HMRC Admin 25
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RE: Definition of UK income under the remittance basis
Hi atom,
Please have a look at the guidance here regarding income from overseas:
Remittance basis 2024 (HS264)
Thank you.
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RE: Remote work non-UK generated income paid to UK bank
Hi simone895 Simonowicz,
No, you will need to refer to the tax treaty , if there is one, with the UK and the other country.
There will be an article for self employment, sometime noted as 'independent personal services'.
This will usually state that if you are resident in the other country then you are taxable in the other country.
Tax treaties
Thank you. -
RE: Non-UK resident EIS share loss relief
Hi Laura,
You can set EIS loss relief against taxable UK income in the same year as the losses arise or you can carry those losses back.
As a non UK resident, it would only be set against sources of income that are taxable in the UK.
Thank you. -
RE: Interest income - when do the interest arise
Hi Oscar,
If you have opened an account for example that does not allow you to touch the capital or interest for a set period of time, say 5 years and as a result you get a much better interest rate.
The interest on this type of account may be calculated every year, but is all taxable in the tax year you are able to access the capital and interest in the account.
By contrast, if you can withdraw from the account at any time, then the annual interest is taxable each year.
Thank you. -
RE: Can a UK import/export company with a EORI number handle goods exporting business in the EU?
Hi
A GB EORI number is currently valid for imports and exports in GB. To make a declaration or get a customs decision in the EU you will need either:
• an EORI number from an EU country
• an EORI number beginning with XI and a permanent business establishment in Northern Ireland
You will need to contact the customs authority in an EU country if you need an EU EORI number.
If you cannot get an EORI number that can be used in the EU, you will need to appoint someone to deal with customs on your behalf.
Get an EORI number
Thank you. -
RE: DDP into UK
Hi
The person or organisation who made the customs declaration for the imported goods is the debtor.
This means that they are liable for the customs debt.
If you are the declarant but use an agent or representative to make a customs declaration on your behalf, they may be liable depending on the type of representation.
A DDP is an agreement between two or more parties for customs matters, you’ll need to confirm in writing the terms and conditions of your representation and keep a copy of this agreement for your own records.
Please see below link for more information.
Customs debt liability
To find what you or your business may need before you hire someone to act directly or indirectly on your behalf.
Check what you need to consider before getting someone to deal with customs for you
Thank you.
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RE: Gifts given to us abroad...bringing back into UK
Hi Happytalk,
You can bring some goods from abroad without having to pay UK tax or duty.
The amount of goods you can bring is commonly known as your ‘personal allowance’.
Please see below link for more information:
Bringing goods into the UK for personal use
Thank you. -
RE: Leaving UK tax refund
Hi Srai92,
June 2024 falls in the tax year 2024 to 2025.
You should check whether a Self Sssessment tax return is still required for 2024 to 2025.
You can do this here:
Check if you need to send a Self Assessment tax return
Please contact the our Self Assesment helpline:
Self Assessment: general enquiries
If you do not intend to return to the UK and a tax return is not required, my colleagues should be able to deal with your repayment claim.
Thank you. -
RE: Capital gains and stamp duty due when gifting share of BTL with mortgage
Hi MKDolan,
There will be two capital gains calculation, as the property is jointly owned by you and your wife.
One for each of you.
Captital gains tax will be calculated using the acquistion cost of the property, plus acquisition costs, such as solicitors/estate agent fees and the market value of the propety, minus disposal costs, such as solicitors/estate agent fees.
Both you and your wife would work out the gain for each 25% share you are gifting to your daughter.
To help you with this, there is a calculator here:
Tax when you sell property
Which flows on to allow you to register for an online capital gains account, which can then be used to report and pay the capital gains tax due.
Please note that if a gain arises, you have 60 days from the completion date to report and pay the capital gains tax, to avoid incurring penalties and interest charges.
As it does not fall under income or Capital Gains Tax, we are unable to advise on stamp duty in this forum, other than refer you to some guidance in this area.
Stamp Duty Land Tax
Thank you. -
Definition and scope of "UK income"
Hi
Because of the evident complexities, this is a complex query for which we do not have adequate knowledge of all the relevant facts.
Even so, we consider these questions tax planning or tax advice for the Company which, unfortunately, HMRC as a Department does not provide.
We can only therefore suggest you seek professional advice.
Thank you.