Flat let for 2 years now not occupied by owner. Will it just be the 2 years let or the whole period when the owner is not occupying that counts for CGT?
Cgt periods when owner is liable
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CGT is payable unless Private Residential Relief is applicable, so you're liable for CGT for the entire period when the property wasn't your main residence.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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Depends on rules operating when you sell. I'm expecting CGT rules to become more painful to pay for Covid-19 and Brex*****
Rules today are all very interesting but....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...
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Reply to Accountantby Gordon999£250 is reasonable according to this website :
https://www.sage.com/en-gb/blog/file...return-online/
But some online companies will offer tax return service at lower price.-
Channel: Tax Questions
04-03-2021, 13:39 PM -
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by Bridge2020Any ideas how much an accountant would charge to do my self assessment ?
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Channel: Tax Questions
04-03-2021, 10:25 AM -
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by tjlcontI complete the CT61 form for the company it does not allow me to provide details of who it is being withheld from. So I am very confused how HMRC connect the CT61 cash received from the company, and the personal tax account that it is being applied against....Expert advice, Reviews and tailored insights to find contractor services that are right for you.
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Channel: Tax Questions
04-03-2021, 08:54 AM -
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by JamesHopefulHere's the situation:
- I am borrowing money in my own name, and re-lending it to my company.
- My company pays me exactly the same interest rate as I personally pay to the bank, so I do not make any "profit" on the re-lending and therefore I should not incur any personal tax liability due
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Channel: Tax Questions
17-12-2017, 11:14 AM -
Reply to Tax for renew leaseby Gordon999The advice given to me some 10 years ago is that the leaseholder has liability for capital gains tax after the property has been sold, but not after lease extension. This applies if the leaseholders own the freehold title and are on both sides of the lease extension transaction. But if the lease extension...
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Channel: Tax Questions
03-03-2021, 12:38 PM -
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by jimmylau8080I going to receive my new 999-year lease with no ground rent payable is given to the leaseholder, after I paid around £7,000 to extend my current flat from 89 years lease to a 999-year lease with no ground rent payable.
I received a piece of advice that there are income tax implications....-
Channel: Tax Questions
28-02-2021, 10:50 AM -
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Reply to Deed of trust for tax efficiencyby ThePalmistSo I have been calling lawyers, LR and Tax office.
LR says there is note about split beneficial interest on register but I have to request a copy.
Lawyers say they posted me DOT in January but I have not received it.
Tax office say that I need to fill the form 17 within 60 days...-
Channel: Tax Questions
01-03-2021, 19:06 PM -
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by ThePalmistHi All,
New here and been receiving conflicting advice.
So I will try and be as informative as I can.
I have a consent to lease on a mortgaged property which I am currently renting out. Mortgage is in my name only and fixed in a 2.5% deal till 2023.
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Channel: Tax Questions
12-10-2020, 17:33 PM -
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Reply to Deed of trust for tax efficiencyby jpkeatesI'm a little confused to be honest.
The deed is enough to change the percentage of ownership, there's no need to register it with the land registry, although obviously you can.
I think that the deadline for the HMRC notification is 60 days - hopefully the lawyers who made the deed...-
Channel: Tax Questions
01-03-2021, 13:59 PM -
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by Gordon999Has any part of the renovations cost been charged as operating expense against the rental income ?
If no, then liability to cgt on £113K looks correct. If your income from employment is over £50K, then 28% tax rate is correct-
Channel: Tax Questions
01-03-2021, 13:54 PM -
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