first time tax questions

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

  • jpkeates
    replied
    No, it is subject to the contemporary rules, so it's not allowed.

    Leave a comment:


  • helpmebeforeigomad
    replied
    Thanks. But im confused if the fridge can be claimed for this year even though i paid for it during last tax year?

    Leave a comment:


  • jpkeates
    replied
    The fridge would not have been allowed last year, but would be allowed since the start of this tax year.

    The boiler would be allowed, any replacement of something old with something modern will have an element of improvement, but it's not betterment.

    Leave a comment:


  • Gordon999
    replied
    The tax return for reporting income from property is SA105 which has a guide to explain what is allowed as an expenses against rental income.

    I suggest you download the SA105 Notes for 2015 and 2016 on allowable expenses.

    Leave a comment:


  • helpmebeforeigomad
    started a topic first time tax questions

    first time tax questions

    first year of renting and im confused by what i can and cannot claim as an expense. First of all white goods, i understand you can now claim for replacing white goods but is that from 2016 onwards or also for the past tax year?
    I bought a house for the exclusive purpose of renting it. The white goods were already in place, i have now had to replace the fridge for the past tax year in an unfurnished property, can i claim for that?
    Boiler replacement, i understand you can replace but not upgrade the boiler. The system was leaking and the pipes were not correctly installed, it was a cyclinder and system boiler system. I replaced it with a combi, would that count as repair or upgrade? The system was unusable and combi was the cheapest replacement option.

    Thanks.

Latest Activity

Collapse

  • Letting agency didn't pay my council tax
    by kasin22
    Hello all,

    I rented a studio apartment through a letting agency in Newcastle from December 2020 until July 2021. My council tax was supposed to be included in the rent and paid by the agency. This was confirmed over the phone before signing the tenancy agreement and in writing in the agreement...
    25-01-2022, 19:39 PM
  • Recent tax return
    by Ailers
    Hi, new here, sorry if this has been asked already but I can't find the answer.

    I have just completed my tax return for 2020/21 as a landlord with a few properties. My income was 22k and my outgoings (maintainance, ground rent, insurance, mortgage payments etc) was 18k. The mortgages are...
    24-01-2022, 22:42 PM
  • Reply to Recent tax return
    by jpkeates
    I suspect that you completed the return incorrectly.
    25-01-2022, 09:30 AM
  • Reply to 50/50 ownership versus rental split
    by AndrewDod
    Yes (if you are spouses)
    Probably wise to use a lawyer
    CGT not relevant as you can freely transfer between spouses for CGT purposes (even shortly before a sale)...
    25-01-2022, 08:52 AM
  • 50/50 ownership versus rental split
    by Deeks67
    Hi guys , I have recieved some inaccuratre advice ( not from this site ) RE ownership and rental income split . my wife and I have 2 unemcumbered properties which are renting out , the first started renting in Oct 2020 and the second started in July 2021 . Both properties are in joint names 50/50 (...
    25-01-2022, 06:24 AM
  • Tax return
    by pchaure
    Hi
    New to this, buy to let property got in 2018 but renewing took time and COVID hit. Rented out since Dec 2020. I had Electrical work done completed in 2019, as had no income I had not filled in self assessment. Can I claim it in this tax year?
    24-01-2022, 19:05 PM
  • Reply to Tax return
    by jpkeates
    If it was first let in December 2020, the costs allowable against income prior to that take place on the first day of the first tenancy for tax purposes.

    So, if you mean can you claim it on a tax return for April 2020 to April 2021, the answer is yes.
    You can't claim it for this tax...
    24-01-2022, 21:10 PM
  • Advice
    by jhoggard
    Hi,

    I currently have a property rented out in my own name with a fair bit of equity around 50% LTV this is actually a repayment mortgage which i'm looking to switchover to a interest only. When i do this i'm also taking money out of the property to put towards another which i'm looking...
    20-01-2022, 14:25 PM
  • Reply to Advice
    by SouthernDave
    I started my limited company a year before buying the first property, then bought a second 2 months later, a third 3 months after that, a fourth 5 months after that and so on to where I am now. Our lenders have never said they want a separate company per property. Ive never heard of that, if it were...
    23-01-2022, 17:40 PM
  • Reply to Advice
    by jpkeates
    I don't think we disagree.

    The OP has one property and is looking to buy a second.
    At that point in that business, lenders will want a company per property.

    There's a point where that ceases to be the case, when the portfolio gets big enough, or, presumably when someone...
    23-01-2022, 17:34 PM
Working...
X