Elaine Yip

Dear Sir/ Madam, I work as a freelancer; I registered Self-assessment for Year 23/24 and got my UTR. When I was filling the self-assessment forms, I realised that I have to register sole trader in order to pay NI, so I registered as a sole trader on 11 November. I am pending to submit the self-assessment as I don’t know if the sole trader registration is completed. My questions are: 1. How and when can I know if my sole trader registration is successful and completed? 2. When my sole trader registration is done, will the HMRC system be able to update and link up my self-assessment to my sole trader account and calculate the NI Class 2 and NI Class 4 that I have to pay? I look forward to hearing from you. Thank you for your assistance. Elaine

Hi, I immigrated from Hong Kong to the UK with a BNO visa, I landed the UK in mid July 2023 and have lived in the rented house since then, so I am a UK tax resident for tax year 23/24. Please kindly reply my following questions: 1) I have worked for a freelance job in HK since April 2023 and continue the work in UK till now. Do I declare the income of Apr to July 2023 to HK and Aug 2023 to Mar 2024 to UK? 2) Referring to question 1 above, if it’s a split year, how much personal tax allowance I will have? £12570 or pro rata ? 3) I sold some stocks in HK in June 2023 before I landed UK, are the dividend and capital gain taxable to UK for they fall in the tax year 23/24? 4) I sold my home property in July 2023 before I landed UK, I lived in the property for 91 days in the tax year 23/24, so am I correct that I don’t have to pay capital gains tax to the UK? 5) I have mutual funds in bank account in Hong Kong, is it correct that I don’t have to declare capital gain until I sell the mutual funds and realize the gain? 6) I transfer my savings from bank account in HK to UK for my living regularly, I understand that it is tax free to transfer my previous saving to UK but is there any time limit to be eligible for tax free? 7) Is the interest generated from my previous savings in HK subject to UK tax? Thank you so much for your attention and I look forward to hearing from you.

Hi, I am a BNO visa holder and is a UK tax resident for tax year 23/24. I have been providing creative development and content writing services to a company in HK since Apr 2023, we view this as a freelancer working relationship, we didn't setup an employment contract and I can work for other companies on my own will although it’s the only company I have worked for so far. I did the “ check employment status for tax” and the result shown “employed for tax purposes for this work" with below reasons given: - you are providing a personal service to your client - you have limited financial risk for this engagement I thought I should declare tax as a sole trader but in view of the above employment status test result, should I declare tax return as an employee ? If so, how do I contribute to my NI which I didn't do for the past months? Thank you for your attention. I look forward to hearing from you.