HMRC Admin 25
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RE:Personal Savings Allowance and SIPP contributions
Hi P Bell,
No SIPP payments do not reduce the income figure for the savings allowance.
Thank you.
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RE: certificate of being resident but non domiciled
Hi res-non-dom Ben,
You would need to confirm this on the SA109 residence section of your tax return for HMRC to be aware that you are claiming this to allow us to then send confirmatoin that you can present to the bank.
Thank you. -
RE:setting up a business based on my foreign assets
Hi
1. The goods will be considered assets of the business and the cost of them will be considered as part of your expenses.
2.This would likely be VAT and you will need to refer to:
VAT: detailed information
As it cannot be asnwered on this forum as this for personal tax only.
Thank you. -
RE:Change in tax band during financial year, which personal allowance
Hi htop123,
It will be based on what your final total is at the end of the year to ascertai nhow much savings allowance you are due.
If you are a higher rate taxpayer it will be the £500 There will be no change to personal allowances unless your income exceeds £100,000.
Thank you. -
RE: Foreign Employer but not registered in PayE
Hi Ashley Li,
The SA101 is not applicable.
You will only declare the UK part of the Hong Kong income as the duties are carried out here.
You do not include any of the income from when you were still in Hong Kong as this is not taxable in the UK as part of the double taxation agreement.
You will therefore show the income as self employment on the SA103 and if tax has been paid in Hong Kong on the income since you came to the UK, then you wil also complete the SA106.
Tax on foreign income
Thank you. -
RE: Inherited 401K
Hi Jim3,
You are correct.
Thank you.
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RE: Timing of tax relief - overseas income
Hi E,
You haven't mentioned whether you use Cash Basis Accounting or Traditional Accounting.
If you use the Cash Basis, your expenses would be allowable in the UK tax year in which they were incurred.
If you use Traditional Accounting, expenses are recorded/allowed on the dates on which invoices are issued or bills are received.
You should declare your income and expenses in the SA return for the UK tax year in which they are accounted for.
If you don't know the exact amount of Foreign Tax Credit Relief claimable for a particular tax year, you can enter a provisional estimate and amend your return as necessary when you have paid the Finnish tax due.
Foreign notes Tax year 6 April 2019 to 5 April 2020 (2019–20)
Thank you. -
RE: Capital gains tax on residential property
Hi ben-liz,
If you gave away only 50% of the property, the figure you should enter on the online form is 50% of the market value.
Report and pay your Capital Gains Tax
Thank you. -
Do I need to apply for UTR?
Hi al1918 YU,
As a UK resident with overseas income, yes, you should register for Self Assessment and obtain a UTR.
Check if you need to send a Self Assessment tax return
Tax on foreign income
Thank you. -
RE: CGT on two property disposals
Hi Sarah74 Jobson,
To establish what CGT rate you will pay in a given tax year, you first have to work out how much taxable income you have.
You arrive at this figure by calculating your total income less your Personal Allowance and any other Income Tax reliefs you’re entitled to.
You then work out your total taxable gains by deducting your tax-free allowance from your total taxable gains, and add this amount to your taxable income.
If this amount is within the basic Income Tax band you’ll pay 10% on your gains (or 18% on residential property).
You’ll pay 20% (or 28% on residential property) on any amount above the basic tax rate.
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.