Returning from oversea landlord taxation

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    #16
    Thank you. Since I've never done a self assessment when is it due for? In this thread people wrote end of year, is it calendar year 31/12 or fiscal year 01/04? Or something different?

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      #17
      When you began your new business you should have told HMRC.
      They would have confirmed how they wanted you to complete your tax return.

      If you get in touch now, they'll confirm what they want you to do.

      Tax returns are based on the tax year, which runs from 6th April to 5th April.

      I'd get an accountant if I were you.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #18
        Thank you.

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        • Reply to An acceptable level of repairs
          by halfax
          its just a personel choice, but over the years it as removed the biggest hassle in my life, ( 2 days before christmas a boiler goes down, you try getting a plumber or more to the point the part need. on holiday in us it happens) just takes away the only problem i have had renting , and works out cheaper...
          12-07-2020, 13:47 PM
        • An acceptable level of repairs
          by gnvqsos
          I recenly engaged a new accountant who questioned the extent to which I was claiming for repairs.She suggested I was claiming too high a proprtion of gross rents.I believe in repairing and redecorating whenever a property falls empty,as it makes the house easier to let,and makes tenants willing to...
          10-07-2020, 16:18 PM
        • Reply to An acceptable level of repairs
          by Section20z
          Wow, I'm lost for words. Paying someone to remove a perfectly serviceable 5 year old boiler ? What about the environmental impact ?
          11-07-2020, 17:58 PM
        • Reply to An acceptable level of repairs
          by gnvqsos
          I am glad you share my philosophy,but I would not change boilers after just 7 years.Boilers seem more reliabe these days,and it seems criminal to scrap boilers so prematurely.I think frequent repairs keep tenants sweet,if not they will look elsewhere.
          11-07-2020, 16:54 PM
        • Reply to An acceptable level of repairs
          by halfax
          i always have a high a proprtion of repairs to gross rents. i indend to sell when i am ready to retire, and i want to keep them up to a good standard. it does not take long for a house to get tired.as an example, all my boilers are on 5 -7year cover, when it comes to the end of warranty i replace them....
          11-07-2020, 15:09 PM
        • Reply to An acceptable level of repairs
          by Gordon999
          You can charge all materials used for repairs and maintenance against the rental income but you cannot for your own labour.
          11-07-2020, 08:23 AM
        • Reply to An acceptable level of repairs
          by gnvqsos
          I disagree,as repairs and maintenance executed long-term prevent depreciation of assets,and are cheaper than a massive spend after 15-20 years,ensure the houses are lettable and rents can be adjusted ie increased.
          10-07-2020, 19:38 PM
        • SDLT < 500k
          by Claymore
          Any ideas if I were to transfer/sell a BTL <£500k into a LTD Company in the next couple of months, would the transaction be covered with the no SDLT payable (announced by the chancellor today)?
          08-07-2020, 15:48 PM
        • Reply to SDLT < 500k
          by Gordon999
          The Nil rate sdlt up to £500K until 31 March 2021 , does include companies .

          "Companies as well as individuals buying residential property worth less than £500,000 will also benefit from these changes, as will companies that buy residential property of any value where they meet...
          10-07-2020, 18:56 PM
        • Reply to An acceptable level of repairs
          by jpkeates
          HMRC (and your accountant) can't tell you how to run your business - if you spend a lot on repairs and maintenance, you won't make as much profit, but that's your prerogative.

          As long as the expenditure is solely and exclusively for the business and doesn't increase the capital value of...
          10-07-2020, 18:33 PM
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