax year or not tax resident for the whole tax year.
If you are deemed tax resident, you will need to check whether split year treatment applies.
If it does, you will need to claim this on SA109 as part of your 2023 to 2024 tax return.
RDR3 Statutory Residence Test
Thank you. 

Hi Harpreet Kaur,
We can only provide general advice in this forum.
You will either have to contact the Self Assessment helpline on 0300 200 3310 or write to:
HMRC H.M. Revenue and Customs Self Assessment BX9 1AS.
With details of your issue.
Thank you. 

Hi cc101,
You would need to register for self employment, even if your profit was below £1000.00.
This threshold is only considered when a tax return is required.
Thank you. 
 

Hi David Torcal,
There is no tax relief for the taxes in Spain other than Spanish Capital Gains Tax.
In the UK you may be subject to capital gains when you dispose of the property.
You would need to obtain the market value for the property on the day you inherited it and convert this to sterling using an exchange rate in use at the time.
The exchange rate is not set in stone, which is why you have a choice.
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, you can use any of the rate available here:
Exchange rates from HMRC in CSV and XML format
Or from another just and reasonable source. 
CG14200 advises how to computate and gain.
CG14200 - Computation: introduction
A list of incidental costs is shown here which can be deducted from the disposal value:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

Hi Tom Askey,
You can claim expenses for computer software your business uses for less than 2 years and computer software if your business makes regular payments to renew the licence even if the business uses it for more than 2 years.
Please take a look at the guidance on expenses for the self employed:
Expenses if you're self-employed Skip to contents of guide Contents
Thank you. 

Hi BarryC,
You cannot open 2 or more ISAs of the same kind in the same tax year, eg. cash ISAs.
If you want to transfer to another ISA and benefit from a better deal, you will need to transfer your ISA to the new provider and close the old account.
Thank you.   
 

Hi edmund,
Tax relief on mortgage interest for the rental property can be claimed in a Self Assessment tax return.
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.
You are free to use the rates held here or from another source.
Exchange rates from HMRC in CSV and XML format
Thank you. 
 

Hi Wombat20,
As husband and wife or civil partners, you can by default declare the gain as 50:50 and pay tax accordingly.
If you do not want to do that, then your only other option is to declare the gains based on your beneficial ownership percentages 35:65 and pay the tax arising in that way.
The choice is up to you.
Thank you. 

Hi BritishAl23,
As you would be loking at the total interest payable over the year, you would need to add the monthy amounts together, even if below £1, and then round down the final total.
Thank you.