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Hi does anyone know of an extensive list of things I can claim for on the property I have rented out, I've kept all receipts from the refurbishment but was wondering if there are other things out there that I'm unaware of
Thanks
Oh, well there's also mortgage interest, accountancy fees, travel, stationery. Maybe even your pc if you bought it for the business.
To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.
You should probably invest in an accountant - given that it's nearly January and it's a little late to try and learn what you need to in thirty odd days.
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).
There are at least 12 taxes a landlord may end up paying: Do not make the mistake of just worrying about reducing tax for income tax - you could end up paying more elsewhere...
If the property was bought in need of refurbishment, and that was reflected in the price, then I believe refurb costs for the most part will not be deductible from rental income. (Capital expenditure rather than revenue.)
There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.
Somebody is doing my tax return I was just wondering if there was a list for landlords which covered certain things I may not have thought of
You really need to understand the business better: What training did you do - course, books - on being a landlord?? Don't rely on "somebody" to have known what you are doing - why on earth would they know about stuff you've done?? You need to help yourselff more 1st...
Read the book I suggested & then you should realise about the receipts & evidence you failed to collect 2013-2014: But do better in future...
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...
I think its the tax café book on how to save property taxes - that along with the latest david lawrensons book are my recommendations -both are well worth the investment, and yes, you can claim for them against any income!
CGT is relatively simple, and the book is good on the subject.
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).
In #2 , I proposed the "company" buys the property from you and the company becomes the owner of the property. The Company has no funds and borrows the £240K ; 50% mortgage loan from Bank and 50% loan from you ( director's personal loan ). The bank loan is...
Hi,
Around 10 years ago, I bought my first property to live in. My dad helped me out and paid a 50% deposit to get me on the ladder. I'm listed as the owner on the summary of title land registry documents under the leaseholder/freeholder section.
There’d be no point in attempting it as a married couple but unmarried couples would also be in for a nasty surprise since HMRC consider getting to occupy the property in such circumstances as a benefit....
It's very unusual for a lender to be prepared to lend on a joint basis against a property owned by only one of joint borrowers.
And the additional SDLT would be payable if the two people were married anyway.
I can't imagine there are many instances of this ever happening.
1. Have you calculated how much capital gains tax is payable after sale of the "first property" ? Since you lived at the property for a few years , the capital gain during " period of own residence" is not taxed.
Her solicitor, who will most likely also be acting for the mortgage lender, will want to know the source of the funds for the deposit. Not all lenders will accept a gifted deposit coming from someone who will live in the property but not named on the mortgage.
It's why those couples who try to circumvent the higher rate of SDLT rules by having a joint borrower sole legal owner mortgages fail, because both joint borrowers have a beneficial interest as both of them took out the mortgage so they can both buy a property to live in regardless of how many people...
When I purchased a property back in 2007, I had an upstairs bedroom converted into a small kitchen and bathroom to create a self contained ground floor flat and a second kitchen / bathroom for the other 3 bedrooms upstairs to use.
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