Tax Questions

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Mortgage product fees - Spread the cost over the mortgage term or one off expense? by FirstimeLandlord Started by FirstimeLandlord, 23-03-2015, 06:43 AM	10 responses 1,453 views 0 likes	Last Post by FirstimeLandlord 26-03-2015, 08:19 AM

Allowable expenses on property income

Landlord123!

Hi,

Are the following costs allowable (tax deductible) expenses on property income?

1. Accountant fees for compiling and submitting my self assessment every year.

2. Legal fees for transferring the ownership of the property from my sole name to joint names (with...
- Channel: Tax Questions
25-05-2018, 11:30 AM
Reply to Allowable expenses on property income

jpkeates

I don't see that.

A fee paid to a solicitor for legal advice or for conveyancing is not a "fee paid for ...registration of title on property purchase".
That's something that would be paid to the land registry.

It's an anomalous exception in any case, because...
- Channel: Tax Questions
26-05-2018, 09:40 AM
Reply to Allowable expenses on property income

AndrewDod

Correct. And not legal fees relating to this aspect either....
- Channel: Tax Questions
26-05-2018, 09:11 AM
Rent a room scheme

K335D

Hi,

I have read up on this subject but I am unclear re the following scenario.

I own my own home in Glasgow. This is my only home.

I have been made redundant, and my work is offering relocation to London.

I would like to retain my home in Glasgow -...
- Channel: Tax Questions
24-05-2018, 13:59 PM
Reply to Rent a room scheme

theartfullodger

Gordon spot on, but in Scotland a lodger is does not have a licence but a "common law tenancy" (paperwork suggestions Gordon makes I'd agree with...) and if he doesn't go when asked you need a Sheriff Court decree - see...
https://scotland.shelter.org.uk/get_...vice_topics/re...
- Channel: Tax Questions
26-05-2018, 08:43 AM
Reply to Rent a room scheme

Gordon999

There is nothing to prevent OP keeping his home in Glasgow and taking on a lodger.

But the lodger must be covered by a licence stating the payment of rent ( weekly or fortnightly or monthly ) and what notice period must be served to quit by each side .

https://www.gov.uk/p...
- Channel: Tax Questions
26-05-2018, 04:16 AM
Reply to Allowable expenses on property income

Gordon999

The Notes for SA105 Tax return gives the expenses for entering in box 27 as shown below :

Box 27 Legal, management and other professional fees

You can claim:
• management fees paid to an agent for rent collection, advertising and administration
• legal and...
- Channel: Tax Questions
26-05-2018, 02:10 AM
Reply to Allowable expenses on property income

AndrewDod

I am not sure I agree on the legal fees for transferral jp.

Take spouse part out of it as that complicates it. If I were to transfer part of a property to my friend, that cost of transfer would be capital and offset against later capital gains. Not really different from selling the whole...
- Channel: Tax Questions
25-05-2018, 19:14 PM
Reply to Allowable expenses on property income

jpkeates

If the property is let or about to be let, 2 is definitely allowable.

1 is debatable.
It's something that everyone does (including me), but it probably fails the solely and exclusively test, so it probably shouldn't be allowed.
For many people, the need for it arises as a direct...
- Channel: Tax Questions
25-05-2018, 12:42 PM
Reply to Rent a room scheme

jpkeates

There's a significant difference between a main residence for tax purposes and a main residence for a property licence.
You can nominate your principle residence for tax purposes (as many MPs do) which is fine for tax purposes.

It doesn't have the same effect when it comes to determining...
- Channel: Tax Questions
25-05-2018, 09:35 AM

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