HMRC Admin 8 Response

Hi,
Savings Accounts that do not allow access to the capital or interest until the end of the term, are only liable to tax on the interest, when the term ends. Savings account that allow access to the capital at any time, are taxable on the interest in each tax year the interest arises.
Thank you.

Hi,
The payments on account would collect the tax due on your self employment income over two installments.  
This is separate to income tax collected through PAYE.
Thank you.

Hi,
Option A would be appropriate to someone arriving in the UK and commencing an employment, that will be their first employment in the tax year and they do not receive any kind of UK pension.
Thank you.

Hi,
There is a capital gains calculator at:
Tax when you sell property, which will put the capital allowances in the correct place to calculate the gain, as well as the private residence relief due.  Capital allowances are deducted before working out the private residence relief on the gain.
Thank you.

Hi,
Yes, the tax treaty with Cyprus, gives HMRC the right to tax income from property arising in the UK.  
This means that a tax return is required to declare this income.  As you are armed forces personnel, you are treated as being UK resident, so complete the tax return as normal.  
If you wife is not HM Armed Forces, civil servants or diplomat, then she is considered as not UK resident and would need to complete a tax return declaring this along with the income from property.  
If you wife takes up employment, even if it is located on the base, this employment income will be taxable in Cyprus and not the UK.
Thank you.

Hi,
That would be correct.
Thank you.

Hi,
The guidance at SAIM2440  is based on the legislation at https:
Income Tax (Trading and Other Income) Act 2005, Section 370 and advises that "Interest ‘arises’ when it is received or made available to the recipient. Interest has been made available if it is credited to an account on which the account holder is free to draw".
If you are able to withdraw funds from the account at any time during the term, then the interest is taxable in each year that it arises.  
If you have no access to the funds in the fixed rate bond until the bond matures, then you are taxable on the interest only in the tax year the bond matures.
Thank you.

Hi,
As this is an emergent change to the way the Higher Income Child Benefit Charge is taxed, we're working to finalise how this change will affect your code, and your record.
You can find updates and guidance on gov.uk - just search for 'budget'
Thankyou.

Hi,
Please refer to:
SAIM2400
Thank you.

Hi,
Although mother/son jointly own the property, and state that the rental income is only assessable against the mother.
A Deed of Trust must be drawn up, which shows how the rental income is proportioned accordingly.
PIM1030 - Introduction: jointly owned property & partnerships
Thankyou.