HMRC Admin 21 Response
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Re:Trading allowance
Hi Stringy
In section 3, tailor your return, you would select yes to self employment and provide a name for your self employment. Save and continue. Click on section 4 - fill in your return and select self employment from the list. Select 'No' to was your turnover more than £85000. Scrool down to the questions regarding the turn over of £1000 or less and Save and continue.
Thank you. -
Re:Cost offsets for Capital Gains on an inherited house
Hi James Eddie
As you are well aware, determining whether a capital expense is incurred is very grey area, as is the legislation that PIM2030 describes. You are expected to review the guidance and come to your own conclusion. If you cannot, then this is where you would then need to seek professional advice from the likes of an accountant. HMRC will not make the decision for you. HMRC may, where there is an enquiry into your tax return, dispute your interpretation. These differences of opinion, can sometimes end up in court, where legal experts will debate the matter and a judgement ruling one way or another is made.
Where a property or land is disposed of and a capital gain arises, then you have 60 days from the date of completion to report and pay the capital gains tax. Any amendment to the capital gain after that are not subject to the 60 day rule.
Thank you. -
Re:Reporting savings interest
Hi Michael
If you do not complete a Self Assessment then you do not to provide the details of the bank interest to HMRC as we will receive the details from the banks direct. Unfortunately it can be some time after the end of the tax year before we receive the details. Once received we will review your record and if under or over paid in tax we will issue a calculation. When you receive this if you disagree with the details then you would need to contact HMRC to review. Income Tax: general enquiries.
Thank you. -
Re:Bank Details for Tax Refund
Hi angelac
No, There is no need to declare a tax refund to HMRC.
Thank you. -
Re:Personal Tax Code
Hi David
We would need to review your record to check if the amendment to the code is correct. You will need to contact HMRC to review this. Income Tax: general enquiries
Thank you.