Tax Questions

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Tax first time - a bit late ... by ydrol Started by ydrol, 31-01-2018, 01:13 AM	3 responses 124 views 0 likes	Last Post by ydrol 31-01-2018, 16:44 PM
Interest on remortgage of buy to let by Graeme Clarke Started by Graeme Clarke, 31-01-2018, 12:48 PM	2 responses 100 views 0 likes	Last Post by Graeme Clarke 31-01-2018, 14:53 PM
Relief on Letting Agent fees by DJKebab Started by DJKebab, 31-01-2018, 00:26 AM	2 responses 96 views 0 likes	Last Post by tatemono 31-01-2018, 09:05 AM
Tax Accountant- how to find one by summer05 Started by summer05, 29-01-2018, 11:47 AM	4 responses 111 views 0 likes	Last Post by summer05 31-01-2018, 06:34 AM
extension - not allowable as captial expenses? by londonrulz Started by londonrulz, 30-01-2018, 12:11 PM	2 responses 61 views 0 likes	Last Post by londonrulz 30-01-2018, 12:50 PM
Paying SDLT twice just to grant myself a lease by steven239 Started by steven239, 29-01-2018, 19:04 PM	1 response 200 views 0 likes	Last Post by Gordon999 30-01-2018, 09:54 AM
Landlord has made the house 'a student house' to avoid paying council tax. by steveburns04 Started by steveburns04, 29-01-2018, 22:25 PM	5 responses 126 views 0 likes	Last Post by steveburns04 30-01-2018, 08:27 AM
Help with nic...class 2 or 3? by nessa Started by nessa, 21-01-2018, 13:11 PM	6 responses 140 views 0 likes	Last Post by tatemono 29-01-2018, 08:48 AM
receipts to include in self assessment? by legepe Started by legepe, 27-01-2018, 13:44 PM	18 responses 856 views 0 likes	Last Post by legepe 28-01-2018, 19:19 PM
Do I need to submit a tax return? by rob77 Started by rob77, 25-01-2018, 19:19 PM	7 responses 194 views 0 likes	Last Post by rob77 28-01-2018, 15:39 PM

Need LTB on our home to buy another property to live in - help please?

by Advice seeker

Hello

We want to make an offer on a property but the highest current offer doesn't need to a sell anything to purchase, so in a better position than us.

If we do a LTB on our home (so we are in same position) with a 6 month rental contract then sell asap after this to be within...
- Channel: Tax Questions
06-10-2021, 15:36 PM
Reply to Need LTB on our home to buy another property to live in - help please?

by Advice seeker

Thank you JP and Gordon, really, this is very helpful to me!

All being well JP I can get this all done within the 9 months, am aware this is a challenge! Would have been so much easier when 18 or 36 months!

On the tenant side Gordon, I am in contact with a university accommodation...
- Channel: Tax Questions
16-10-2021, 19:33 PM
Reply to CGT check appreciated, thanks in advance!

by AndrewDod

Yes that is correct - I missed the first line which said that you are only selling half the place. No need to invoke your wife.
- Channel: Tax Questions
16-10-2021, 16:52 PM
CGT check appreciated, thanks in advance!

by tatemono
Would really appreciate some help checking figures. Figures below are halved because my sister and I inherit in equal shares.
- property valued at £187,500 at date of mother's death in Jan 2015
- recent sale value £217,500
- improvement costs £5,318
- costs of sale: £2,440.50
- no reliefs
- my profit
...
- Channel: Tax Questions
16-10-2021, 15:15 PM
Reply to CGT check appreciated, thanks in advance!

by Gordon999

My Calculation is :

Sale proceeds = £217,500 - £2440.50 = £ 215,060

Cost = £ 187,500 + £5318 ( improvements ) = £192,818.

Total Gain after sale = £215,060 - £192,818 = £ 22, 242

= £11,121 ( shared between 2 persons) Capital gains...
- Channel: Tax Questions
16-10-2021, 16:46 PM
Reply to CGT check appreciated, thanks in advance!

by AndrewDod

a) CGT has nothing to do with the personal allowance (there is a separate CGT allowance). If you have already sold it, it is too late to involve wife. Your other income is only of marginal relevance apart from whether it puts you into higher rate tax.

b) ballpark 218-187 = 31
31-5...
- Channel: Tax Questions
16-10-2021, 16:26 PM
Reply to Need LTB on our home to buy another property to live in - help please?

by Gordon999

Advice seeker,

When selling your property, it is best to leave vacant so that prospective buyers can view the property and offer you the highest price.

If you have a rental tenant as occupant , the tenant may be difficult and not allow anyone to enter and view inside the property....
- Channel: Tax Questions
16-10-2021, 12:06 PM
Reply to Some basic information please for new landlords who rent

by jpkeates

The best example of what is required is probably in the government's model tenancy agreement template, where it's Annex 2....
- Channel: Tax Questions
16-10-2021, 08:48 AM
Some basic information please for new landlords who rent

by MarSel

Good afternoon everyone and thank you for taking time to read my post.

My parents have recently relocated to South Yorkshire from North East due to a family situation. They own a house in the north east that is not mortgaged (owned outright) and they are now renting a house in Sheffield....
- Channel: Tax Questions
15-10-2021, 12:13 PM
Reply to Need LTB on our home to buy another property to live in - help please?

by jpkeates

Yes, that's correct (the tax free allowance is a one off, so it doesn't change with the period of ownership.)

And you'd have the income from the rent (with an allowance for the interest paid against income tax) to offset some of the additional costs....
- Channel: Tax Questions
16-10-2021, 08:41 AM

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