CGT and tax returns

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    #16
    Thank you for your work in the NHS!

    I've found that the first sessions were the most valuable in terms of what could be saved, and the value has diminished slightly and the costs of the returns being done has stayed the same/slightly increased, so it feels like it's less worth it.
    But, obviously, some of the savings recur each year and there's a lot less stress.

    And the accountancy costs seem acceptable as business expenses (although, as far as I can see they shouldn't really be).
    So you get the standard tax payer's "discount."
    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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      #17
      Thank you for your kind words JP and the tips re using an accountant. Having been taxed at source all my working life this is very useful information. I will look round for an accountant. A friend of mine who is also a landlord as well as having a day job has one, so maybe a personal recommendation is the way to go. Thanks again.

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      • Reply to Will they raise taxes again?
        by theartfullodger
        Taxes bound to go up, huge amounts to pay for Covid & BR*X*it. Death & taxes, death & taxes.

        Holding off working out my position, wishing to remain cheerful for Christmas.

        Best wishes to all...
        28-11-2021, 10:45 AM
      • Will they raise taxes again?
        by JK0
        My accountant just finished my 2020/21 tax return, and my income is half of the previous year. I did not think it would be quite that bad. (Half my tenants moved out, and I had a job to replace them. Plus had to get fourteen EICR's!)

        I'm guessing you guys are in a similar boat. Never mind...
        27-11-2021, 20:20 PM
      • Reply to Will they raise taxes again?
        by Neelix
        ^^ please don’t take this the wrong way but £10 k down on what turnover or number of properties?

        i’ve done a lot of EICRs and remedial work over the last 18 months and a lot of it was because properties hadn’t been inspected and some were just dangerous....
        28-11-2021, 10:29 AM
      • Reply to Will they raise taxes again?
        by jpkeates
        I'm about £10k down and it's mostly electrical work.

        I can't see this government putting up taxes anymore before the next election, although there's nothing to say that they won't figure out how to tax landlords more specifically - there's few votes lost there.

        My candidate...
        28-11-2021, 10:07 AM
      • Reply to Will they raise taxes again?
        by Neelix
        That's a lots of unsatisfactory EICR's and remedial work - so not annual costs!...
        28-11-2021, 09:00 AM
      • Reply to Will they raise taxes again?
        by Neelix
        Wow.

        So that must be lots of unsatisfactory reports and lots of remedial work.

        so not annual Costa...
        28-11-2021, 08:31 AM
      • Reply to Will they raise taxes again?
        by jpucng62
        Clearly you were a bit behind on your electrical work!...
        28-11-2021, 06:58 AM
      • Reply to Will they raise taxes again?
        by JK0
        The EICR's cost around £12k in total....
        27-11-2021, 22:48 PM
      • Reply to Will they raise taxes again?
        by Neelix
        14 EICRs isn’t going to dent the income from 14 properties

        its the void periods that cost you...
        27-11-2021, 22:37 PM
      • Reply to Corporation Tax
        by Thurrock1
        jpkeates,

        the other directors can't withhold information from them - I am my husband's agent as he has dyslexia and has difficulty with all this. This has been explained to the director but he does not like me and chooses not to recognise in that case anything I/my husband writes.
        ...
        25-11-2021, 09:39 AM
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