HMRC Admin 25
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RE:Income paid in crypto
Hi robert lea-kime,
You can only gift to your spouse after you have declared the income in your tax return.
That gift would not be subject to income tax or Capital Gains Tax.
Thank you.
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RE:State pension in Bulgaria
Hi carasen Hristov,
Under Article 17 paragraph 2, the state pension is only taxable in Bulgaria.
You would note in the additional information section of the return that you have this income but it is exempt under the above article.
Thank you. -
RE: Remittance basis and arising basis
Hi John Lau,
No, you can elect to use the remittance basis in any tax year that you want, and the arising basis would be default in any other tax year.
Have a look here:
Residence, domicile and the remittance basis: RDR1
For some guidance on using the remittance basis.
Thank you.
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RE: Income and expenses in USD
Hi robert lea-kime,
You can choose any one of the 3 that fall within the tax year you are looking at or your bank conversion rate if that is more beneficial to you.
Thank you.
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Pension lump sum and SA
Hi Simon Templat,
If you exceed the income threshold of £100000.00, then you meet the criteria for completing a Self Assessment tax return.
The tax free sum, should not be included in calculating your income.
Have a look at the guidance on calculating your adjusted net income.
Personal Allowances: adjusted net income
Thank you. -
RE: Article of Double Taxation Agreement -- Germany
Hi R B,
Article 4, as is is based on your residence not the source of the income.
Thank you. -
RE:Limit for requirement to inform HMRC of pension contribution
Hi Esteban,
Yes, If the money is coming from your bank account, then you will have already paid tax on it through your employment, so you will need to claim the tax relief from HMRC.
This can either be in writing on in a Self Assessment tax return.
No they do not count towards the £10000 limit, however, they will count towards the pension threshold, which is up to £40000 or your gross income in 22/23 or £60000 or your gross income in 23/34.
Thank you. -
How Can Someone On SSDI Legally Move to the UK?
Hi enflores
Please direct your question to the Home office.
Conact details can be found here:
Contact UK Visas and Immigration for help
Thank you. -
RE: Tax on interest on long term fixed rate bond
Hi Angela Shaw,
Income tax is applied using the arising basis, that is income is taxed in the year in which it arises.
Where your bonds generate interest every year, which you have access to, you must declare it in the tax year it arises.
If the bonds cannot be accessed until maturity, then only when they mature, can the be declared for tax purposes.
Thank you. -
RE:External examining income and trading income allowance
Hi Isaac254 Chadwick,
Yes, you would need to complete a Self Assessment tax return (SA100) and SA103F, declaring the tax taken off at box 82 on page SEF4.
You can either claim expenses or the business income allownance of £1000.00, but not both.
Self-employment (full)
Thank you.