HMRC Admin 17 Response

My company sells solar panel products. Now we use 20% vat. The government announced cutting VAT from five percent to zero upon installing energy-efficient systems such as solar panels,heating pumps from April 2022. I wonder if the vat rate is down to zero for solar products as well? many thanks.

Hi,
 

Please note there are no tax implications re: the transfer of savings from an overseas bank account to a UK bank account, so you will not have to report the transaction to HMRC. Thank you.

Hi,
 

To be considered for Split Year Treatment, you have to (a) register for Self Assessment and (b) complete the Residence pages of your 2022 Self Assessment tax return, which you can complete online.  See link: Register for Self Assessment    .

Thank you.

Hi, I own a property with ongoing mortgage. I met my wife after purchasing the property. I work and pay income tax from my regular salary. On top of that I pay additional tax for the rental income. My wife doesn’t work at the minute. I pay for all her expenses. Wanted to know if I can transfer all or part of the rental income to my wife name even if the property is in my name not in joint name? Thanks

Hi,
 

Please note that cash gifts from overseas are non taxable, so you would not have to declare the amount received.

Thank you.
 

Hi,
 

Please note (a) that cash gifts are non taxable and (b) yes, your father can transfer the money to your UK bank account.

Thank you.

Hi,
 

Select the link that states Tax Treaty 2003  : Australia: tax treaties    . Thank you.

   

Hi,
 

Dear Roman, HMRC requires UK residents to declare (via a Self Assessment tax return) their worldwide income and gains. However, as was explained previously, the transfer of funds from an overseas bank account to a UK bank account is not in itself a taxable transaction, and does not have to be reported to HMRC (although any interest arising when the funds are deposited in a UK bank account should of course be declared to HMRC).

Thank you.

Hi
 

Neil Sanderson,   You are required to declare your overseas income to HMRC unless all of the following circumstances apply: (a) your only foreign income is dividends (b) your total dividends - including UK dividends - are less than the £2,000 dividend allowance and  (c) you have no other income to report.            See Link: Check if you need to send a Self Assessment tax return  . Thank you.

Hi,
 

Foreign income and gains are only taxed in the UK when they, or amounts ‘in respect of’ or amounts ‘representing’ those income or gains, are ‘remitted’ to the UK. If foreign income and gains remain offshore and are never regarded as remitted to the UK, the tax charge is effectively deferred indefinitely. RDRM31030 - Residence, Domicile and Remittance Basis Manual - HMRC internal manual - GOV.UK (www.gov.uk). If the overseas account contains income or gains have arisen while t/p is resident in the UK there is a potential tax charge when the account is remitted to the UK. Thank you.