Interest on loan tax deductible?

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  • Interest on loan tax deductible?

    I took out a small interest only loan to buy a new boiler. Can the interest be categorised as loan interest when completing self assessment?

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  • tax rate question
    vik2001
    Im trying to figure out whether im going to be a high rate 28% or low rate 18% tax rate payer on CGT when selling my property.
    is this how I work it out for 2017/18:

    Work Salary before tax deductions is £40,000
    Personal Allowance 2017/18 is £11,500
    £40000-11,500 =...
    20-07-2017, 18:35 PM
  • Reply to tax rate question
    emwithme
    jpkeates not according to my accountancy textbook! (And I got 86% in the Personal Tax module so I'm pretty confident). I can dig it back out of the box tomorrow to double check though...

    [The reason I didn't take off the £11.1k capital allowance was pure laziness - although I did say...
    22-07-2017, 19:45 PM
  • VAT paid on Apartment block maintenance
    lampshade
    Hi All.
    Hope someone can shed light on the following. I own a lease in a purpose built block of flats (30 in 3 linked blocks, with 3 separate entrances).
    We all pay our service charges as requested the freeholders appointed service/managing agent.
    The question I...
    20-07-2017, 08:37 AM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    One of my sources for the uncertainty as to whether money should be accounted as going through the agent's books is sections 1.2.2 and 1.2.4 of ICAEW TECH/03/11 https://www.icaew.com/-/media/corpor...ce-charge-acco...
    22-07-2017, 13:41 PM
  • Reply to VAT paid on Apartment block maintenance
    leaseholder64
    Whilst this is considered current best practice, and is in the RICS guidelines, the legislation that would have put it into effect was never "commenced", so it isn't a legal requirement. It is still true that it isn't the managing agent's money; it belongs to the service charge trust fund,...
    22-07-2017, 13:08 PM
  • Reply to tax rate question
    leaseholder64
    https://www.gov.uk/capital-gains-tax/rates seems to confirm jpkeates worst fears.

    I would add that there are number of things, e.g. pension contributions not paid by the employer, and gift aid, that you can offset against the work salary. Additional income must be added, although, if that...
    22-07-2017, 12:42 PM
  • Reply to tax rate question
    jpkeates
    Are you sure that's right?

    My understanding was that you add the capital gain (in full) to your taxable income and that sets the tax rate for the CGT.

    So you add £89k (total £100k less the £11k annual capital allowance) to the income that's taxable - (in this case, £28.5k)...
    22-07-2017, 12:09 PM
  • Reply to VAT paid on Apartment block maintenance
    ram
    The service charge funds belong to the leaseholders.

    The managing agents, on behalf of the leaseholders ask for work to be done.
    The bill arrives and they pay it on behalf of the leaseholders.( They pay the bottom line figure which includes vat if chargeable by the contractor )
    ...
    22-07-2017, 11:58 AM
  • Renting below market rate
    insightforthe
    Hi,

    I having been renting out a property i have, to a mate, for below market rate. Last year for a couple of months, i received less rent than agreed due to unforeseen circumstances.

    So I should have received £17400, but only received £15,400, so I am in deficit of £2k....
    21-07-2017, 23:28 PM
  • Reply to Renting below market rate
    jpkeates
    It depends if you forgave the rent or are still owed it.

    You are meant to complete a tax return on an accountancy (rather than a cash) basis, so you pay tax on the rent you are due, not the rent you receive and use a bad debt provision for any rent owed but not received.

    If,...
    22-07-2017, 09:24 AM
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