HMRC Admin 21 Response

Hi Leonie,
Please have a look at:
DT19853 - Double Taxation Relief Manual: Guidance by country: United States of America: Notes for some guidance on IRA's.  
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 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.
Thank you.

Hi,
You will only need to complete a Self Assessment if the untaxed interest from your savings is over £10K.
You would not include ISA's in this figure.
If you do need to file a Self Assessment then you will either pay the balance due as a one off payment to your Self Assessment account or it will be collected in the next full tax years tax code. You will not pay the balance twice.
Thank you. 

Hi,
If a new claim and you are separated then her salary would not have any implication.
Thank you.,

Hi,
Please have a look at helpsheet HS265 regarding offshore funds.  
You should declare the Overseas interest on overseas securities in the foreign section under the heading 'Other overseas  income and gains.
On SA106, page F6 box 41.
(Foreign Tax year 6 April 2023 to 5 April 2024 (2023–24)).
Thank you.

Hi,
It is up to you whether you pool the shares into a S104 holding for Capital Gains purposes.  As long as your evidence explains the summary figures used to declare your gains.
Thank you.

Hi Padraig,
Yes, you can claim personal allowances against your net Self Employment profit, which is taxed as normal.
Thank you.

Hi,
You can either claim the trading income allowance of £1000 or claim expenses.
You cannot claim both.  
You can amend your 2023 to 2024 tax return up to 31 January 2026.
Thank you.

Hi,
The requirements for having to leave the Flat Rate Scheme are outlined below:
12. Leaving the scheme.
It does state in the guidance that you become ineligible to use the Flat Rate Scheme if:
At the anniversary of your start date your total income (including VAT) in the year then ending (excluding sales of capital assets) is more than £230,000.
I would therefore contact the Flat Rate Scheme as below:
VAT: Annual Accounting and Flat Rate Schemes.
Thank you.

Hi
You will need to de-register the business if the business stops making taxable supplies  or you can de-register voluntarily if you can show that your turnover will not breach the deregistration threshold over the next 12 months.
Please see the guidance below:
3. You’re registered because you make taxable supplies in the UK
The VAT registration can be cancelled online.
Please see below:
Cancel your registration
If you de-register now there will still be a requirement to complete your final VAT return.
Please see below:
8. What will happen when you apply to cancel your registration.
Thank you.

Hi,
If you replace an air source heat pump then it can be treated as a zero rated installation of energy saving materials if the conditions are met as below:
2. Installations of energy-saving materials.
Thank you.