HMRC Admin 25 Response

Hi Truman Lee,
 For guidance, please refer to:
Self Assessment tax returns
Thank you. 

Hi gdex,
We may need to check your record, to confirm what's being asked for, and why.
Please contact us by webchat or phone here:
Self Assessment: general enquiries
Thank you. 
 

Hi Nuh Muhammed,
To register for Self Employment and a UTR, please use the tool found here:
Check how to register for Self Assessment
You can then register online, or use the CWF1 form.
Thank you. 

Hi taxabc,
US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains.
The return is paid at maturity rather than regular interest payments.
In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity.
On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains.
Losses cannot be deducted. 
Have a look here for more information:
SAIM3010 - Deeply discounted securities: introduction
Thank you. 

Hi Suma Rao,
You wil declare the foreign income on the foreign section of the tax return.
If filing on an arising basis this means you are liable on your worldwide income in the year whether you remit it in the UK or not so this will also include Capital Gains.
Thank you. 
 

Hi Curious Cat,
If they are not married or in a civil partnership there is the possibility that Capital Gains Tax will be due.
You will need to contact HMRC direct on  for specifics.
Self Assessment: general enquiries
Thank you. 

Hi Alexandra,
To update your name on our records, pleas contact us by webchat, phone or post here:
Income Tax: general enquiries
Thank you. 
 

Hi Kenthewizard,
This would be seen as you 'selling' that sahre of your property so this would be a capital gain if the property has not been your main resident for the whole period of ownership. if it has you dont need to do anything.
For the gift, this amount would be taken into account when working out the value of your estate for Inheritance tax purposes, were you to pass away within 7 years.
Thank you. 

 

Hi 
1. Yes you both declare 50/50.
2. Foreign Tax Credit rleief can only be claimed against the source of income that it was paid against and if UK tax is due on the same source:
Relief for foreign tax paid (Self Assessment helpsheet HS263)
Thank you. 

Hi L T,
If none of the conditions are met for roll-over relief, based on the guidance provided and you are transferring the business into a Ltd company then incorporation relief may be more suitable.
As each case is taken on an individual basis, if the guidance provided still does not answer your query then please do not hesitate to contact us direct to discuss in more detail.  
Thank you.