HMRC Admin 25
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RE: Loss brought forward from earlier years set-off against 2022-23 profits
Hi Charlie Chatz,
The message "IMPORTANT: Please check the help on the 'Loss brought forward' field and review the figure entered in this box" is a warning.
It is not an error, but it is asking you to take another look at the figure of £893 entered and is asking your to check this is the correct figure.
If you click on save and continue after receiving the message, your loss figure will be accepted and you will move to the next section.
Thank you,
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RE: Can I open 2 cash ISA's in one tax year
Hi Trevor Baker,
No,you cannot open two cash ISas in the same tax year.
You can have more than one cash ISA, provided they were opened in different tax years.
Thank you.
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RE: I work remotely for a US org, was taxed in the UK with PAYE, but spent only 142 days in the UK
Hi Rachel,
You can only submit a commercial tax return, if you can verify your identity, to obtain a government gateway user ID and password.
Once you have that, you can buy a commercial tax return that include the residence section and submit the tax return in its entirity, online, before 31 January 2024.
A list of commercial suppliers can be found at:
Self Assessment commercial software suppliers
If you cannot verify your identity, you cannot use this process and instead, you will need to dowload a paper tax return and supplementary pages.
Fill them out and post them to HMRC.
The due date for paper tax returns was 31 October, so a late filing penalty would apply.
Self Assessment tax return forms
Penalties can be appeal on form SA370:
Self Assessment: appeal against penalties for late filing and late payment
Once hmrc have your tax return.
Thank you. -
RE: I work remotely for a US org, was taxed in the UK with PAYE, but spent only 142 days in the UK
Hi Rachel,
You must register for Self Assessment by 5 October if you need to complete a Self Assessment tax return and have not sent one before.
You may incur a penalty if you do not.
It is still possible to register for Self Assessment after 5 October, but you may incur a penalty .
Check how to register for Self Assessment
Penalties
Thank you. -
RE: Reporting CGT on Overseas Property sale
Hi zeynepde,
Yes, it is likely that you will have some Capital Gains Tax to pay on this disposal.
You would need to obtain the market value of the property at the time it was gifted to you and covert it to pounds sterling, using an exchange rate that applied at the time of the gift being made.
You would also need to covert the disposal value to pounds sterling and deduct from this, the market value and selling costs.
If the disposal value is more than the market value and selling costs, there is a capital gain and tax may be payable.
This would be reported in a Self Assessment tax return in SA108 and SA106.
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.
Exchange rates from HMRC in CSV and XML format
Is just one option you could use.
Thank you, -
Cash ISA transfer query
Hi User 907,
Yes, you can create a new cash ISA and transfer funds from one to another, up to the maximum £20000, minus what you have already paid into the first ISA in the tax year.
Thank you. -
RE: Need help with Split-Year-Treatment
Hi jzchong,
Split year treatment only applies in the year of arrival.
10 April 22, as that is the date of arrival in the UK and applies to both questions.
Thank you. -
RE: Can Off-plan overseas property loss be set against capital gains?
Hi Old Geezer,
You would need to identify whether any asset was acquired when you made this payment of £20,000.
Ultimately, a Capital Loss can only be realised upon the disposal of an asset, whether that's a property, shares in an investment company or interest in or right in or over an asset.
You will need to identify what you actually acquired (if anything) and when this asset was disposed of to allow you to identify if any loss arises and when the disposal took place.
CG12700P - Introduction and computation: occassions of charge: disposal of assets: contents
Thank you. -
In receipt of gift in excess of income
Hi msd_tax,
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
You can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your estate.
This is known as your ‘annual exemption’.
You can give gifts or money up to £3,000 to one person or split the £3,000 between several people.
Thank you. -
RE:Travelling from home to a meeting - where is the start point
Hi Caroline Baldry,
EIM32366, advises "An employee who holds a travelling appointment can deduct all of their business travelling expenses as travel in the performance of the duties of the employment, even where the journey starts from home".
There are other factors that have to be considered, so please read through EIM32366, to confirm that you meed the criteria for claiming expenses from home to offsite meeting.
Please refer to EIM32366 here:
EIM32366 - Travel expenses: travel in the performance of the duties: travelling appointments
Thank you.