HMRC Admin 10 Response
-
RE Contacting HMRC for an update on my UTR
Hi
You would need to contact Income Tax: general enquiries -
RE: Sending money from abroad to UK account
Hi
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on savings interest
Tax on dividends
Tax on dividends
-
RE IHT on gifts when estate is below threshold
Hi
Inheritance Tax Inheritance tax is a tax on the estate (property / money / possessions) of someone who has died.
There is normally no inheritance tax to pay if the value of the estate is below the threshold of £325,000.
Inheritance tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died.
Gifts made in the last 7 years before someone dies, use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 inheritance tax free allowance, any unused threshold can then be used by the estate of the person who has died.
If the person who died owned their home (or a share in it) the tax free threshold could be increased to £500,000.
You can find out more information here:
Work out Inheritance Tax due on gifts -
RE: Question about monthly and yearly currency exchange rates
Hi
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
For your convenience, there are exchange rates at:
Exchange rates from HMRC in CSV and XML format
For older rates at:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing
-
RE: Private Pensions
Hi
Please refer to amending a return If you need to change your return -
RE CGT - beneficiary Assent or Transfer?
Hi
HMRC does not give advice on how to pass on your own property, money, and possessions. There are several routes you can go down if you want to transfer property to family members. The types of transfers you can do, property transfer costs, and the different taxes you might have to pay all depend on a variety of things. We would recommend you take legal advice to decide on the best option.
-
RE Car Insurance - sole trader
Hi
Please look at these details
Simplified expenses if you're self-employed
car expenses self employed hmrc youtube -
RE Clarification on Tax Obligation for Interest Income and Offshore Accounts
Hi
Please look here Check if you need to send a Self Assessment tax return -
RE Sole Trader in the UK with income from abroad only
Hi
Please look here Tax on foreign income -
RE No way to enter reference number for tax repayment
Hi
Please refer here Pay your Self Assessment tax bill