Did all property income cease....

  • Filter
  • Time
  • Show
Clear All
new posts

    Did all property income cease....

    Just looking at the tax return for for 2016-17:

    Our tenants left the rented property (our only one) around end of April 2017, and we sold the house much later that year.

    The last rent payment (I'll need to double check the dates) I think may have been April 4th 2017. There was a dispute over the deposit that resulted in that being delayed, and we had many repairs and replacing carpets etc in the months after.

    On the tax return form it asks "Did all property income cease in 2016-17 and do you not expect to receive such income in 2017-2018".

    If I tick this box, does it mean HMRC are expecting a Capital Gains calculation on this form, even though it was the next tax year we sold it?
    Should I tick this box, or not?

    In case its relevant, our calculations show that there is no capital gains tax to pay as we lived in the house for a period of time.

    How long was it rented out for?

    On what basis have you been accounting for HMRC in previous years?
    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...


      Was rented our since around 2014. Income was reported via self assessment "income from property in UK" section.


        Did you account on a cash or accural basis 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...


          Forgive me I'm not sure what that means - cash I guess. I reported the actual rent that was paid, minus mortgage interest and costs. I did this each Jan 31st for the previous tax year.

          So on the date it landed or left the accounts I guess.


            Capital gains are declared for the tax year in which they are made. So no to that one. You declare later.

            I would have thought it reasonable to say income has ceased if (to clarify artful's point) you did declare the 3rd April rent in your tax return for the year ending that April. The main reason they ask that is that they may decide to take you out of self assessment (depending on the rest of your tax affairs).


            Latest Activity


            • Reply to Recovering CGT on sale of property
              by ifallelsefails
              MadLL Whilst filling out the tax return, I noticed that you can offset trading loss against capital gains. Like all these things, it isn't straightforward - here is a guide: https://www.taxinsider.co.uk/trading...pital-gains-ta
              25-01-2022, 20:18 PM
            • Recovering CGT on sale of property
              by MadLL
              Hello. I am considering selling a property that used to be my own home. After taking into account all that I can, I will have a CGT liability of approximately £35,000. I have read somewhere/was told that with careful planning/investment you can effectively recover the tax paid ie max out pension contributions...
              13-01-2022, 21:48 PM
            • Letting agency didn't pay my council tax
              by kasin22
              Hello all,

              I rented a studio apartment through a letting agency in Newcastle from December 2020 until July 2021. My council tax was supposed to be included in the rent and paid by the agency. This was confirmed over the phone before signing the tenancy agreement and in writing in the agreement...
              25-01-2022, 19:39 PM
            • Recent tax return
              by Ailers
              Hi, new here, sorry if this has been asked already but I can't find the answer.

              I have just completed my tax return for 2020/21 as a landlord with a few properties. My income was 22k and my outgoings (maintainance, ground rent, insurance, mortgage payments etc) was 18k. The mortgages are...
              24-01-2022, 22:42 PM
            • Reply to Recent tax return
              by jpkeates
              I suspect that you completed the return incorrectly.
              25-01-2022, 09:30 AM
            • Reply to 50/50 ownership versus rental split
              by AndrewDod
              Yes (if you are spouses)
              Probably wise to use a lawyer
              CGT not relevant as you can freely transfer between spouses for CGT purposes (even shortly before a sale)...
              25-01-2022, 08:52 AM
            • 50/50 ownership versus rental split
              by Deeks67
              Hi guys , I have recieved some inaccuratre advice ( not from this site ) RE ownership and rental income split . my wife and I have 2 unemcumbered properties which are renting out , the first started renting in Oct 2020 and the second started in July 2021 . Both properties are in joint names 50/50 (...
              25-01-2022, 06:24 AM
            • Tax return
              by pchaure
              New to this, buy to let property got in 2018 but renewing took time and COVID hit. Rented out since Dec 2020. I had Electrical work done completed in 2019, as had no income I had not filled in self assessment. Can I claim it in this tax year?
              24-01-2022, 19:05 PM
            • Reply to Tax return
              by jpkeates
              If it was first let in December 2020, the costs allowable against income prior to that take place on the first day of the first tenancy for tax purposes.

              So, if you mean can you claim it on a tax return for April 2020 to April 2021, the answer is yes.
              You can't claim it for this tax...
              24-01-2022, 21:10 PM
            • Advice
              by jhoggard

              I currently have a property rented out in my own name with a fair bit of equity around 50% LTV this is actually a repayment mortgage which i'm looking to switchover to a interest only. When i do this i'm also taking money out of the property to put towards another which i'm looking...
              20-01-2022, 14:25 PM