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Started by doobrey, 17-10-2019, 11:57 AM
5 responses
64 views
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Last Post doobrey
by doobrey
 
Started by Kots, 15-10-2019, 05:10 AM
4 responses
69 views
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Last Post Gordon999  
Started by JimmyJ, 12-10-2019, 08:38 AM
7 responses
94 views
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Last Post Gordon999  
Started by tommys, 11-09-2019, 16:18 PM
11 responses
153 views
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Last Post jpkeates  
Started by tessarotto, 07-10-2019, 17:30 PM
3 responses
40 views
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Last Post leaseholder64  
Started by richiedc2, 06-10-2019, 16:26 PM
6 responses
75 views
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Last Post Gordon999  
Started by Stacy, 04-10-2019, 21:40 PM
3 responses
41 views
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Last Post JamesHopeful  
Started by baracus, 02-10-2019, 18:57 PM
6 responses
78 views
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Last Post baracus
by baracus
 
Started by Ellie39, 04-10-2019, 16:23 PM
3 responses
44 views
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Last Post AndrewDod  
Started by davidm, 25-09-2019, 15:22 PM
14 responses
105 views
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Last Post Gordon999  
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  • Rent-a-room and tax deductions
    doobrey
    Trying to settle a debate :-

    I am aware that claiming rent-a-room relief precludes the deduction of expenses for that property such as utilities, GSC, etc.

    However, my accountant has stated that I cannot deduct an amount for use of my own property for business purposes, since...
    17-10-2019, 11:57 AM
  • Reply to Rent-a-room and tax deductions
    doobrey
    Thanks. That is what I thought....
    17-10-2019, 13:23 PM
  • Reply to Rent-a-room and tax deductions
    jpkeates
    No, I believe you would be able to claim an allowance of £4 a week against the income from that business....
    17-10-2019, 13:18 PM
  • Reply to Rent-a-room and tax deductions
    Gordon999
    The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want.

    So your web design business...
    17-10-2019, 13:04 PM
  • Reply to Rent-a-room and tax deductions
    doobrey
    I am not suggesting that Rent-a-Room is a business (...and that is, I guess, part of the point of my question).

    I am aware that claiming rent-a-room relief precludes the deduction of expenses for that property such as utilities, GSC, etc. However, my understanding/assumption is that this...
    17-10-2019, 12:48 PM
  • Maintenance payment flow of funds
    Kots
    Hi all,

    I am one of three flats and I own a share of freehold. We've setup a company to deal with the day-to-day matters such as maintenance payments and such.

    One of the freeholders, who is also a director of the company, usually arranges quotes for maintenance works and insurance...
    15-10-2019, 05:10 AM
  • Reply to Maintenance payment flow of funds
    Gordon999
    For your BTL letting business , you are required to keep proper records of the rental income and expenses for each year and be able to report the figures in your annual income tax return.

    The rental income and expenses must be supported by bookkeeping records, suppliers invoices...
    17-10-2019, 12:46 PM
  • Reply to Rent-a-room and tax deductions
    jpkeates
    The point of the Rent a Room scheme is that the landlord isn't running a business, it's a non-commercial arrangement.
    So you aren't using part of your property for running a business unless you have another business (like a web design business).
    17-10-2019, 12:40 PM
  • Reply to Maintenance payment flow of funds
    Kots
    Thanks for your replies.

    We are tenants in common and although the initial idea was to pay funds in advance, I am not for this so the plan would be that funds are paid as they are required.

    What about HMRC, does anybody know if I'd be unable to offset these payments against...
    16-10-2019, 14:08 PM
  • Reply to Maintenance payment flow of funds
    leaseholder64
    I'm not clear as to whether the company is the actual freeholder, or you are tenants in common. In the latter case, setting up a company is an unnecessary expense, which probably cannot be fully funded from the service charges.

    Also I'm not clear as to whether any service charges are paid...
    15-10-2019, 10:09 AM
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