HMRC Admin 17 Response
Joined: 1/20/2021
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RE: Inheritance Tax on overseas shares
Hi ,
If you are UK tax resident at the time of your death, then you world wide assets count towards the value of your estate
for inheritance tax purposes.
Thank you . -
RE : Stopped Being Self Employed in November 23 Now starting Again
Hi ,
If you have started self employment again then you will need to register to reopen your Self Assessment account.
You can register online at :
Set up as a sole trader: step by step .
If unable to register online then you can contact HMRC to review :
Self Assessment: general enquiries .
Thank you . -
RE : Tax Relief If No Longer Working
Hi ,
If overpaid this will show as a credit on your Self Assessment account and you can request this repaid.
Thank you . -
RE : SA108 form and PRR correct completion?
Hi ,
Box 5 is allowable costs.
Your PPR deductions should be included in this value, so that box 6 (gains in the year before losses) would be nil
(box 4 minus box 5 = box 6).
As there is no tax payable, boxes 52.1 to 52.5 would be blank .
Thank you . -
RE : Which form to fill in for transitional basis period for husband and wife partnership
Hi ,
Please refer to:
Changes to reporting income from self employment and partnerships .
Thank you . -
RE: Money from savings account at area outside UK remit in UK for supporting living in UK
Hi ,
If the money is for personal use only then no.
Please Refer to :
CG78315 - Foreign currency: personal expenditure of individuals .
Thank you . -
RE: Calculator for working out interest and penalties
Hi ,
You still need to report it as you can then carry forward the loss to use against a laters years rental profit .
Thank you . -
Tax-deductible expenses on CT600
Hi ,
The deductible expenses you have describe are included in the account, you should then transfer this figure to your computation to
get your taxable profit This figure is used in 155 and 165. and include any deductible expenses.
The capital allowances are placed into a boxes between 690 and 751 depending on the type of allowance.
You may need to see a tax advisor to help you complete the return if you are still struggling.
Thank you . -
RE : IRA distribution
Hi ,
Payments made by the individual into an IRA, are made after tax relief is given to the individual by the employer. Payments from this pension are taxable in the USA.
HMRC do not recognise IRA schemes as pensions, so for UK residents, they are taxed as income under the interest and declared as foreign interest on a tax return (SA106).
There is no US taxation if the pension is subject and liable to UK tax. If US tax is withheld, then the individual, should seek a refund of this tax
(file a form 1040NR).
HMRC will not give a credit for this tax against any UK tax charged on this income.
Payments made into a Roth IRA are made before tax relief is given.
As a result, payments from this account are not taxable in the USA.
HMRC recognises this account as a pension scheme and as it is not taxable in the USA, it is not taxable in the UK either .
Thank you .
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RE: Pension from Hong Kong
Hi ,
As its not taxable here you dont include it in the foreign section .
Thank you .