HMRC Admin 10
-
RE: UK tax implications for 401k pension withdrawal in the US
Hi
Overseas pensions schemes do not benefit from the 25% tax free lump sum and therefore in this case, the full £100k would be taxable. -
RE eBay sales - TCG Hobby
Hi
As your turnover is over £1000 this is classed as self employed income and needs to be reported.This is not new rules and the only difference is that the selling sites are now obliged to report the details to HMRC. Therefore if your turnover is over this for any tax year, you need to report this on a self assessment tax return. -
RE Has this sale and capital gain been declared twice?
Hi
The SA108 also asks you to complete the boxes to show if the gain has already been reported and any tax paid. based on your query, this has not been done hence the additional charge due.You can telephone 0300 200 3310 to have this corrected. this can be done by a technical advisor on the phone rather than wait for the letter to be actioned. -
RE: When to send an Individual DT
Hi
No you can show them all on 1 claim form if they are all already in payment. A separate claim is only required when you start a new source of income. -
re Subcontractor to PAYE
Hi
No,they would just need to confirm on the self employed section that they have ceased trading. -
RE: Inheritance of share of property question
Hi
As this was the share of her inheritance then no, this income doesnt get declared. -
RE How Do I Submit an "Enterprise Investment Scheme Claim Form" (EIS3 Claim Form),
Hi
You will send the form to HMRC, PAYE & Self Assessment BX9 1AS. As long as the total relief due over all investment to this scheme do not exceed £10,000 you dont need a tax return. Relief can only be given in the year the investment was made or the previous year (or a mixture of both if not enough tax paid in 1 year). As you state 22/23, the relief will be given in 22/23. -
RE P85 - date of leaving the UK
Hi
The actual date you left the UK. -
RE: EIS3 certificates
Hi
EIS3 is the certificate given to you. If your investment was made through an approved knowledge-intensive investment fund, the company will issue form EIS3 to the fund manager instead, and you will receive form EIS5, ‘Certificate and claim to relief for investment through an approved fund’ from the manager. -
RE Claiming partial relief under a Double Taxation Agreement
Hi
As only claiming partial relief, only declare the amount of income that you kept in the UK under the section that it is applicable to - pension/employment etc. Keep the tax amount the same and this will then work out the refund for you. when enclosing the HS304 you also need to include a residence certificate from the country where you now live to confirm you are tax resident there.