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HMRC Admin 17 Response

HMRC Admin 17 Response

Joined: 1/20/2021

  • RE: Split year treatment

    Wed, 06 Jul 2022 09:33:27 GMT – Split year treatment

    Hi,
     
    There are no tax implications re: the transfer of funds from an overseas bank account to a UK bank account.

    You may however  have to declare any interest that arises.     

    See link:

    Tax on savings interest    .

    Thank you.

  • RE: BNO

    Tue, 05 Jul 2022 11:28:37 GMT – BNO

    Hi,
     
    Yes, if 

    (a) the asset was worth less than £49200, and

    (b) the gain was fully covered by your Capital Gains

    Allowance (£12300)  you do not have to report the gain in a Self Assessment tax return.

    Thank you.

     

  • RE: Split year treatment

    Tue, 28 Jun 2022 14:37:34 GMT – Split year treatment


    Hi
     
    Emma ,

     
    You can register for self assessment via the following link : 

    Tax on foreign income   .

    Thank you.

  • RE: Money transfer

    Tue, 28 Jun 2022 14:10:47 GMT – Money transfer

    Hi,
     
    There are no tax implications transfering money as a gift. 

    However you may be required to pay tax on any bank interest you accrue on the funds. 

    Thank you.

  • RE: BNO

    Tue, 28 Jun 2022 13:42:48 GMT – BNO

    Hi
     
    WTJ Law ,
     
    Please refer to guidance at -:

    Capital Gains Manual  .

    Thank you.

  • RE: BNO

    Tue, 28 Jun 2022 11:01:19 GMT – BNO

    Hi
     
    BCM ,
     
    Please refer to guidance at -:

    Tax on foreign income  .

    Thank you.

  • RE: Split year treatment

    Tue, 28 Jun 2022 10:26:53 GMT – Split year treatment

    Hi
     
    Esther,

     
    You will need to register for self assessment (if not already done so) and then complete the SA100
    and SA109.

    If you have UK employment, you will also need to complete SA102.

    Help to complet the SA109 is at - :

    Residence, remittance basis etc notes    .

    Thank you.

  • RE: Split year treatment

    Tue, 28 Jun 2022 09:55:58 GMT – Split year treatment

    Hi

    FabGio g,
     
    You will include the full income from the P45 on the employment page.

    To then claim the relief for when you left the UK, you will also need to complete form HS304 - :

    Non-residents tax relief under double taxation agreements (Self Assessment helpsheet HS304) .

    Thank you.

     

  • RE: Split year treatment

    Tue, 21 Jun 2022 14:13:25 GMT – Split year treatment

    Hi
     
    lon.deg,

     
     
    You will need to make sure that you do not need to complete a tax return for another reason.

    If you dont, the P85 will suffice and you will only declare income in the UK until the period you leave, Income you receive
    after that will not be taken into account and will not be taxed in the UK.

    Your income tax band will not be adjusted retrospectively and you will receive the annual rates of allowances/tax bands.

    Thank you.

  • RE: Split year treatment

    Tue, 21 Jun 2022 08:19:10 GMT – Split year treatment

    Hi
     
    YM,
     
    You do not need to report the income prior to arriving in the UK.

    You do need to report the foreign income and a tax return is required see link:

    Tax on foreign income    .

    Thank you.