SA 700 tax return

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

  • Gordon999
    replied
    Not sure what you mean by "share for share exchange" ? , Are you exchanging shares in the non-resident company for shares in another company ?

    The SA700 tax form is filed by a non-resident company receiving rental income from a property in UK.

    The non-resident company was owner of the property up to Feb 2019, so the company should complete a SA700 tax return form and submit before 31 Oct 2019 , and state the property was disposed by the company on xx Feb 2019 . ( if I understand your situation correctly ) .

    Leave a comment:


  • Cassie12
    started a topic SA 700 tax return

    SA 700 tax return

    At the end of February 2019 I did a Share for Share exchange agreement on an offshore company which owns a property to bring the company into the UK jurisdiction. Can anyone tell me do I still do a paper SA700 tax return for the 10 months April 2018 to February 2019 while the company was still in the offshore domain?

Latest Activity

Collapse

  • Selling two rental properties;CGT implications
    by gnvqsos
    I have recently received notice from two tenants,on two different houses,valued at 160 and 190k respectively.Both are held in joint names.As both soon vacant and both have incresed in value from 102 and 89k since 2013,due to substantial works.I appreciate that our joint CGT allowance of £24k will mean...
    12-08-2020, 04:52 AM
  • Reply to Selling two rental properties;CGT implications
    by gnvqsos
    Thanks to all.It would seem that the benefit of postponing a sale until new tax year is £4428-£6888,and at a value of £200.000 means a small saving of 2.2-3.4 per cent.A slight dip in house prices could eliminate that in no time-a point well made.Both houses have probably gained £40,000 and £100,000...
    12-08-2020, 18:35 PM
  • Reply to Deduction of expenses when BTL empty & for sale?
    by Gordon999
    I think you owe jpk, a sunday lunch.
    12-08-2020, 17:23 PM
  • Deduction of expenses when BTL empty & for sale?
    by NikM
    Hi - I've been renting out 4 properties for a few years. When one of them became empty, I put it up for sale and have not sought a tenant since. Am I still OK to deduct the usual expenses for this property against profits from the other 3 BTLs?

    The sale has taken 18 months, so there's...
    12-08-2020, 14:02 PM
  • Reply to Selling two rental properties;CGT implications
    by jpucng62
    Selling in 2 tax years gives you double allowances but given that we are in a bit of a bubble at the moment you need to balance the CHT saving (28% or 18% of £12300) against the value / saleability now - in Stamp Duty Holiday period - and next year - when it may be quieter.

    Don't be over...
    12-08-2020, 17:07 PM
  • Reply to Deduction of expenses when BTL empty & for sale?
    by NikM
    Great, thanks ... I now owe you more than a fiver
    12-08-2020, 15:02 PM
  • Reply to Deduction of expenses when BTL empty & for sale?
    by jpkeates
    No need to hope, it is the case!
    The expense has to be wholly and exclusively for the business and these costs are.

    Unless you hold them in separate limited companies, there's only one business with all of the properties in it.
    12-08-2020, 14:44 PM
  • Reply to Deduction of expenses when BTL empty & for sale?
    by NikM
    Thanks - obvioulsy I hope that's the case, but struggling to 'prove' it to myself confidently enough to put it in the tax return! I didn't claim in the 2018/19 return as it was only a couple of months so small numbers & decided to err on the side of caution ... wasn't expecting it to take 18 months...
    12-08-2020, 14:18 PM
  • Reply to Deduction of expenses when BTL empty & for sale?
    by jpkeates
    Unless you do anything else with it, the house simply remains part of your rental business until it's sold.
    The property was brought into the business when first let and all expenses that were allowable when it was being let are still allowable now.
    12-08-2020, 14:09 PM
  • Reply to Selling two rental properties;CGT implications
    by jpkeates
    You can reduce the tax by selling the properties in different tax years, so you have two allowances per property.
    The risk is that something terrible happens to the market before next April.
    12-08-2020, 09:44 AM
Working...
X