HMRC Admin 8 Response

Hi,
Yes, that is correct.  
Thankyou.

Hi,
If you are using the tradaitional accounting method then you can use the 31 March as your accounting year end.
Thankyou.

Hi,
If you are referring to the gross annual income from a UK rental property rental then you would claim the total amount of allowable revenue expenditure incurred as an expense against your gross rental income.
If you total allowable expenses exceed the amount of the gross rental income then this would just be treated as a loss which could be carried forward to a later year to set off against any future rental income profits. 
Thankyou.

Hi,
We would advise you that you will receive an acknowledgement in respect of your Form 17 election in due course.
Please note that the declaration on the Form 17 must reach HMRC within 60 days from the date of signature of the last spouse to sign in order for it to be valid from that date.
If you wanted HMRC to confirm that we have actually received the Form 17 then you would need to contact us by telephone on 0300 200 3310.   
Thankyou.

Hi,
We can confirm that in respect of your rental income from a Furnished Holiday Let you will be entitled to claim AIA in respect of the fitting of solar panels.  
As you have stated you can just include the amount of your AIA claim (together with any other capital allowances being claimed) in the Box 'Other Capital Allowances'. 
Thankyou.

Hi,
You would not be able to claim any expenses in respect of the accountancy fees incurred in the preparation/ completion of your tax return in respect of your rental income as this expense would not be deemed as being wholly and exclusively in respect of the rental property.
The tax return will be completed to reflect the overall amount of your income from all sources.
Please refer to the following guidance:
PIM2010
In respect the use of Simplified expenses we would advise you that this type of expenses are a way of calculating business expenses using flat rates instead of working out the actual business costs incurred.
This would usual apply to Self Employment income.
In respect of  proprerty rental income then you would calculate your allowable expenses using the figure of actual expenses incurred.  
Thankyou  

Hi,
The following links provide specific guidance on the potential Capital Gains tax implications of selling stamps:                            
CG76883                                                        
Capital Gains Tax on personal possessions                                                      
You have to submit a tax return if :
you  sold or disposed of chargeable assets which were worth more than £49,200:
your  chargeable  gains  before  taking off  any  losses    
were more than £12,300 (‘annual exempt amount’)
you  have  gains in  an earlier year taxable in this period
you  want to  claim  an  allowable capital loss or make a capital gains claim or election for the year:                                                
Capital Gains Tax summary notes
Thankyou.

Hi,
Please have a look at the examples of S104 holidngs and HS284 Shares and Capital Gains Tax (2023)
The pool of allowable cost is adjusted each time an ‘operative event’ occurs.
An operative event is anything which reduces or increases the value of the pool of cost.
Purchases and sales of shares are the most common examples of operative events.
Thankyou.

Hi,
As you state the same day and bed & breakfast identification rules can be found at CG51560. the 'same day' takes priority then 'bed & breakfast'
The normal way will depend on if the transactions form part of the original Section 104 or if a new holding is required.  
The time of the acquisition or disposal will not matter so long as it is on the same day.  
More information on FIFO found at CG51565.  
Regarding Self Assessment, HMRC takes the approach of process now check later.
Thankyou.

Hi,
A Deeply Discounted Security (DDS), such as a US Treasury Bond (T- bill) would normally be subject to UK income tax on maturity, like a chargeable event gain, unless it is redeemed or sold before maturity, then the transaction may be subject to capital gains tax (CGT).  
Please therefore refer to SAIM3010 - Deeply discounted securities: introduction  onwards & CG54600 - Deep discount securities: introduction  onwards as you will need to determine whether the charge will fall under income tax or CGT in the first instance.
You may wish to seek independent financial advice if you are unsure which type of bonds you have.
Thankyou.