HMRC Admin 25 Response

Hi 
polylincoln

It will just be the interest that you need to declare as taxable income.

Thank you. 

Hi uras_mutlu,

You do not need to report the transfer of the capital.
If however, this then generates any interest or dividends, this is taxable.
Thank you. 

Hi Daniel-L Liddle,

I apologise if you are having issues getting through. You will need to continue calling our helpline to amend your tax code.

Thank you. 

 

Hi bearance,

If the money is not remitted to the UK the amount is not taxable.

Thank you. 


 

Hi akansha lakhera,

You will need to contact our helpline to update this:
Income Tax: general enquiries
Thank you. 

Hi LBudge,
I apologise if you are having issues getting through.
This can only be corrected by speaking to our helpline or writing to us:
Income Tax: general enquiries
Thank you. 

Hi SH26a,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends

Thank you. 

Hi Alison Hayes,

If you wish to keep all your tax allowance against the self-employed work, you can contact us after you have started to be paid and we can note your records that your tax allowance is not set against the employment.
Income Tax: general enquiries

Thank you. 

Hi Chelsie,

 IncomeTax is calculated and charged when the Income is paid.
The Personal Allowance is used on a weekly or monthly basis depending on how often you are paid.
If you are earning more with the placement, you should have the allowance allocated against this.
We always review the position after the tax year has ended and if you pay too much tax you will receive a P800 calculation once we have reviewed it.
Please see this guidance here:
Tax codes
Thank you. 

 

Hi aimee duerden,

You will not need to pay taxes on the transfer of the capital but you will need to declare any interest or dividends it generates whilst in the bank.

Thank you.