HMRC Admin 25

Hi Kim,
You will need to contact our Income Tax enquiries to discuss this:
Income Tax: general enquiries
Thank you. 



 

Hi sb3502,
Exchange rates from HMRC in CSV and XML format
provides more recent exchange rates and
Exchange rates goes back to 1 January 1989.
It is not necessary for you to use the actual closing date exchange rate.
HMRC allows for the use of a monthly rate, annual average rate and two spot rates, as well as the actual daily closing rate.
 You are free to utilise the rate that gives you the better conversion.
Thank you. 

Hi Jon Carter,
To confirm you are correct. 
Thank you. 

Hi N S,
Thank you for your question.
I can confirm that if you elect to claim the £1000 Property Allowance (and your rental income is more than £1000) then you cannot also claim any deduction for your rental property expenses.
You can either claim the £1000 allowance or the actual expenses incurred.
Please refer to the following guidance (under the section headed 'Allowances') for further information :  
Work out your rental income when you let property
This refers to all types of expenses incurred including property repairs and maintenance and such things as building insurance,ground rent,property inspections and travel expenses.
If you elected to claim the actual property expenses you could enter the payments to a locksmith under Property repairs and maintainance or in the 'Other Allowable expenses' box on the return.
You will need to retain receipts for any expenses incurred in case they are requested by HMRC in the future.
Thank you
   
                                                                                                                                            

Hi Pam3210,
Thank you for your question.
Based on the wording used in your question, I would assume that this would suffice when setting up the Bare Trust between yourself and your Husband.
Additional guidance on the wording to use is attached as following:
TSEM9520 - Ownership and income tax: express trusts - written declaration
When creating the Bare Trust, I would advise that a copy is not required to be sent into HMRC and can be created by yourself with a Solicitor not essential as long as the relevant information is supplied (i.e address, percentage transferred etc).
Thank you. 

Hi cosmina.maier,
I would advise you contact HMRC Employers Office on 0300 200 3200.
We can check if your year to date figures match, if they do then its possibly a issue relating to the employees income being reported into another record (such as temporary one).
If this is the case the employees will need to speak to personal taxes to get them to trace the other record and merge the records.
Thank you. 

Hi Gin Lime,
The six years relates to the Limitations Act 1980 (LA).
The LA applies to Tax Credits, whilst it is not tax credits legislation it clearly has an impact on our customers.
Section 28 of the Tax Credits Act 2002 tells us if the amount we have paid claimants for a tax year exceeds the amount of which they were entitled, it is known as an overpayment and we will make a decision on whether the overpayment should be repaid. How caseworkers reach a decision to recover overpayments is set out in COP26.

Where we have made a decision that the overpayment must be repaid, Section 29 of the Act says we must give notice to the claimants regarding the amount to be repaid, and how this is to be recovered. When a customer falls out of tax credits and their debt moved to DM, s29(3) of the TCA2002 allows the debt to be treated as a taxes debt and recovered on this basis. 

Timescales for the recovery of some debts in England and Wales are dealt with by the LA. The LA states that generally the time limit for the commencement of collecting a debt is six years from the date the debt became payable. This rule does not apply to tax credits and the pursuit of the debt. 

The only relevant section of the LA which is relevant to tax credits is the part which states time limits for bringing actions for the recovery of debts before the courts.
HMRC may still issue a Notice to Pay in cases where the overpayment is over 6 years old, and contact the customer asking for payment, we are however limited in our ability to recover the overpayment via the court. 

Although the claimants may mention time limits in their contact with us, legally we can still pursue recovery of the debt and send the debt to DWP/DfC for collection.
There is no time limit on the pursuit of the debt, only the method of recovery is limited.
Thank you.

 

Hi Stephen Snook,
Thank you for your question.
As long as the expenses for the hard wired smoke and carbon monoxide alarms are wholly and exclusively for use in the rental business, then both costings would be allowable revenue expenses outlined in BIM37007 here:
BIM37007 - Wholly and exclusively: overview
Thank you. 

Hi Koulis24,
You can write to HMRC to request confirmation that all CT liabilities are up to date.
This is normally sufficient for foreign tax aurthorities.
Thank you. 

Hi uqlist035,
In this scenario, the 2 year qualifying period will apply from the date of incorporation ie jan 2022.
The previous staus of the busines is not rolled over into the new business, so BADR will not apply until jan 2024.
Thank you.