HMRC Admin 10 Response

Hi
If the date of birth is incorrect, you can only get this updated by writing to
PT Operations North East England,
HM Revenue and Customs,
BX9 1AN.
You will need to confirm your full name and address, National Insurance number and evidence of the date of birth.
We can only accept an original document or a certified copy as evidence.
We are unable to update this any other way.
Thankyou.

Hi
Thank you for your question.
You would be correct in the fact that for each year, you are allowed to claim £1,000 as Property Income Allowance, or if you have expenses exceeding £1,000, then depending on which is more beneficial to yourself, you may claim on expenses instead.
However, you may only claim one of these per year.
Attached is some guidance linked from gov.uk which highlights tax-free allowances on property and trading income, as well as explaining how the allowance may be used to your advantage:
Tax-free allowances on property and trading income

Hi MichaelKyiv
You would not need to declare this.
Thankyou.

Hi
It must be the transfer of the shares in their current form rather than in the equivalent amount of cash.
Transferring your shares to an ISA
You can transfer up to £20,000 of employee shares into a stocks and shares Individual Savings Account (ISA) if you have shares in a:
Save As You Earn (SAYE) scheme
Share Incentive Plan (SIP)
Your ISA provider must agree to the transfer.
You will not have to pay Capital Gains Tax on any gains you make on your shares if you move them to an ISA.
You must transfer your shares to your ISA within 90 days of when you took out your SIP or SAYE shares.
These shares will count towards your £20,000 ISA limit.
They cannot be in addition to the limit.
Ask your employer or ISA provider for more information on how to transfer.
Individual Savings Accounts (ISAs)
Types of ISA available, the tax-free ISA allowance, withdrawing money and transferring ISAs.
Thankyou.


 

Hi
There would only be tax implications if the property was rented out or if you sell it.
Thankyou.

Hi
You will declare the gross income received and then claim foreign tax credit relief for the tax paid in Canada (if applicable).
The rate of  tax to pay in the UK is dependant on your level of income.
Thankyou.

Hi
Thank you for your question.
The use of the property allowance is optional and may not suit an individual's circumstances, for example if they have made a loss or their actual allowable trading expenses are more than a £1000.
An individual cannot claim both the property alowance and actual expenses.
They can only claim one or the other. Property allowances cannot be claimed for trades or property businesses carried on in partnership, or income that qualifies for relief under the rent a room scheme.
An individual cannot claim the trading allowance or property allowance if their trading income or property income includes any income from an employer or a spouse / civil partner's employer, a partnership in which they or a connected party are a partner, or a close company in which they or an associate are a participator.
More information about the property allowance can be found at :
Property allowance
and
Property allowance
 

Hi HWANDDE
Thank you for your question.
An individual customer may deduct from his or her tax liability for the year an amount equivalent to the otherwise unrelieved interest and finance costs multiplied by the basic rate of tax for the year in question.
The net effect of these changes is that interest and finance costs are relievable only at the basic rate of tax rather than at a customer’s highest rates. More information can be found at :
Deductions
There is a specfic box on the tax return where you would enter quallifying interest and finance costs.
The box is called "Residential finance costs.