HMRC Admin 25 Response

Hi Andrew Niebedocigodou,
Please have a look here for more information on the limits to what you can bring into and take out of the UK without needing to declare it:
Take cash in and out of the UK
Thank you. 

 

Hi dreadzone50,
No, cash gifts are not taxable.
Any interest you generate from the gift, however, is taxable.
Thank you. 

Hi Levent Giray,
You declare totals on SA108, boxes 14 to 22 are for listing the number of disposals of 'other property, assets and gains', such as non residential property or assets.
Boxes 23 to 30 are for listed shares and securities and boxes 31 to 44 for unlisted shares and securities.
You will need to decide which are is appropriate for your CFd's.
In the appropriate section, you would show the total number of transactions you made, the total disposal value of all of the assets and the total allowable costs.
Where the allowable costs are greater than the total value, the difference is a loss, which you also declare.
You can include your spreadsheet breakdown as an attachment, to support your losses claim.
Capital Gains Tax summary Tax year 6 April 2022 to 5 April 2023 (2022-23)
Capital Gains Tax summary notes Tax year 6 April 2022 to 5 April 2023 (2022–23)
Thank you. 

 

Hi Juan Higuera Gomez,
We cannot advise on this, in this forum.
You would need to contact the Self Assessment helpline on 0300 200 3310, for a more detailed answer.
Thank you. 

Hi karencky,
Yes, If you are resident in the UK, while undertaking self employment work in Hong Kong, then your gross profits are taxable in the UK and not Hong Kong.
Overseas income is criteria for completing a Self Asseesment tax return (SA100).
You would need to report the gross profit and expenses on a Self Assessment tax return supplementary page SA103.
Article 14 of the double taxation agreement here:
UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL
Advises that if you are a UK resident, you need to be physically in Hong Kong, undertaking your self employment work, for it to be taxable in Hong Kong.
Where you undertake that work from the UK, then it is taxable in the UK.
Thank you. 
 

Hi kev269,
In most cases, an individual buying and selling cryptocurrency falls under the realms of Capital Gains Tax.
Some individual's may do so as a business (sole trader) and any profits are taxable under Income Tax and NIC, while most would do so as an individual under Capital Gains Tax.
You would need to contact HMRC on 0300 200 3310, to discuss your circumstances with a technical advisor, if you felt that you were buying and selling as a sole trader.
Thank you. 

 

Hi lupevelasquez
If your grandmother was resident in Italy, then there is no UK inheritance tax payable.
As you inherited the property on the death of your Grandmother, there is a possiblity that you will have UK Capital Gains Tax to pay, as well as any Italian taxes on the sale of the property.
The double taxation agreement with the UK and Italy, gives Italy the first rights to tax the sale of the property.
As a UK resident, you will need to work out if there is a capital gain payable in the UK.
You can do this by obtaining a just and reasonable market value for the property on the date you inherited it.
Convert from Euros to pounds sterling, using a just and reasonable exchange rate in operation at the time.
If the disposal value in pounds sterling is greater than the market value and selling costs, then there is a capital gain.
There is a calculator here which will help you work this out:
Tax when you sell property
If there is a gain, you will need to report it on a Self Assessment tax return, regardless of whether there is any tax to pay.
If you pay Italian Capital Gains Tax, you can claim a credit for this in your tax return.
Please have a look here:
Capital Gains Tax
Thank you. 

Hi Ranny Sahota,
No.  For Private Residence Relief to apply, it would need to be your main residence.
As it's not, no relief is available.
Please have a look at:
HS283 Private Residence Relief (2023)
Thankyou 
 

Hi vickky1978 Vickky,
No,  it is perfectly legal for your to send money to your friend.
If your friend paid you back more than you sent, the difference would be classes as interest and would be taxable.
Thank you. 
 

Hi Firstpointswm,
If you are supplying a printing service then the Place of Supply Rules determines where the service is deemed to take place..
The service would come under the General Rule of services and so the Place of supply is where the customer belongs.
If the customer belongs in the UK then the supply will be Vatable in the UK.
If the customer belongs overseas then the Place of supply is Outside the Scope of UK VAT.
Please see the guidance here:
6. The place of supply rules for services
It is therefore important to determine where the customer belongs for the supply.
Please see the guidance here:
Place of supply of services (VAT Notice 741A)
Thank you.