HMRC Admin 25 Response

Hi Ashanth Muthutantri,
If the company pays out cash dividends, you will owe taxes on those payments even if you decide to reinvest the cash received.
If however, the company reinvests your dividends to purchase additional shares, you will not owe taxes until you sell those shares. 
Thank you. 

 

Hi 
DaveSmith,

S223ZA TCGA1992 provides private residence relief for the period between the date of acquisition of land / a dwelling-house and the beginning of residence in the dwelling house on that site for disposals on or after 6 April 2020 if a number of conditions are met per CG65000.

The period between the acquisition of the dwelling-house to the moving-in time cannot be more than 24 months.
As this legislation deems a property to be a main residence for up to 24 months it is possible that someone may have more than one main residence for some or all of this 24-month period.
However, a main residence election under S222(5) TCGA 1992 is not required per CG65013 as private residence relief will be available for both properties for that period.

If after moving in to a new residence you continue to use the previous property as a residence, so have a combination of residences, you can then make a nomination under S222(5) TCGA 1992 to treat one of the properties as your main residence.
A notice nominating which residence is to be treated as the main residence must be given within two years from the date on which you have a particular combination of residences per CG64495.
Thank you. 
 

Hi John Clark,
Yes, you can claim the full business cost as a Annual Investment Allowance:
Guidance here: 
Claim capital allowances
Thank you. 



 

Hi Exastorm,

You are correct please answer 'NO' if it has already been paid off.

Thank you. 

Hi Amitia Wood,

This type of government pension remains taxable in the UK. 

Thank you. 

 

Hi G,
You would need to set yourself as a sole trader up by 5 October 2024 if you are working this year to avoid any penalties.
You can do this anytime before that date.
You will have one personal allowance of £12570.
Interest savings and dividends, £1000 each and capital gains £6000, this is all for the 2023/24 tax year.
Thank you. 
 

Hi Gary Coombs,

HMRC are not always aware of an individuals nationality and they may not be tax resident in another country hence the request for the application.
Thank you. 

Hi DaveSmith,
It is from when the property is purchased when you arlready have another property. 
Thank you. 
 

Hi Harvey Sz,

Please report the payments paid.
You can change the pre-populated amount recorded on your Self Asssement tax rerurn if the amount paid differs. 

Thank you. 

Hi S Newbold,

I would advise reading this guidance here:
Information on exporting to United States of America from the United Kingdom
Or you can contact Customs and International trade helpline on 0300 322 9434 with your query.
Imports and exports: general enquiries
Thank you.