HMRC Admin 25
-
RE: Tax implications of foreign income received after moving to the UK
Hi Cardinal,
Yes, it will form part of your taxable income.
Thank you.
-
Split-year Treatment
Hi Eunice Tang,
No, as the income is received in the UK part of the year you need to declare all of it.
Thank you.
-
RE: Clarification on UK Tax Rules for Non-Domiciled Residents Regarding a Remote Contract Work
Hi Cardinal,
You are correct.
Thank you.
-
RE: Reporting of Dividend --- Actual Amount or Original Amount received
Hi KuenHK,
It is the amount of the original dividends as currency transactions fees are not deductable.
Thank you.
-
Distribution of Capital Contribution Reserves
Hi andy1,
There is guidance on capital contribution reserves at CTM15440.
It advises that if the payment is made from the reserve and does not take the form of a dividend, the tax treatment will depend on the whether the recipient is charged to Corporation Tax (CT) or Income Tax (IT).
.CTM15440 - Distributions: general: repayment of share capital: share capital/share premium reduction
In the case of IT, there is very little to go on.
It suggests that the payment could be capital distribution within TCGA92/S122 at CG57800, which advises:
""The receipt of a capital distribution is treated as a disposal of an interest in the underlying shares.
The normal computational rules apply unless the distribution is small compared with the value of the shareholding"".
CG57800 - Capital distributions: introduction
Please have a look at the guidance on small capital distributions (5% or less of the value of the shares at the date of distribution) at CG57835.
CG57835 - Small capital distributions: introduction
Thank you. -
RE: US Treasury Bond gain treatment
Hi Ch330,
It appeared that you were enquiring about Deeply Discounted securities (DDS).
Gilt edge securities have different guidance to DDS, so it will depend on the type of bonds you have.
Have a look at the links below to so that you can make a decision on the type of bond you hold.
Gilt-edged securities exempt from Capital Gains Tax
SAIM3010 - Deeply discounted securities: introduction
Thank you
-
RE: Personal Alliwance
Hi SunnyD,
It does not matter that you are resident in Hong Kong.
As a national of another member state of the European Economic Area (EEA), you are entitle to claim personal allowances.
You would tick box 16 fo SA109 and fill out boxes 17 to 19 accordingly.
Thank you. -
RE: Self employed but without setting up company
Hi CK Wong,
You do not need to register the business as a company.
If you have registered for Self Assessment, as self- employed, then this is all that is required.
When your tax return is processed, Self Assessment will calculate the amount of class 2 and class 4 national insurance that you need to pay.
These payments will be collected through Self Assessment, along with any tax payable.
You can register for Self Assessment, as self- employed here:
Register for Self Assessment
Provided you have not already registered for Self Assessment.
If you already have a 10 digit UTR for Self Assessment, please contact our webchat helpline here:
Self Assessment: general enquiries.
Thank you. -
RE: Registering self-assessment?
Hi ED29,
You will need to review the guidance at RDR3, to determine your residency status and whether split year treatment applies.
If it does, you need to claim it in a Self Assessment Tax return.
Residence, domicile and the remittance basis: RDR1
Yes, you will need to register for Self Assessment.
Foreign income is one of the criteria for completing a Self Assessment Tax return.
As your self- employment turnover is below £1000.00, you do not need to declare on a tax return.
You will need to declare the Capital Gain Tax, even although it may be covered by the annual exempt allowance.
Being a director of a company is not Self Assessment criteria.
You may find that it is just this one tax year, that a tax return will be required.
You can register for Self Assessment here:
Register for Self Assessment
Thank you. -
RE: saving interest tax 2023-2024
Hi abc123,
You are correct that the Personal Allowance is used first, then the starting rate if eligible and then the personal savings allowance.
If all the income falls within this there will be no tax due.
Thank you.