RE: Reporting One-off patent royalty award from Hungary on my self-assessment tax returnThank you for your answer however when I report this ONE-OFF payment my tax return automatically assumes that I will get the same income next year and is asking me for payment on account for Tax on something that I will not get. Could you please advise how to avoid that payment on account for 2022/23 tax?
Reporting One-off patent royalty award from Hungary on my self-assessment tax returnHello, I've been living permanently in the UK since 2002 and I'm Tax resident in the UK. During 21/22 tax year I received a one-off lump sum payment from my previous employer in Hungary as a royalty award as a compensation for the commercial success of the patents I invented in 1999. I have the following questions: * Where do I report this on my self assessment? I went through the foreign section pages and there is no obvious please where I can report this income. *Is this going to be counted as part of my Adjusted Income? * Are there any allowance I'm able to offset against that? Many thanks in advance