tax return

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

    tax return

    Hello All,

    This year I will have had my property rented out from Oct - March from a tax perspective, I believe this will mean 6 months worth of income. I have a few questions....

    1. When filling out my tax return With things like building insurnace can i just cut my yearly premium in half when offsetting the tax as I'll have only been renting the place for half of the year? or is this silly.

    2. If I have to remorgage before March can I ofset the remorgage costs?

    Thanks

    Brian

Latest Activity

Collapse

  • Reply to SDLT relief for multiple dwellings
    by DoricPixie
    It’s not 3% but an additional 3% on top of the SDLT you’d pay if you didn’t already own another residential dwelling.

    I see you’ve found someone who can help you. You are correct that there are a number of solicitors who don’t understand the SDLT rules for the higher rate of...
    14-08-2022, 00:02 AM
  • SDLT relief for multiple dwellings
    by BIGGYBIBIG
    Hello everyone,
    I have had an offer accepted on a property purchase, subject to a surveyors report of £395,000 in England.


    I am currently looking at surveyors but i just wanted to know where i stand in terms of stamp duty, costs etc.

    I have phoned 5 different solicitors
    ...
    10-08-2022, 19:20 PM
  • Reply to SDLT relief for multiple dwellings
    by BIGGYBIBIG
    Well after emailing and chatting to around 20 solicitors and accountants i finally found someone who specializes in these matters.

    Took a lot of time and effort but instead of over £21,000+ its actually £9,250 which is a saving of £12k, phew just shows you that many solicitors have little...
    13-08-2022, 18:25 PM
  • Sunday Times Report 7 Aug 2022 ( on Welsh holiday lets.)
    by Gordon999
    This report was about a retired solicitor living in Cardiff , with 2 holiday lets in Solva , Pembrokeshire. His properties only let for around 18 weeks a year but Welsh Government require 26 weeks letting to qualify for business rates. The increase in council tax to treble rate compared to rate...
    13-08-2022, 17:22 PM
  • Giving/Gifting House to Kids
    by Tony-Edwards
    Elderly parents in early 80s, one in not so good health.

    Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

    Looking ahead, if one has to go into care (or council provided home care) I understand there...
    11-08-2022, 11:12 AM
  • Reply to Giving/Gifting House to Kids
    by gnvqsos
    Tony-Edwards,

    Did the labouring job jeopardise his position at Royal Mail? lt is strange no contingency fund was taken on holiday.. I don't think it makes sense to purchase, and insure/maintain a camper van to save on 7 days accommodation.The typical cost including depreciation exceeds...
    13-08-2022, 14:54 PM
  • Reply to Expense Categories
    by theartfullodger
    The old saw was that you had 3 sets of accounts....
    ​​​​​​- one for yourself
    - 2nd for tax man
    - 3rd for wife/husband/partner
    How does your chosen software handle this?...
    13-08-2022, 12:14 PM
  • Expense Categories
    by philrosenberg
    I'm just in the process of buying my first property as a Ltd company and I have gotten FreeAgent accounting software free with my bank account.

    I have a list of categories to assign to my expenses, but they aren't all that relevant to residential property businesses. I wondered if others...
    13-08-2022, 10:53 AM
  • Reply to Higher rate LTT or not?
    by AddictedMonster
    Thank you very much. I appreciate the information.
    13-08-2022, 12:04 PM
  • Higher rate LTT or not?
    by AddictedMonster
    Hi my partner and I are looking to sell one of our rentals and our residential property and buy a larger property.

    I'm confused whether we will be charged the higher rate land transaction tax due to owning a third property that we own that will not be sold as of yet. It was our previous...
    13-08-2022, 11:26 AM
Working...
X