HMRC Admin 8 Response
-
RE: Permitted Days in the UK (moving abroad)
Hi,
Split year only applies in the tax year in which you arrive or leave the UK.
After that, you and your partner will be considered 'tax non resident' for the whole tax year.
You will need to follow the guidance at RDR3 to work out the maximum number of days you or your partner can stay in the UK and not become 'UK tax resident' for the whole tax year.
Thank you. -
RE: Is my pension net pay or relief at source?
Hi,
For confirmation on which type of employment pension scheme you contribute to, please contact your employer.
Thank you. -
RE: Declaring Bank Interest on my self assessment
Hi,
In answer to your questions:
1) Tax on savings interest
2) Under 'Untaxed UK Interest etc' - any applicable savings allowances should be automatically applied when your calculation is produced
3) If your savings interest is below the tax threshold, no tax should be applied.
Thank you. -
RE:T ax on UK Treasury Bills
Hi,
UK treasury bills or UK T-Bills are not classified as gilts and are instead covered by taxation rules that apply to 'deeply discounted securities'.
There is no capital gains, only the difference between the acquistion price and the disposal price, with the difference taxed as savings income.
It is declared in box 3 of SA101 (page Ai1) or the equivalent online box.
Thank you. -
RE: Associates and allowable expenses
Hi,
If you are a sole trader and employ someone to assist with your trade, then this is an allowable expense.
It is the same if you use/employ associates. They are a cost incurred in carrying out your trade.
Thank you. -
RE: Split Year Taxation of UK Interest Income
Hi,
We can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, contact our webchat facility at:
Contact HMRC or seek professional advice
Thank you. -
RE: CGT on Freehold purchase
-
RE: CGT - Consent order change to tenants in common
Hi,
We cannot comment on scenarios or examples, we can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to seek professional advice. -
RE: Tax on gifts from entity overseas
Hi,
There are no income tax liabilities on giving or receiving cash gifts.
There may be inheritance tax implications with giving cash gifts of over £3000 per year.
How Inheritance Tax works: thresholds, rules and allowances
Thank you. -
RE: Inherited a Traditional IRA - Tax implications?
Hi,
Yes. You declare the income, which is taxed in the self assessment calculation and the relevant rate.
You also claim a foreign tax credit of up to 100% of the foreign tax paid.
This credit is deducted from the tax calculated.
Thank you.