HMRC Admin 17 Response
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RE: Navigating Cryptocurrency Taxation: Benefits and Regulations in the United States
Hi,
We can not give tax planning advise and we are unable to advise/comment on the treatment of assets and trade in other tax juridictions.
If you have a specific question then we maybe able to provide the relevent guidance.
Thank you . -
RE: Assignment of beneficial interest
Hi,
Thank you for your question.
The charge on the deeds for the loan provided by your parents does not make them co-owners of the property with yourself.
The splitting of benefical interest can only be applied if the property is jointly owned and as you are the sole owner of the property
any and all income from said property would have to be declared by yourself.
Thank you . -
RE: Making employer contribution to a SIPP as a sole director.
Hi ,
Please review PTM043100 - Contributions: tax relief for employers:
introduction, this implyes that all contributions into your employees pension can be deducted.
In this mater contribution made on behalf of the director are the same as employess .
Thank you -
RE: Spring budget 2024 on remittance applied during tax year 2021-22
Hi ,
Thank you for your question, however it is not appropriate for this forum, which is for questions relating to Income from Property only.
Please contact HMRC on 0300 200 3200 .
Thank you . -
RE : How to Amend a Filings Submitted Online
Hi,
You are unable to amend a return more than 12 months after the filing date.
Depending on what type of amendment you’re looking to make you can review the guidance for SACM12000.
Look at SACM12150 for details on how to shape the claim
If you’re looking to make an out of date claim you will need to advise us of why the claim couldn’t have been made in time.
If you are increasing your liability, you will need to write in and advise what was the change and how it is impacting the tax chargeable.
Thank you . -
RE: Registration HMRC
Hi,
We can not give you definitive answer if you will be taxible or not as corporation tax is self assessed .
Please note any incorporated or unincorporated company/association that is active for Corporation Tax purposes must file returns.
Basic guidance about this can be found at www.gov.uk/guidance/corporation-tax-trading-and-non-trading.
I would also like to refer you to the guidance held in the Company Taxation Manual (CTM40000) and Business Income Manual (BIM20000 and BIM50000) .
If you do not need to register at companies house you can send us a letter advising of the comapnies name and register address,
the date it incorporated, we can start you off as dormant, however you will need to notify us of when you start trading .
Thank you . -
RE: Interest calculation
Hi,
Guidance on corporation tax interest charges can be found on our website at www.gov.uk/guidance/corporation-tax-interest-charges.
You will note there is a link to guidance on HMRC interest rates for late and early payments which contains the information you require .
Thank you . -
RE: Updating HMRC on Deed of Trust
Hi,
Thank you for your question.
If you want any profits from your jointly owned property to be taxed on anything other than a 50/50 basisi then you must complete a Form 17 and forward this with a copy of the Deed of Trust as evidence that the property ism owned in the shares shown.
The change from thhe 50/50 basis only applies from the date that the Form 17 was signed regardless of the date the Deed of Trust was entered into. Once the declaration has been made on Form 17 both you and your wife will be responsible for declaring your own shares of that income based on the revised split.
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RE: Declaration of Trust / Form 17 for foreign rental income
Hi,
Thank you for your question, unfortunately I cannot comment on whether a Declaration of Trust would be seen as a qualifying legal document in another country this would depend on that country's legislation.
If the the Declaration of Trust allocated 100% of the ownership of the property and any income arising from it it would no longer be a jointly owned property so a declaration on Form 17 would not be required.
You can enter into a Declarattion of Trust and complete a Form 17 at any time during your iownership of the property but the split of income on any basis other than 50/50 only applies from the date that both you and your wife sign the Form 17.
A Declaration of Trust is a legal document showing that a share of the ownership of a proportion of the property has been transferred so if this was to change in the future a further Declaration of Trust would be required .
Thank you . -
RE: Rent a room and property allowance
Hi,
Thank you for your question provided the garage or the parking space is let separately to the room let under the rent a room
then you would qualify for the property allowance against the income .
Thank you .