HMRC Admin 10 Response

Hi
A sole trader (self employed) business is declared in the self employment section, where you declare your gross income and expenses, which will result in a profit or a loss.  Self employment falls under income tax and not capital gains tax.  If using a paper tax return, please declare your business on SA103S (Self Assessment: self-employment (short) (SA103S)) or SA103F (Self Assessment: Self-employment (full) (SA103F)).

Hi Marc
If the property was named in a will and bequeathed to the beneficiaries in the will, then each beneficiary would inherit a proportion of the property on the death of the owner and each beneficiary would need to work out if they have made a gain on the disposal of the property, not the estate.  If the property was not part of a will, then the estate is reposnsible for paying any capital gains arising from the disposal.  In 24/25 the annual exempt allowance for individuals is £3000.  For Estates it is £1500.  (Capital Gains Tax rates and allowances).  Have a look at helpsheet HS284 (HS282 Death, personal representatives and legatees (2024)
 

Hi
If your pension savings are more than your annual allowance, carry forward unused annual allowances from previous years.  Please have a look at Check if you have unused annual allowances on your pension savings

Hi
Correct.  It would not change any previous tax year.

Hi
Provided the total interest received from all sources, is below £10,000, then a tax return is not required to declare the interest. Instead, a letter to
H. M. Revenue and Customs
PAYE
BX9 1AS, declaring the interest as shown on the interest statement is all that is needed.
 

Hi
If you meet the criteria for split year treatment, then the split will commence on the day you arrived in the UK, which you mention was 19 May 23.

Hi
 Yes, as it is a foreign gain, there is no minimum limit, so it must be declared in a tax return. You would declare the disposal on SA108 and SA106 if you are claiming a foreign tax credit.

Hi
Please submit your tax return.  Self assessment will calculate your class 2 and class 4 NIC contributions, which are payable along with any tax you owe.  Class 2 is a voluntary contribution for net profits below £6725 in 23/24.  If after tick the voluntary class 2 box, your NIC payment is not included, you will need to contact the NIC helpline on 0300 200 3500 and pay the NIC directly.

Hi
You would probably show your acquisition cost of the shares, the cost of acquiring them.Details of the bankruptsy that make the shares worthless, so that you can work out how much was lost and how much is claimed as a loss in your tax return.

Hi
As you arrived in the Uk on 1 February 2023, your arrival falls into the 22/23 tax year and a tax return would be required for UK and foreign income arising from that date up to 5 April 23 claiming split year treatment that is if there is any UK and foreign income between 1 Feb and 5 April 23) in a 22/23 tax return.  From 6 April 23, you would declare your worldwide income for the whole tax year of 23/24 and do this each year going forward.