HMRC Admin 25
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RE: One-off pension contribution paid from bank in Self Assessment
Hi Kevinrv,
Where you pay £5000 into your pension scheme, after your income has been taxed at 40%.
Your pension provider will claim 20% on the £5000 payment, which is £1250 (£6250 * 80/100 = £5000).
In your tax return, you are claiming the remainder of the tax relief, so you enter the gross figure paid so far £6250.
Your basic rate band will be extended by this amount so that £6250 is only taxed at 20% and not 40%, giving a further £1250 tax relief.
The difference is that you will only have paid £6250 into your pension scheme, with the other £1250 tax relief used to reduce your tax liability or repaid directly to you.
The other person has had to pay £8333 into their pension, to claim 40% tax relief.
Thank you. -
How do I account for a VAT repayment in my self-assessment
Hi sole_trader,
VAT payment you receive, are declared in the gross profits as part of the turnover.
VAT paid out to the VAT office, is declared as an expenses in the self employment, box 30 (SA103F).
If you have submitted your tax return, you would need to amend box 30 to reduce expenses deducted and account for the VAT refunded.
If you have not yet submitted your return, you would show the net VAT amount in box 30.
Thank you.
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RE: Self-assessment for disregarded income
Hi constancew,
Have a look at the Self Assessment criteria tool at:
https://www.gov.uk/check-if-you-need-tax-return.
If your UK savings and investments income is over £10000.00 in the tax year, then yes, you need to complete at tax return, even if is disregarded income.
You would need to declare your interest on SA100 and that you are not UK resident and claiming personal allowances on SA109, so that your interest is treated as disregarded income.
Thank you. -
RE: Tax Relief on Interest in an Indian Bank Account
Hi TC55,
The online Self Assessment tax return, is able to work out the relief available for each type of overseas income, as permitted by the double taxation agreement between the UK and the relevant country.
If you are completing a paper tax return, you can ask HMRC to calculate this for you or calculate it yourself, using helpsheet HS263.
Relief for foreign tax paid (Self Assessment helpsheet HS263)
Thank you. -
RE: Private Residence Relief
Hi edmund,
If your Private Residence Relief covers the gain on the disposal of your home, then you do not need to report this in your tax return.
Thank you. -
RE: Reporting Canada RRSP
Hi John Smith,
It is only at withdrawal that liability to tax would occur.
Gains within the RRSP, would not be subject to UK tax.
Thank you.
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RE: Non-Reporting Fund
Hi BritishAl23,
Non reporting funds are treated as 'offshore income gains' and are subject to Income Tax not Capital Gains Tax.
The gains should be entered in box 41 of SA106 and in the box marked "Other overseas income and gains" on the online return.
Whilst the distributions have been reinvested back into the fund, these are still taxable income.
Thank you. -
RE: CGT on former martial home
Hi Shades of Blue,
You are correct. under point 5.3:
Capital Gains Tax: separation and divorce
As you have retained an interest and are due a percentage, no gain is due.
Thank you.
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RE: US Treasury Bond gain treatment
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RE:Do I qualify for Work From Home tax relief?
Hi twdev,
If you meet the criteria, you can claim for household expenses.
Please see EIM32810:
EIM32810 - Other expenses: home: household expenses
Clause 2 mentioned in your question would not on its own, mean that you do not qualify.
Thank you.