HMRC Admin 13 Response
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RE: Income from room rent - property abroad
Hi
Thank you for your question.
Please refer to rent a room guidance on Renting out your property: Landlord responsibilities, Rent a room in your home: Becoming a resident landlord and Rent a room in your home: The Rent a Room Scheme regarding rent a room and available allowances.
If you decide to rent out the whole of your property then you will be required to complete a self-assessment tax return with an income from property page declaring the full income and expenses.
Actual income you receive from property income will be required to be reported.
Thank you
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RE: Inherited house and money abroad (EU)
Hi,
Yes. You only then declare any interest or dividends you get once the inheritance is invested.
Thank you. -
RE: Online SA100 submission together with 3rd party SA109
Hi,
No. All parts of the return must be submitted together
Thank you. -
RE: Qualifying period for FHL & CGT reliefs before April 6th 2025?
Hi,
Please refer to CG63975 - Business Asset Disposal Relief: qualifying disposals by individuals - HMRC internal manual
Thank you.
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RE: RE:Reporting CGT on Overseas Property sale
Hi, Papastrato
Yes you can claim private residence relief for the period you lived in it.
You can also claim foreign tax credit relief to reduce any UK tax on the same source of income. You will take the residence relief away from the taxable gain figure and state on the return that you are making an election for PRR.
For the tax paid in Spain you need to tailor your return to say that you are claiming relief for a foreign gain.
Thank you. -
RE: First Self Assessment
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RE: Instant Cash ISA/ Transfer/ New Cash ISA
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RE: PILON and unpaid salary after company liquidation
Hi,
Yes you need to amend the return as the PILON needs to be included.
See SA101_Notes_2024.pdf on how to declare this.
With regards to the redundancy payment. The letter you received with the payment will confirm whether this is taxable or not.
If it is, you need to show it as an employment
Thank you. -
RE: Self assessment for stock trade
Hi, If the disposals were in excess of £50,000 yes you need to complete the return. If not, you can notify HMRC of any capital losses within 4 tax years should you wish to use them at a later date Thank you.