HMRC Admin 25
-
RE: Foreign disposal of property and UK CGT
Hi Wicks87,
Once you have entered all of the boxes you need to complete, work your way to the calculation to view the capital gains tax that is calculated. Compare this figure to the Foreign Capital Gains Tax paid and take a note of the UK capital gains figure.
You can claim up to 100% of the foreign tax paid, so you click on back and work your way back a few screens to the "View your calculation Capital gains - foreign tax credit relief and Special Withholding Tax"
It will show the foreign tax credit as £0.00.
You change this to either 100% of the foreign tax paid or the UK capital gains figure (which ever is the lower).
Save and continue to view your calculation.
Thank you.
-
RE: SEIS for Fintechs
Hi inov8uk,
We can not comment on the restrictions imposed on EIS,SEIS and VCT schemes.
There may be an alternative here:
Investment schemes: detailed information
Thank you. -
RE: Allowable expenses for Buy To Let rental property while it is being upgraded for renting again
Hi Bertram,
As there was still the intention to rent the property out, but the maintenance and repairs, prevented this, you can claim those costs, such as service charges, council tax etc.
Please see this links to help further:
Work out your rental income when you let property
Examples of how to work out Income Tax when you rent out a property
Thank you, -
RE: Overseas trust inheritance
Hi tw.other,
We can only provide general advice and links to guidance in this forum.
For an answer to a detailed question of this nature, you would need to contact our Self Assesment helpline:
Self Assessment: general enquiries
Or seek professional advice.
Thank you.
-
RE: Sole Trader Registration for Yoga Teaching with Full-time Job
Hi Rhubarb,
The guidance here:
Register as a sole trader
Advises that you may incur a penalty if you do not register in time.
If after the tax year has ended, you confirm that your gross profit has not exceeded the £1000 trading income allowance, you can contact our Self Assesment helpline on:
Self Assessment: general enquiries
To have the tax return withdrawn.
Thank you. -
RE: Double taxation agreement and government pension
Hi nic_mitchell,
UK civil service pensions are in general, taxable only in the UK.
The tax treaty with Jersey expands on that.
Article 18(1) advises that if you are not ordinarily resident in Jersey, then the UK civil service pension is taxable only in the UK.
UK – JERSEY DOUBLE TAXATION AGREEMENT AND PROTOCOL, GIVEN EFFECT BY AN EXCHANGE OF LETTERS SIGNED IN LONDON ON 2 JULY 2018
Thank you. -
RE: Do I need to declare my capital gains tax in the next tax return
Hi Manila,
If your husband meets the following criteria the gain will need to be included in his tax return.
1 - is your husband required to complete a Self Assessment tax return for any other reason
2 - Is the disposal value over £50000.00.
Only if the answer is 'yes' to both questions, will the disposal need to be included in the SA return.
Thank you. -
Mobile Phone Tax allowance on a rental property
Hi Andrew,
Yes, however, you can only claim that proportion of the mobile phone cost that relates to the rental property.
Private use cannot be claimed for.
You would need to be able to show how you have split the bill between private and business use.
If you cannot find a way to show the business use, then you cannot claim this expense.
This link may help further:
Work out your rental income when you let property
Thank you. -
RE: Free shares
Hi Barry,
Shares offered outside of the tax advantaged share schemes, do not have the same tax advantages.
The free shares will be treated as a benefit and will be subject to Income Tax and National Insurance.
You should report the tax and National Insurance through a Self Assessment tax return, if your employer does not deduct these through payroll.
Tax and Employee Share Schemes
Thank you. -
RE: Any declarations/forms for inheritance received from non-domiciled parent?
Hi dz2k,
There may be Capital Gains Tax to pay on the disposal of the overseas property.
If the property was disposed of for more than its market value at the date the property was inherited, then the difference is a gain, so tax may be payable.
To work out if there is a gain, all values must be converted to pounds sterling, using a just a reasonable exchange rate in use a the time.
There is a capital gains calculator here:
Tax when you sell property
There are exchange rates here:
Exchange rates from HMRC in CSV and XML format
Yearly averages and spot rates
You are free to use any of the supplied rates or one of your own choosing.
Thank you.