HMRC Admin 25 Response

Hi Shades of Blue,
The relieved contributions are only up to your level of relevant earnings which you say is about 79k so any pension payment made above this will not receive any tax relief.
The excess figure you are referring to is to ensure that you do not pay the pension tax charge. any unused amount can only be carried forward for 3 years.


 

Hi Tom Huruk,
You would need to contact the Department of Work & Pensions with regard to your enquiry.
Department for Work & Pensions
Thank you. 

 

Hi MarcoC,
You would declare the expense based on the amount you paid.
Thank you. 

 

Hi Ka Chow,
As you have not stated what country, this cannot be confirmed as it depends on the double taxation agreement.
Thank you. 

Hi edlanwarne,
Yes, these can be classed as expenses for improvement costs to reduce your capital gain.
Thank you. 

Hi ella gilman,
As this is part of your UK trading business, you would include in your profits on SA103.
If you have paid overseas tax on the overseas element, you would also declare the overseas part of your trade on SA106 and claim a Foreign Tax Credit.
Thank you. 

Hi Pieter Oudshoorn,
If in joint names it must be 50/50 unless you have opted/informed HMRC of an alternative beneficial interest:
Declare beneficial interests in joint property and income.
Thank you. 
 

Hi William Wu,
 As a trader you will need to raise this with the users directly as it is a third party dispute.
However, non-compliance and fraudulent activities can be reported by using below link.
What you need to know
Thank you. 


 

Hi jesue nwaha,
Due to the basis period reform, no.
Please refer to:
How HMRC assesses profits for some sole traders and partnerships to change
Thank you. 

 

Hi Marla Brown,
As the Inheritance Tax threshold is  £325,000 please refer to with regards to reporting this.
How Inheritance Tax works: thresholds, rules and allowances
Thank you.