Short tax return

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Short tax return

    I have one letting property. I have always used a short tax return which has been fine for giving totals of rent and costs inc mortgage interest. Now that the allowance for mortgage interest is reducing by 25% every year how do I show the figures? Whichever tax return I use, do I do the calculations and show the 75% of interest or do I show the total interest and leave it to HMRC to adjust?
    Apologies if this has been asked before.
    Sam

    #2
    When you checked against Theresa's document here, what did you conclude? What total profit & what total rental income please?
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      Sorry artful, I don't understand why you are asking me that. I haven't checked against Thersa's document (what is that?). I just want to know how I show the reduced mortgage interest claim against profit.
      Thanks
      Sam

      Comment


        #4
        Apologies, I failed to include Theresa's link:
        https://www.gov.uk/government/public...rn-notes-sa210

        Just done my draft submission: In a state of shock regarding estimated payment required 31/01/2018.
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment

        Latest Activity

        Collapse

        • Moving into my Buy to Let
          Veryvicky79
          I’m considering selling my primary residence and moving into my buy to let. I then will want to sell the buy to let in a couple of years time and then buy a new primary residence outright. Reason for this is to consolidate my assets and buy my next family home outright.
          My question is will...
          22-04-2019, 17:23 PM
        • Reply to Moving into my Buy to Let
          Gordon999
          The gain achieved during "primary residence period" is exempt for cgt. .

          The gain achieved during the BTL period is liable to cgt at 18% or 28%

          Primary residence can be claimed for the period in residence plus up to 9 months after moving out
          24-04-2019, 01:39 AM
        • Reply to Moving into my Buy to Let
          buzzard1994
          By taking full advantage of the tax relief for private residences and selling before they need to pay tax. You used to be able to designate whichever property you wanted as your main residence. The last 18 months of occupation is currently tax free - that is dropping to 9 months in 2020. It used to...
          23-04-2019, 21:49 PM
        • tax responsibility and allowable expenses
          pineapple11
          Hello, wondering if anyone can help.

          Firstly, my husband and I are joint owners of our rental property but I heard that we can change things so the tax is based on my income alone. Is this true? If so how can I go about arranging this. I earn alot less than my husband.

          Secondly,...
          23-04-2019, 20:58 PM
        • Reply to Moving into my Buy to Let
          jpkeates
          They don't actually avoid it, they do what anyone can do if they live in more than one place.
          You can nominate one of them to HMRC as your primary residence - because you're only allowed one property as your "primary" residence.

          While that costs you CGT on the other one,...
          23-04-2019, 11:54 AM
        • Reply to Moving into my Buy to Let
          flexy
          How do politicians get away with paying no CGT on their second residences?
          23-04-2019, 10:04 AM
        • Reply to Moving into my Buy to Let
          loanarranger
          jpkeates is correct however your lender might give consent to you occupying the property but place a bar on any release of equity from the property until either you have vacated the property again and can demonstrate this having been done or you have sold the property: much will depend on who your Buy...
          23-04-2019, 08:53 AM
        • Reply to Moving into my Buy to Let
          jpkeates
          The CGT is adjusted to allow for the period of residence (under current rules at least).

          Do you have a mortgage on the BTL property, because that would not allow you to live their without breaking the terms of the loan?
          23-04-2019, 08:43 AM
        • Reply to Moving into my Buy to Let
          theartfullodger
          Do you know what CGT rules will be when you sell?
          22-04-2019, 19:52 PM
        • Reply to Moving into my Buy to Let
          JK0
          Yeah, for the gains for the time it was a rental.

          You might also want to look into stamp duty.
          22-04-2019, 19:38 PM
        Working...
        X