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

        • transferring part of ownership to wife for tax reasons
          joshua
          hello. at the moment i am sole owner of a rental property, mortgage free.
          I would like to transfer some of the ownership to my wife in order for us to split the rental income 50/50.
          I have done some research, but would like confirmation - is what I need to do a 'declaration of trust' to...
          16-02-2018, 08:48 AM
        • Reply to transferring part of ownership to wife for tax reasons
          Nigel Nicholson
          Yes I think you have got that right, as in indicated in my posts. Plus a stated on the HMRC site. there are special rules for married couples (or civil partnership) - good luck...
          20-02-2018, 21:16 PM
        • Stamp Duty query
          HP mum
          I originally posted in the finance section - but I now think this is more of a tax question. Some questions arose during a discussion yesterday and I just wondered if anyone has any thoughts/ answers on the below?

          1stly) If someone (or company) buys a debt that has a legal charge over...
          20-02-2018, 11:36 AM
        • Reply to Stamp Duty query
          HP mum
          Thank you JP this helps me. It's good to know the property value / duty payable is separate from the debt....
          20-02-2018, 20:51 PM
        • Complex (for me!) CGT question on 2 property ownership...
          Raymondus
          Hi, this is my first post and I'm looking for some initial guidance on what I think is a somewhat complicated problem i'm heading towards...
          Apologies, its a long post!

          The facts:

          In 1983 my parents and I purchased our family council home under the Thatcher 'Right to...
          19-02-2018, 13:42 PM
        • Reply to Complex (for me!) CGT question on 2 property ownership...
          jpkeates
          I don't think the changes in allowances or rules over time will have too much effect.
          You can probably work it out in Excel - but, if it were me I'd let an expert do it for me, just for the peace of mind.
          20-02-2018, 17:15 PM
        • Reply to Complex (for me!) CGT question on 2 property ownership...
          Raymondus
          Yes, I think you are right jpkeates. What started out as a fairly simple purchase and investment all those years ago has a life of its own now and has become complicated. I didn't for instance know if I might be able to claim PRR for the 3 years I was there when we first purchased it but just having...
          20-02-2018, 14:44 PM
        • Reply to Complex (for me!) CGT question on 2 property ownership...
          jpkeates
          You're probably going to need a tax specialist.
          When you are tenants in common with a percentage ownership, who lived where and when becomes critical and fiddly.

          For example, your third is subject to PPR for periods you were living there, but not when you weren't - family home or...
          20-02-2018, 12:55 PM
        • Reply to Complex (for me!) CGT question on 2 property ownership...
          Raymondus
          Hi JPKeates, we were tenants in common and what happened was my father left his share to my mother so she had 67% and I had 33%, which changes the figures Gordon 999 came up with.

          Re your response Gordon999 - thank you so much, you made me realize the obvious - that I hadn't actually owned...
          20-02-2018, 12:46 PM
        • Reply to Stamp Duty query
          jpkeates
          Transactions are "connected" based on the facts of the transactions.

          You don't buy a property and its debt separately.

          In the example you give, the property is worth £3.5m, anyone buying it at £1.5m would be taxed as though the transaction was £3.5m - unless they...
          20-02-2018, 12:21 PM
        Working...
        X