HMRC Admin 25 Response

Hi ACTS,
The P60 will show the actual tax deducted by the employer and this is the figure you would enter on the Self Assessment tax return.
Once submitted you will then receive a calculation advising if a repayment is due. 
Thank you. 

Hi minakochoi,
If you have your own pdf file showing the transactions you can add this.
Thank you. 

 

Hi JessicaLove,
You can only claim Foreign Tax Credit Relief up to the maimum of what the UK tax is for the same source and from your figures this would only be the £650.
Any excess would then need to be recovered from Hong Kong.
Thank you. 
 

Hi Danny,
You cannot claim tax relief if you choose to work from home.
This includes if:
your employment contract lets you work from home some or all of the time
you work from home because of coronavirus (COVID-19)
your employer has an office, but you cannot go there sometimes because it’s full.
Thank you. 

 

Hi Jh964,
Once shown as issued a PAYE refund can take 3-5 working days to arrive in your account.
If it is a Self Assessment refund then from the issue date it can take 5-10 working days.
If you have still not received the repayment you will need to contact HMRC to review:
Contact HMRC
Thank you. 

Hi TC_UK,
Capital gains losses, cannot be set against income arising in the tax year, except where they arise from unlisted shares and securities, in certain circumstances.
See box 41 of SA106 notes form more information.
Capital Gains Tax summary notes
In general, capital gains losses can only be carried forward and set against a future capital gain.
Thank you, 
 

Hi Alex Pun,
Share identification rules are intended to apply to all fungible assets, such as shares, securities & foreign currency.
CG50220 refers. 
CG50220 - Definitions: meaning of ‘security’ and ‘securities’
This also applies to future contracts as well.
Thank you. 

 

Hi Silvia Mariana Lungu,
You will need to check this from a USA perspective and also take the UK statutory residence tests your you as an individual.
Gudance can be found here:
RDR3 Statutory Residence Test
Tax on foreign income
The UK Ltd company will continue to be taxable in the UK.
Thank you. 
 

Hi yanyan,
If your term deposit interest is overseas income, then yes, you meet the criteria for completing a Self Assessment tax return.
Thank you, 
 

Hi sb3502,
To confirm you are correct.
Thank you.