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  • RE: Self assessment about sole trader and split year treatment

    Sorry that I have few more questions.. 1. May I know is it mandatory to play NI Class 2 as a self employed? (My annual income in 2021-22 over £6,515) 2. As a sole trader, my employer offers me the specific amount of allowance (to cover the monthly expenses) additional to the salary every month. Should the allowance be considered as taxable income? Thank you!
  • Self assessment about sole trader and split year treatment

    Hi HMRC I have a few questions hope you can help. I came to UK on 26 Jun 2021 and moved into the house since 12 July 2021 (it’s renting property while before that I was living in Airbnb). Before coming to UK, I had been worked for HK company until 31 May 2021 and then started working as freelancer (sole trader) for the same company from 1 June 2021 under service contract base till now. 1. May I know when should be the date of split year treatment ? Is it 11 July 2021? 2. If question 1 answer is yes, so my taxable income should be counted from 12 July 2021 to 5 April 2022? Or it should be counted from my arrival date to UK which is 26 Jun 2021? 3. For my case, should I fill in SA100, SA103, SA109? 4. I have the UTR and NI number already but I haven’t registered NIC2. Do I need to fill in the form CWF1 ? Thank you!
  • RE: Capital gains

    Hi HMRC  Thank you  for spending time to study my case and pointing out the question that I should know, which is very important. The tax system is really complicated to me and I am still studying from the official website how I should do to calculate the currency exchange rate for my monthly input (input in HKD and profit gains in US dollar) and whether I should claim for the split year. Thank you.
  • RE: Capital gains

    Hi HMRC, Thank you for your reply. I still have some questions about the capital gain tax. My background: I moved to UK from HK in June last year I had invested on the funds on regular plan (put specific money to buy the unit every month). The dividends I earned were in the form of additional unites distributed by the funds company and automatically paid into my fund account. Last year November, I sold all funds I possessed, and the profits were calculated as US dollars I would like to confirm:- - How do I calculate the gain? is it the sold out price deduct the money I had input regularly on monthly basis? How about the dividends which were distributed to me as addition unit for further reinvestment? - the profit gains were calculated as US dollars. Should I use the currency exchange rate at the time I sold out the funds? Besides the investment, I don't have other income as I am the full time housewife. In my case, do I need to apply split year to fill in the form SA109? Thank you!
  • Capital gains

    Hi, I had funds investment for around 9-10 years in HK and they were sold in November last year whereas l arrived to UK in June last year. The money has just been transferred to my UK bank account recently. May I know the gains I earned is taxable foreign income and how much allowance entitled provided that I haven't been working for few years and I am a housewife? Is it personal income tax allowance £12,570 plus capital gains allowance £12,300? Thank you.