HMRC Admin 8 Response

Hi,
We would need to access your record to review this for you.
You can contact HMRC:
Self Assessment: general enquiries
Thank you.

Hi,
As a UK resident, you are taxable on your world-wide income.  
Income from overseas that arises from your self employment, is taxable and should be included in your gross profit for your self employment.  
If you are required to pay tax in the foreign country on this income, then you declare it in the foreign section of the tax return and claim a foreign tax credit.
Thank you.

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.

Hi,
It is not taxable in the UK.  
This is an estate the US, which is why inherticance tax and tax on interest / dividends generated by the estate are paid by the estate.  
The distributions to the UK beneficiaries have already been taxed and are not taxable again.  
If, after the amount inherited by the beneficiary generates interest of dividends, then that interest or dividends is taxable and should be declared by the beneficiary.
Thank you.

Hi,
The online tax return should only show summary figures.
 A breakdown of those summary figures can be added as a PDF file attachment at the end of the tax return, before submitting, there is an option to add attachments.
Thank you.

Hi,
This is separate to your sole trading businesses.  
The gains / losses should be split 50/50.  
There is no requirement to register as a Self assessment partnership, unless you are setting this up as a partnership business.
Thank you.

Hi,
You can only set as much of the loss against the income in the same tax year, to offset the tax.  
Any surplus loss should be carried forward.
Thank you.

Hi,
Until now, a business could make their accounting period start on any day of the year, ending the following year on the preceding day.  
Eg. 16/07/2023 to 15/07/2024.  These dates do not match the financial year 6 April to 5 April and may result in an overlap, where profit was taxed twice.  
Now that businesses will need to change their accounting period to match the financial year, relief for that overlap can be claimed.  
You will need to contact our self assesment helpline on 0300 200 3310 or contact our webchat facility at:
Contact HMRCfor more details 
Please also have a look at 
Basis period reform
Thank you.

Hi,
When an Article states the income ‘may be’ taxable it means both countries have a right to tax the income.  
In these circumstances, the customer makes a claim for Foreign Tax Credit Relief.
Thank you.
 

Hi,
You will need to read the tax treaty between both countries and may your informed decision.  
We cannot advise if dual citizenship is beneficial or not, of the outcome of tiebraker rules.  
You may need to consider seeking financial advice for answers to these questions.
Thank you.