Offsetting tax against landlord's own house repair bills

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Offsetting tax against landlord's own house repair bills

    I have a fulltime job, I also rent out a house. I claim a proportion of my home's running costs against my tax. Can I also claim my own home's repair bills against my overall tax bill?

    #2
    No - this personal expenditure.

    Comment


      #3
      Be careful about claiming for running costs against your home.

      When you sell it there are nasty CGT traps you can encounter if the property wasn't simply your private residence.
      Right now it's not a big risk unless you claim a big proportion, but who knows what the CGT regime will be in a few years time.
      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).

      Comment


        #4
        Many thanks for your replies.............what a shame!!!

        Comment

        Latest Activity

        Collapse

        • Reply to Rent 2 Rent Tax Return
          by jpkeates
          Yes - that's essentially it.

          You should contact HMRC and tell them that you have a new source of income as a landlord and they'll tell you how they want you to report the income (probably an annual self assessment tax return).
          In a couple of years you'll need to do quarterly returns...
          03-08-2021, 17:36 PM
        • Rent 2 Rent Tax Return
          by dhoops97
          Hi,

          I'm currently receiving the rental income for my dads properties. I'm currently fully managing the properties for him and the tenants are paying the rent into my account. Once I receive the rent, I pay my dad a fixed amount and I keep the rest. Is this legal? And if so, do I pay tax...
          03-08-2021, 14:24 PM
        • Reply to Rent 2 Rent Tax Return
          by dhoops97
          This is really helpful. My dad has changed the tenancy agreement and named me as landlord, so all payments are made to me. Therefore, all I need to do is declare all the income in the year as income and any payments to my dad, as expenses?

          Also, does this need to be in writing. At the moment...
          03-08-2021, 16:32 PM
        • Reply to Rent 2 Rent Tax Return
          by jpkeates
          It's legal.

          If you're named as the landlord on the tenancy agreements, your business is rent to rent.
          The amount you pay your father is a business expense, so you'll end up paying tax on the profit, but you need to declare the full amount as income and the payment to your father as...
          03-08-2021, 14:44 PM
        • Reply to HMRC Section 36 notice
          by Neelix
          If you were unemployed and receiving benefits and didn’t tell them you may need to brace yourself for contact from the DWP too...
          03-08-2021, 10:01 AM
        • HMRC Section 36 notice
          by KILOCHARLIE
          Wondering if anyone has any experience with one of these please?

          I received a letter from HMRC a few months ago stating they were investigating my property affairs. I was told I could provide documentation regarding it to help but if I didn’t wish then they would complete the check on...
          02-08-2021, 08:50 AM
        • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
          by spikeg33
          I know it’s 1% difference but was really asking what the legal implications are of either transferring it into 100/0 or 99/1. I’m not an expert in this field in any way shape or form and am merely asking for advice....
          03-08-2021, 09:10 AM
        • Advice for DoT 100/0 or 99/1 is there a beneficial difference?
          by spikeg33
          I would appreciate some advice on getting our one rental property transferred into my beneficial interest as I have recently retired and now have the whole of my tax allowance to use against the rental income. I have researched and researched but would like some clarification about what to do . At present...
          02-08-2021, 14:07 PM
        • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
          by theartfullodger
          Difference between 100:0 & 99:1?? 1%.
          03-08-2021, 09:02 AM
        • Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?
          by spikeg33
          Thank you jpkeates for your advice. I will now proceed with 99/1 and happy that you have clarified the situation for me....
          03-08-2021, 08:51 AM
        Working...
        X