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  • Lacking of accurate amount of gain and loss

    Hi, I newly moved to the U.K.. Many years ago, I bought some shares in Hong Kong. Those shares are now still held in a bank in Hong Kong, and I may sell it somedays. As the price dropped so much in these year, I am sure it will be a loss when I selling it. However, I have not write down how much was the price while I was buying those shares, and there is no record from the bank. In other words, I don't have accurate data to proof that is a loss. For this case: 1 Do I need to declare how much I loss by selling shares? 2 How to proof how how much I loss without accurate data?
  • RE: Questions about tax resident and self-assessment

    Hi, I would some more about the Statutory Residence Test (SRT): https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt/guidance-note-for-statutory-residence-test-srt-rdr3 For the 2.3, it says: 'You’ll be non-UK resident for the tax year if you work full-time overseas over the tax year and: you spend fewer than 91 days in the UK in the tax year". I have spent more than 91 days in the UK in the tax year of 2021-2022. However, I have no full-time job and no part time job in and out of the U.K.. Do I meet the criteria of non-UK resident?
  • RE: Questions about tax resident and self-assessment

    Hi, Thanks for your answer. Question 6: Now, I am checking on the website of 'Check if you need to send a Self Assessment tax return'. https://www.gov.uk/check-if-you-need-tax-return On the Question 7 in the website, it says 'Do you need to pay any Capital Gains Tax?' and 'You usually have to pay Capital Gains Tax when you sell or give away'. For the words 'give away', what if I have gave a large amount of money to my son as gift in the tax year, with my son and I already been tax resident in that tax year? I don't expect my son give anything to me back as return. Am I or is my son have to pay Capital Gains Tax? What if I not yet became tax resident while I was giving the gift to my son, with he already been tax resident? I don't expect my son give anything to me back as return. Am I or is my son have to pay Capital Gains Tax? Kindest regards,
  • Questions about tax resident and self-assessment

    Hi, I am new to the UK and have little knowledge about the tax. I would like to ask 5 questions. Question 1: For a person, as an individual, is it only two kinds of declaration about income and capital gain for tax purposes? Is there any kind of declaration or assessment I have to consider in addition to PAYE and self-assessment? Question 2: Is that the PAYE should be done by employers? For the employees, retired people, or jobless people, there is no need to do that, is it correct? Question 3: If my earning, income, and capital gain in the tax year of 6 April 2021 to 5 April 2022, are totally less than £1,000 globally, does it mean I have no need to do self-assessment, and no any kind of declarations involved? I can simply do nothing even though I am a tax resident, is that correct? Question 4: I would like to determine whether or not I am a tax resident for the tax year of 2021-2022, so that I am reading the Statutory Residence Test (SRT): https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt/guidance-note-for-statutory-residence-test-srt-rdr3 In the 2.1 and 2.2 of Automatic overseas tests, both sections ending with 'spend fewer than 16 days in the UK in the tax year' and 'spend fewer than 46 days in the UK in the tax year'. For the words 'in the tax year', does it mean the tax year in which I have to determine whether or not am I a tax resident? In my case, does it mean that to spend fewer than 16 or 46 days in the tax year of 2021-2022? Question 5: For the 2.3, it says: 'You’ll be non-UK resident for the tax year if you work full-time overseas over the tax year and: you spend fewer than 91 days in the UK in the tax year". I retired for many years, not working in and out of the U.K., however, I have spent more than 91 days in the UK in the tax year of 2021-2022. For my case, is that I have not met the 2.3 and I should go to the next step for automatic UK tests or the sufficient ties test? I appreciate your taking the time to explain to me. Kindest regards
  • RE: National Insurance Number

    Hi, thanks for your reply. Could you please tell me which department I should ask regarding to the questions about National Insurance Number?
  • National Insurance Number

    Hi, I and my husband are newly moved to the U.K.. We are retired and not planning to work. On the other hand, we want to open some bank accounts that is requiring a National Insurance Number. However, the website says that 'You must also be looking for work or have an offer to start work in the UK', and 'You should only apply online if you need a National Insurance number to work in the UK.' As we are elderly people that retired, are we eligible to apply for National Insurance Number?
  • Bank accounts held in the Isle of Man (Lloyds Bank International)

    I have a bank account opened in the Lloyds Bank International and the account is held in the Isle of Man. For the taxation purpose, would it be considered as a U.K. bank account or a bank account outside the U.K.?