HMRC Admin 25 Response

Hi gzmherens,
We would advise that you contact our Self Assessment helpline on 0300 200 3310 or via webchat here:
 Self Assessment: general enquiries
To advise my colleagues that you have submitted this form.
They will check our digital mail service and if they find it, they will sign it and stamp it and return it to you.
Thank you. 

Hi Jeremy Brooks,
Please refer to guidance here:
How Inheritance Tax works: thresholds, rules and allowances
Or telephone 0300 123 1072.
Thank you. 

Hi BOBU L,
A UK resident is required to declare their world-wide income.
This is done via a Self Assessment tax return.
I would advise that you contact the Self Assessment helpline on 0300 200 3310 or via webchat here:
Self Assessment: general enquiries
Please advise my colleagues of the nature of your overseas income, as when it comes to pensions, some are not taxable in the UK.
Thank you. 
 

Hi Andrew.clear,
Yes it can.
If you know a refund is due, you can ask for it to be set against your Self Assessment arrears rather than having it sent direct to you.
Thank you.

 

Hi Simon,
The one off payment to your pension scheme would be entered in box 1 of page TR4 of your Self Assessment tax return (SA100) which is for payments to a registered pension scheme, where basic rate tax will relief will be claimed by your pension provider.
Your pension provider will be able to confirm if they claimed 20% tax relief on your behalf.
Thank you. 

 

Hi pleasemaketaxreturnseasy,
We cannot advise which option is the appropriate option.
The tax rules for non-resident trusts is very complicated and cannot be discusses in this forum.
Have a look here:
Non-resident trusts
Please  contact the trust helpline on 0300 123 1072.
No tax is due on the estate as the estate is not in the UK.
The payments from the pension is taxable in the UK.
Your friend should have received a certificate from the pension policy providers declaring the amount paid and the gain.
Where the gain is over £10000.00, a Self Assessment tax return (SA100) is required.
The gain can be reported on supplementary page SA101.
All boxes on a Self Assessment tax return should be in pounds sterling.
Please have a look at helpsheet HS321 for more information.
Gains on foreign life insurance policies (Self Assessment helpsheet HS321)
Thank you. 

 

Hi A Chan,
As the beneficial owner of the income, you would need to complete a Self Assessment tax return (SA100) and declare the overseas rental income in SA105.
If you paid tax on this in Hong Kong, you would also declare in SA106, claiming a Foreign Tax credit.
Thank you. 

Hi Siu Mai,
As a sole trader with self employment income arising from outside the UK, you would need to convert the income paid into your Hong Kong bank account into pounds sterling, and add this to the gross profit of the self employment.
If you paid tax in Hong Kong on this income, you would also declare the overseas income and tax paid in the supplementary page 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 converting to sterling.
There are exchange rates provided by HMRC, which can be found at:
Exchange rates from HMRC in CSV and XML format
You are free to use any of the rates or obtain the exchange rate from another source, such as the London Stock Exchange or a national newpaper.
You do not need to declare the exchange rate, but you can keep that information with your accounts.
You can claim an element of your actual domestic bills, in relation to your business or use the Simplified expenses if you're self-employed.
 For the actual costs:
Take the number of rooms in your home (do not include bathrooms and kitchens) and divide the bill e.g.  4 rooms and electricigy bill £500.00.  £500.00 /4 = £125.00.
If the room you work from is used for other personal purposes, such as a bedroom.
The share £125.00 would need to be futher diluted for the number of hours used as a business over 24 hours, to find the amount that relates to your business.
This can be claimed as an expense in your tax return.
Other domestic bills can be treated in the same way.
Please have a look here:
Simplified expenses if you're self-employed
Expenses for the self employed:
Expenses if you're self-employed
Thank you 

 

Hi Artieleblanc,
The facility for calculating your Foreign Tax Credit relief is still available to calculate in an online tax return.
You will need to contact the self assessment helpline on 0300 200 3310 for help in working this out.
Thank you. 

 

Hi KevinM,
The Inheritance Tax threshold is £325000.
 If an individual gives away their home to their children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.
Where the value of the estate is below the appropriate threshold, no Inheritance Tax is payable.
There are no tax implications on the giving or receipt of cash gifts, but you may wish to consider Inheritance Tax implications.
 An individual can give a gift of £3000 to one person per year, or a share of £3000 to multiple people in the tax year and not be subject to Inheritance Tax on the gift.
 Sums above this amount will need to be included in Inheritance Tax calculations, where the individual dies within 7 years.
Inheritance Tax: general enquiries
You may also want to review the guidance here:
Inheritance Tax
Thank you.