HMRC Admin 25
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RE: Non-Reporting Fund
Hi BritishAl23,
The main effect for UK investors who have invested in non-reporting funds, as opposed to reporting funds, is that on disposal of their interests they will be liable to tax on any gain arising as if it were income (that is, an offshore income gain, or ‘OIG’) instead of as a capital gain.
IFM12300 - Offshore Funds: introduction: non-reporting funds
As you have not yet disposed of them or received a distribution, there is nothing to declare at this time.
Thank you. -
RE: Can SA109 to be submitted online?
Hi N.L. So,
If you have or can obtain a government gateway user ID and password (you need to be able to verify your identity to get one) you can use it to submit a commercial tax return, that include the residence section instead.
There is a list of commercial supplierswho for a fee, will let you use their tax return to submit online:
Self Assessment commercial software suppliers
The HMRC version, cannot be used to submit a non resident tax return.
If you cannot verify your identity, then your only options are to submit a paper tax return or employ an agent to submit it for you.
The Self Assessment tax return must be submitted as a whole, either online or via a paper version.
Thank you.
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RE:Staff subsistence payments - benchmark rate
Hi Golf Man,
The over 15 hour rate will not apply as breakfast and lunch are included in the accommodation payment.
You can still consider the 5 or 10 hours rate (£5 or £10) for the evening meal and the employer can also pay a maximum of £5 per night in relation to incidental overnight exenses for overnight stays in the UK.
EIM02710 - Employment income: incidental overnight expenses: exemption from charge
Thank you. -
RE:Which tax year to declare the Capital Gain and Accrued Interest of Treasury Bond
Hi ACTS,
From an Income Tax angle, there doesn't seem to be anything regarding a limit on the amount & frequency that "gifts" can be made from non-resident family members.
As a UK resident, you should declare the income to the bank that the money is being transferred in to, advising them where it's from etc & why he's receiving it.
You will need to report any interest that is accruing on any amounts that remain in your bank account(s) and if you have invested it, you will need to consider if there are any CG, partnership, income from property implications and report those accordingly.
Thank you.
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RE:Capital Gains Tax and trusts
Hi susan Finch,
The settlor of the trust (also known as a truster in Scotland) in 2023 to 2024, has an annual exempt allowance for trusts of £3000.00.
If the settler has created more than one trust, this amount is shared.
Pleass have a look at :
Capital Gains Tax rates and allowances
Thank you.
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RE: QROPS 5 Year Tax Rule
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RE: Impact of Energy Bill Relief Scheme on claiming expenses for self employed
Hi MarcoC,
It will be after the discount.
Thank you.
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RE:CGT on former martial home
Hi Shades of Blue,
Further information is required to give a definitive answer on this and as such you should telephone 0300 200 3300 or contact us via webchat to go through the personal circumstances of the case.
Thank you.
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RE: Carry over pension contribution allowance
Hi Shades of Blue,
If the 2nd payment is made direct by you, you need to inform HMRC that you have done this.
For payments over £10,000 you need to supply written evidence of the payment and send this to:
HMRC, PAYE & Self Assessment BX9 1AS.
The maximum amount depends on what your salary sacrifice payment is.
You may therefore want to discuss this with a financial advise.
Thank you.
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RE: Can accountancy fees be claimed as an expense for completing a Self Assessment tax return?
Hi Norse Dog,
Yes, you can claim these against the rental income and should therefore be included in the income from property section of your return -
PIM2120 - Deductions: main types of expense: legal and professional costs
Thank you.