HMRC Admin 10
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re Pension Income showing as Employment
Hi
This will not impact your tax liability in any way, so there is nothing you need do. If you wanted, you could contact our PAYE help line 0300 200 3300, to have our records updated. -
re Accrued Income Scheme for SA106
Hi
You can include additional information, as an attachment to your tax return, to support the figures you have declared. What the supporting evidence is and its format, is up to you. Using the 'arising basis' of income tax, the interest paid on 1 May 24, would be in the 24/25 tax year. -
RE: Tax rule while transferring money from India to UK
Hi
There are no income tax implications on the receipt of a cash gifts unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here (Tax on savings interest and Tax on dividends ). There is no limit to the amount of cash gift or frequesncy of cash gift given or received. -
re Travel reimbursement
Hi
If this was NOT in relation to either a trade or employment, and this was just a straight reimbursement of travel etc, then this would not be taxable income and would not need to be declared.
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RE: Crypto Gifting to Son and CGT / Inheritance tax
Hi
If you live for 7 years after gifting the crypto, then there is no inheritance tax arising on this gift. Your son would work out if there is a capital gain at the time he disposes of the crypto, using the market value of the crypto at the time it was gifted to him. You would work out the difference betwees what your acquired the crypto for and the market value of the gift at the time of disposal, minus costs. You would pay capital gains tax after the annual exempt allowance is applied. Any gain would be reported either using the online service or in a self assessment tax return.
If you die within the 7 year window, the market value of the gift is added to your estate to allow the calcualtion of inheritance tax. -
re Income from UK property under Personal allowance threshold and non-resident
Hi
The tax treaty between the UK and Austria, allows HMRC to have the first opportunity to tax your UK rental property income. The gross profit and expenses are declared in a self assessment tax return on the supplementary page SA105. As you are not resident in the UK, you have to declare that you are not resident, on the supplementary page SA109 and being a UK citizen, you can claim personal allowances (no matter where in the world you live) by completing boxes 16 and 17. As Austria will have the rights to tax your world wide income, you will be required to declare your UK residential property income and expenses, as well as any UK tax payable. You will be able to claim a tax credit for any UK tax paid, to avoid double taxation. The HMRC online tax return does not support claims for non residence. You will have to submit a paper tax return, by printing of the tax return and relevant supplementary pages at Self Assessment tax return forms. Or if you are able to verify your identity and obtain a government gateway user ID and password, you can buy a commercial tax return that includes the residency section from the list of providers at Self Assessment commercial software suppliers. You complete their return and submit it using the gateway user ID an password. If you cannot verify your indentity to get this ID and password, you only option is the paper tax return.