HMRC Admin 21 Response
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RE: Do I need to pay tax for interest income between £1,000 to £10,000 ?
Hi,
"Hi
Your allowances for earning interest before you have to pay tax on it include:
your Personal Allowance
starting rate for savings
Personal Savings Allowance
Please see the guidance at:
Tax on savings interest
for more information.
Your options if you exceed your allowances are also covered here.
Thank you. -
RE: market valuation for transfer with zero consideration
Hi Isobel,
HM Revenue and Customs (HMRC) can check your valuation.
After you have disposed of the asset, complete a ‘Post-transaction valuation check’ form. Return it to the address on the form - allow at least 3 months for HMRC’s response:
Capital Gains Tax: what you pay it on, rates and allowances.
Thank you. -
RE: Self assesment registration
Hi,
You may find this video helpful: https://www.youtube.com/watch?v=bovXqb7H4T8
As it takes you through the process step by step.
Thank you. -
RE: AWRS - do I need it?
Hi,
You need to apply for approval from the Alcohol Wholesaler Registration Scheme if all the following apply:
- your business sells, or arranges the sale of alcohol, and has an establishment in the UK
- your sales are made at, or after, the point where excise duty is due
_ any sales to other businesses are made for onward sale or supply
More information can be found here: When you need to apply.
Thank you. -
RE: Cannot verify my identity - what can I do?
Hi Buddhika,
Biometric Residence Permits are not dealt with by HMRC.
You will need to contact the Home Office. Guidance can also be found on .gov.uk:
Biometric residence permits (BRPs)
Thank you. -
RE: Capital Gains Tax - Inheritance from Tenant in Common
Hi,
Yes. You became the owner of part of the propety when your father died, with the value of the property being based on the market value of the property on the day he died. This figure needs to be used on the share you received from your father and if your mother willed her share to you, you would use the market value of the property on the day she died.
This will help you work out the acquistion cost, to help work out if there is a gain. There is a calculator to help you at Tax when you sell property.
Thank you. -
RE: Tenants in common: change of percentage and form 17
Hi Thorn,
Thank you for your question.
Please refer to our guidance:
TSEM9330 - Ownership and income tax: introduction: income tax principles - joint ownership and
TSEM9800 - Property held jointly by married couples or civil partners: contents.
As a married couple who jointly own a property you will need to make a declaration of your unequal shares by completing a Form 17 and sending this to us with evidence such as a valid declaration of trust see:
TSEM9852 - Form 17 rule - how couple make declaration.
A valid declaration will only apply from the date the Form 17 has been signed and cannot be backdated.
Thank you. -
RE: Taxation of Income from Employee Provident Fund - India
Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances.
Thank you. -
RE: CGT on Transfer 0f Equity
Hi Bill,
As you took ownership in 2010 it is your share of the value at that time.
Thank you. -
RE: Macau Wealth Partaking Scheme