HMRC Admin 25 Response

Hi abc123,
No it is £17570 as the £1000 personal savings allowance is included within the £5000 starter rate. 
Thank you. 
 

Hi Gavin,
If the actual disposals are in excess of £49200 (each) then yes a tax return is required.
If one is not required, you can still inform HMRC of the losses so that they are on record should you wish to use them at a later date. you need to inform us of the losses within 4 years of the tax year in which they arise.
Thank you. 

Hi Jon Carter,
Only if the conditions at 17.1 are not met.
Thank you. 
 

Hi Mark Lambert,
Please refer to guidance here: 
Tax on your UK income if you live abroad
Thank you. 
 

Hi Oscar Moreno,
Please refer to guidance here:
HS286 Negligible value claims and Income Tax losses on disposals of shares you have subscribed for in qualifying trading companies (2023)
Thank you. 

Hi Allister Fraser,
Correct,  You can claim a Foreign Tax Credit of up to 100% of the overseas tax paid or an amount below that figure, that covers your UK tax liability on that income.
Thank you. 

 

Hi sh2glh,
Article 10 of the double taxation agreement refers to dividends.  If the dividend is paid by a Hong Kong resident company, to a UK resident, may be taxed in the UK.
Article 11 of the double taxation agreement refers to interest.  Interest paid in Hong Kong to a UK resident individual is only taxable in the UK.
In both instances, you should declare your overseas dividends and interest on a self assessment tax return, as both are taxable in the UK.
UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL
Thank you. 
 

Hi R Thornhill,
If the bonus payment is included in your P45 or P60, then it would be shown in box 1 of form SA102, along with your employment income.
If it not included on your P45 or P60, then the bonus payment would be shown in box 3 of  form SA102
Employment notes
Thank you. 

 

Hi ERM2023,
Although the Hong Kong property income is taxable in Hong Kong, when you are tax resident in the UK, it is also taxable here.
You would need to check if split year treatment applies.
If it does, you would declare the income from the date you are tax resident.
If you do not qualify for split year treatment, you would need to declare the overseas property income from 6 April 2022 and in both cases, claim a Foreign Tax Credit for the overseas tax paid.
RDR3 Statutory Residence Test
Thank you. 

Hi ogmir,
March 2023, is in the 22/23 tax year.
Any foreign income or capital gains must be declared in a Self Assessment Tax return.
To avoid late filing penalties and interest charges, a paper tax return must be in HMRC possession, no later than 31 October 2023.
A tax return submitted online, has up to 31 January 2024.
In both cases, payment of the tax must be made by 31 January 2024, to avoid late payment penalties and interest charges.    
Thank you.