Tax Questions

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Can Freehold Co claim VAT against major repairs? by malc_p Started by malc_p, 07-08-2017, 11:05 AM	3 responses 431 views 0 likes	Last Post by malc_p 07-08-2017, 13:24 PM
SDLT Multiple Dwellings Relief retrospectively?? by steven239 Started by steven239, 05-08-2017, 22:48 PM	3 responses 355 views 0 likes	Last Post by Gordon999 06-08-2017, 13:09 PM
selling jointly owned rental property by harrysmith Started by harrysmith, 04-08-2017, 14:12 PM	4 responses 99 views 0 likes	Last Post by harrysmith 05-08-2017, 15:32 PM
Keeping records for HMRC by Kape65 Started by Kape65, 03-08-2017, 17:19 PM	4 responses 265 views 0 likes	Last Post by tatemono 05-08-2017, 07:39 AM
Rental Income into a Limited Company by landlord159 Started by landlord159, 02-08-2017, 17:16 PM	4 responses 354 views 0 likes	Last Post by jpkeates 04-08-2017, 08:31 AM
CGT- work absence by GaryBarber Started by GaryBarber, 02-08-2017, 12:23 PM	1 response 66 views 0 likes	Last Post by jpkeates 02-08-2017, 14:10 PM
Development Profit retained in flat by MikeGreene Started by MikeGreene, 01-08-2017, 08:39 AM	1 response 75 views 0 likes	Last Post by Gordon999 01-08-2017, 14:29 PM
Jointly owned property - 2 tax returns forms? by jonnyw1 Started by jonnyw1, 16-10-2010, 17:07 PM	14 responses 11,030 views 0 likes	Last Post by Eat76 01-08-2017, 10:01 AM
Confusion over what I can claim as deductions - mortgages for BTL by humanoid1 Started by humanoid1, 01-08-2017, 02:24 AM	2 responses 127 views 0 likes	Last Post by jpkeates 01-08-2017, 09:02 AM
Rental losses and S24 by Sandi Started by Sandi, 29-07-2017, 08:20 AM	9 responses 200 views 0 likes	Last Post by Sandi 01-08-2017, 08:10 AM

Tax situation on money I paid for deposit

by Thurrock1

Hi, I bought a BTL flat in 2008 and wanted to recoup the deposit I paid on this (approx £25000). It is in joint names but the deposit was paid by me only. I wanted to take back that money and wondered how to list this in the SA tax return. If anyone can advise me i would be really grateful. Th...
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18-04-2021, 08:26 AM
Reply to Tax situation on money I paid for deposit

by Thurrock1

Thank you for your replies. It's hard to get yr head around!! but i think ive got it.

I am hoping to take some of this deposit back now as monthly repayments (as the flat was bought in 2008 and i need some of the money now). So I think I am ok doing this, so long as, on the sale of the...
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18-04-2021, 11:49 AM
Reply to Tax situation on money I paid for deposit

by Gordon999

The SA Tax return is for reporting rental income and rental expenses. The £25K deposit is not reported in the SATR .

The £25K deposit is treated like a second mortgage loan at Nil interest . So if the property costs £100K , the 1st mortgage lender provides £75K loan and you provide...
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18-04-2021, 11:01 AM
Reply to Tax situation on money I paid for deposit

by jpkeates

How is the money being "taken back"?
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18-04-2021, 09:21 AM
Reply to MTD and an End to Accidental Landlords ?

by jase222

I know many who use pen and paper, there should be a way for those who do to summit it 4 x a year by paper? My parents are in there 70s and trying to get them set u will a nightmare...
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18-04-2021, 05:56 AM
MTD and an End to Accidental Landlords ?

by landlord-man

Now that we know every LL will be captured by the new MTD Reporting Rules from April 2023 (at the latest) - do you think LLs with just one property will abandon the PRS in large numbers?

I'm unsure whether Letting Agents will be competent enough to take on this responsibility - and I cannot...
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17-04-2021, 09:17 AM
Reply to MTD and an End to Accidental Landlords ?

by Gordon999

The simple way : You take last year's - 12 months rental income , expenses and profit and divide by 4 and submit the 25% figures each quarterly return and submit the real 12 months figures in the 4th Quarter Tax Return.
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18-04-2021, 03:20 AM
Reply to Limited Company and BBL

by Gordon999

I would expect your own tax bill at 10% rate on £4600 taxable capital gain after disposal of commercial property held under personal name, may be around £460 .
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18-04-2021, 03:09 AM
Limited Company and BBL

by Cameron9988
Could do with some advice.
So I have a Ltd company with a semi commercial proeprty in it as follows :
- Value £155k
- No mortgage
- Bank Natwest
- Have a £50 Bounce Back Loan ( BBL ) in the business account un-used
- The BBL was loaned to the Ltd
I now want to transfer another semi commercial...
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17-04-2021, 08:33 AM
Reply to MTD and an End to Accidental Landlords ?

by davidmartin_uk

Its landlords with a turnover of more than £10,000 a year. So any property rented for £830 a month. Basically nearly all landlords!!. Starts April 2023. Just got to do 4 times a year instead just one time in jan. once you get a system going it should not be too bad....
- Channel: Tax Questions
17-04-2021, 21:35 PM

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