HMRC Admin 10 Response

Hi
You would only declare the amount of lump sum above the tax free amount in your tax return.

Hi
Yes, you will need to submit a self assessment tax return, because you  are in receipt of foreign income.  You would need to declare the interest in the foreign section, so that you can claim a foreign tax credit, for the Italian tax paid.

Hi
A certificate of residence, does not include either a national insurance number or a Unique Taxpayer Reference.  The supporting letter provided with the certificate of residence, does, as you do not need to give that letter to the overseas tax authority.
 

Hi
The self assessment calculation is a breakdown of your world-wide income, as declared in the tax return.  Your employment income plus your net property income are added together to work out how much tax is payable and a credit for the tax deducted by your employer is subtracted from the calculated tax due.  This may result in an overpayment or an underpayment.  You are not being taxed a second time on your employment income.
 

Hi
The completion date of the disposal will determine the tax year in which the capital gains arises.
 

Hi
As both properties are legally and beneficially owned soley by you, the income from both properties is your taxable income.  You would need to make your wife a joint owner of the properties.  In this way, you can automatically split the income 50/50, by default.  The only other alternative is a split based on the legal ownership of the properties.

Hi
If you were paid for work you carried out in Hong Kong, while resident in Hong Kong, at a time when you were resident in the UK, then this income is taxable in Hong Kong and not in the UK.

Hi
As your employer doesnt have the appropriate facilities to accomodate you, yes you can claim working from home expenses>

Hi
If you have not registered for Class 2 National Insurance this wont be on your tax return.
This registration is separate from registering from self assessment.
Based on your level of profit, no class 4 will be due. you will need to contact the NI office direct for any missing payments/discrepancies - 0300 200 3500.

Hi
You can report both types of income on the one tax return.