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  • Buying from Foreign Sellers

    Hi As an individual, if I purchase items online from a foreign seller who has confirmed they will not cover the customs tax for me, how can I arrange payment for the import tax? I am aware that the courier will send me a letter requesting payment for the import tax. However, couriers such as Royal Mail and Parcel Force include a handling fee of £8 for customs clearance. As an individual buyer, is it possible for me to pay the import tax before its arrival to facilitate customs clearance?
  • RE: Foreign interest and dividends

    Hi HMRC admin, if I have received bank interest in 100 US dollars from Revolut's US dollar saving account . Revolut is authorised under the UK Electronic Money Regulations , can I report the bank interest by filling in box 2 (untaxed UK interest ) ? Thank you for reading
  • self assessment 2023/2024

    I am writing to seek guidance on the following matters regarding the upcoming tax period 2023/2024: I have earned over £1000 from a side hustle during the 2023/2024 tax period, and I am aware that I need to register for and complete a self-assessment. During this period, I fall under the category of a basic rate taxpayer (20%), and my bank interest is expected to be less than £1,000. Could you please assist me in addressing these questions: Self-Assessment Registration: 1)Should I register for self-assessment between 6th October 2023 and 5th October 2024 if I qualify for the 2023/2024 tax year? Reporting Bank Interest: 2)Even though my bank interest is expected to be below the bank interest allowance, do I still need to include this information when filling out my tax return? I am aware that individuals paid through PAYE typically do not need to complete a self-assessment if their bank interest is below the allowance. However, in the case of taxpayers like myself who are already required to complete a self-assessment, is it necessary to report bank interest below the allowance? Am I allowed to leave it blank when it asks about bank interest? I greatly appreciate your assistance and guidance in clarifying these matters Thank you for your time .
  • RE: no longer to send a Self Assessment

    Thank you for your reply
  • Miscellaneous income, trading income allowance and allowable expense

    Hi Thank you for reading the post. I feel confused after I read 'How to fill in your tax return (2023)" 1) earn £1,020 from doing surveys 2)receive £213 from Company X. ( includes a reimbursement of £142 for an expense that I paid for, which the company reimbursed me for, and an additional reward of £71) I understand I need to file a self-assessment as the total miscellaneous income is over £1,000. Is it possible for me to claim both the £1,000 trading income allowances and £142 as an allowable expense ? When I go through 'How to fill in your tax return (2023)" (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1144349/How_to_fill_in_your_tax_return__2023_.pdf ) in HMRC website , I see the following in Page TRG 8 , "Box 18 Total amount of allowable expenses If you use your £1,000 trading income allowance against your miscellaneous income or self-employment income do not include any amounts you had to spend to earn this miscellaneous income in box 18. " and I feel confused after reading. Thank you
  • no longer to send a Self Assessment

    If I registered for self-assessment because I earned over £1000 in the previous tax year but it's likely that I will not earn that much in the upcoming tax year and won't need to file a tax return, and I cancel my registration for this upcoming tax year, do I need to cancel my registration every year going forward?"
  • Bank interest (USD) operated by local financial institution

    HI,I have a USD savings account covered by FSCS, and the interest is calculated and paid daily into my deposit account. As a basic rate taxpayer, I am eligible for a bank interest allowance of £1,000, but I am unsure about the currency rate used to convert the USD bank interest to GBP, so I can calculate the total amount of bank interest received during the tax period. Would you please help me to answer this question. Thank you
  • RE: Gift tax for cash gift from overseas

    Hi, I am a tax paying UK resident, non citizen, My uncle who live in Hong Kong would like to gift me £5,000 . He doesn't want to pay the overseas transfer charge . So he is going to give it to his friend (a UK passport holder, born in UK but currently work and live in Hong Kong) who will come to UK to visit his family member, and ask him to pass the money to me in UK through uk local bank transfer . In this case, can the money still regarded as gifts of cash from overseas andare not liable to income tax? Do I need to declare to HRMC (even if I don not need to pay tax)? Thanks