HMRC Admin 8
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Re:Oversea rental income support from family or friend
Hi,
You can receive cash gifts from friends without any tax consequences.
If you invest the money & start receiving interest & dividend income for example then there could be tax consequences depending on how much interest & dividend income you earn.
You would not need to declare these cash gifts to us.
Thank you.
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Re:Rental income
Hi,
Your personal pension relief is claimed on page 4 of your tax return of the SA100. This is normally box 1.
Details of how to contact us can be found here:
Contact HMRC
Thank you. -
Re:How should a company deal with terminal overpayment
Hi,
When an overpayment of wages is discovered, the money that the employee pays back should be net, this is because that is the actual money the employee was paid.
The employer will then send FPS amendments ot change the amount of money the employee was paid.
The employee isnt due a refund because by the time the FPS is amended and the money is paid back the employee never earnt that money, the company is due the refund because they have essentially paid money over to HMRC in the form of liabilities that werent due.
Thank you. -
Re: P11d and registering for payrolling
Hi,
If they are not receiving the benefit you wouldn't payroll for them.
Thank you.
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Re:P11d for leaver employee
Hi,
You can either leave them on the payroll for the purpose for providing the benefit or add them back onto the payroll after being made a leaver.
Thank you. -
Re:Property management Limited company, is it classed as dormant for Companies House and CT?
Hi,
The company’s legal obligations to Companies House are completely separate to HMRC. We can only assist in respect of Corporation Tax. For guidance please see below:
Set up and run a flat management company
You will note that you must send a Company Tax Return no later than 12 months after the end of the company’s first financial year.
We may then agree to treat the company as ‘dormant’ after, in which case Company Tax Returns wouldn’t be required for later years provided the company does none of the following:
• allow directors who aren’t residents or leaseholders to be appointed in its articles of association
• does more than manage the property in the interests of shareholders
• make a profit
• need to pay more than £100 in Corporation Tax in a year
• get any income from land
• pay dividends or other payments from profits to shareholders
• own any assets it is likely to dispose of which would give rise to a chargeable gain
• make payments that need to be taxed
• When the company must always send a Company Tax Return
Your company must send a Company Tax Return every year if:
• HMRC doesn’t write to confirm they think the company is dormant
• the company starts doing any of the things in the list above, even if HMRC has previously said the company is dormant.
Thank you. -
Re:Loss carry back to include unused loss from prior year
Hi,
You should be able to file an amended return for year ended 2022 to include the losses carried forward from year ended 2021.
You can separately carry back the loss of £5k from year ended 2023 to year ended 2022.
Thank you.
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Re:Deducible accountant fee
Hi,
We would advise you that any income received from letting out a residential property is VAT exempt which means that you cannot charge VAT on any rents.
The other side of this is that you cannot claim back any VAT paid in respect of the rental property expenses, repairs and accountants fees etc as a business expense.
In your example you could only claim the £850 that you paid to an accountant.
Thank you. -
Re:Expenses (e.g. council tax, insurance) during time a rental property was empty awaiting sale?
Hi,
We would advise you that due to the fact that your intention appears to sell the property rather than rent it out again in the future then you will not be able to claim any expenses against that property after the date the tenant moved out as any expenses incurred would not be classesd as being wholly and aexclusively in respect of the property business:
PIM2510 - Beginning and end of a rental business: cessation
Thank you.