Tax Questions

Topics	Statistics	Last Post
Blanket Wear and Tear allowance will cease next year! by greengirl1 Started by greengirl1, 12-07-2015, 18:50 PM	10 responses 1,831 views 0 likes	Last Post by theartfullodger 01-08-2015, 08:32 AM
Interest only mortgage - can you sell the property at the end of the term? by cm00 Started by cm00, 29-07-2015, 19:58 PM	11 responses 2,946 views 0 likes	Last Post by Logical.Lean 30-07-2015, 18:39 PM
How much can I claim for on tax relief for mortgage interest payments? by cm00 Started by cm00, 29-07-2015, 17:24 PM	22 responses 3,202 views 0 likes	Last Post by cm00 30-07-2015, 17:23 PM
HMRC - CT600 form / software by Hippogriff Started by Hippogriff, 16-05-2015, 13:41 PM	10 responses 1,618 views 0 likes	Last Post by Hippogriff 30-07-2015, 07:00 AM
Can future expenses be offset in current tax year? by autolychus Started by autolychus, 03-07-2015, 13:12 PM	8 responses 1,074 views 0 likes	Last Post by King_Maker 29-07-2015, 15:43 PM
Paying OH to manage BTL - tax deductible? by meehr Started by meehr, 28-07-2015, 08:15 AM	17 responses 1,778 views 0 likes	Last Post by jjlandlord 29-07-2015, 07:12 AM
Claiming interest on repayment mortgage by Sheeny Started by Sheeny, 26-07-2015, 11:35 AM	6 responses 1,387 views 0 likes	Last Post by King_Maker 28-07-2015, 07:34 AM
2 people paying,allowablle expense against tax? by greengirl1 Started by greengirl1, 24-07-2015, 17:59 PM	14 responses 1,086 views 0 likes	Last Post by greengirl1 27-07-2015, 21:06 PM
Transfer of Mortgage by Banner78 Started by Banner78, 27-07-2015, 10:08 AM	4 responses 1,149 views 0 likes	Last Post by jpkeates 27-07-2015, 11:07 AM
Who pays tax by madlizzie Started by madlizzie, 25-07-2015, 18:29 PM	22 responses 1,357 views 0 likes	Last Post by jpkeates 27-07-2015, 07:56 AM

mortgage cashback buy to let tax implications

Gooders

If you receive cashback when taking out a buy to let mortgage do you have to declare this as income and will it incur tax?
- Channel: Tax Questions
14-11-2018, 15:49 PM
Reply to mortgage cashback buy to let tax implications

Gooders

Great so no need to declare it on my tax return?
- Channel: Tax Questions
14-11-2018, 16:33 PM
Reply to mortgage cashback buy to let tax implications

loanarranger

Most lenders who offer a modest cash back do so to enable the borrower to use , if they wish, as a payment towards the basic legal costs instead of offering Free Basic Legal Fees or towards the cost of a valuation, so no it doesn’t have to be declared to HMRC as income , and remember such freebies...
- Channel: Tax Questions
14-11-2018, 16:29 PM
Don't think so, but not sure if entitled to PRR or lettings relief?

gmhmo

Hello,

I purchased a property in 2009 for £115k (and spent around £20k on improvements) and I’m thinking about selling it early 2019 for £300k. I’d expected an approx. £40k CGT bill, but now I’m not so sure and could really do with some high level pointers or peace of mind either way....
- Channel: Tax Questions
11-11-2018, 18:01 PM
Reply to Don't think so, but not sure if entitled to PRR or lettings relief?

jpkeates

Don't ever ask HMRC for tax advice.

A) they're not qualified to give it, b) you may have to give them information to get advice that they can use against you, c) it may cause them to mark your returns for attention and d) they're hardly unbiased.

Tax is part science and part...
- Channel: Tax Questions
13-11-2018, 08:43 AM
Reply to Don't think so, but not sure if entitled to PRR or lettings relief?

gmhmo

Thank you very much. I'll speak to an accountant. I also found a HMRC CGT helpline....
- Channel: Tax Questions
13-11-2018, 08:35 AM
PRR & Letting Relief

multipropertyguy

Trying to do some calculations before I think about putting a house on the market, first time I've sold a property. It's only in my name and it was my main residence before letting it out and buying another place.

Purchase Price £175,000
Market Value £415,000 (est)

...
- Channel: Tax Questions
12-11-2018, 12:03 PM
Reply to PRR & Letting Relief

Gordon999

In Post 2, The total period owned = 180 months .

Exemption claimed for PPR = 36 months + 18 month after moving out = 54 months

Period under letting = 180 -54 = 126 months .

So the capital gain during letting period = £ 240k x 126/180 = £168K.

...
- Channel: Tax Questions
12-11-2018, 17:28 PM
Reply to PRR & Letting Relief

GillianF

Hi, I've tried to follow the calculations above to apply it to my situation but get lost at the CG part - "126 /180", not knowing where these figures come from. I can follow it up to that point.

However, I will post my figures. I likewise am trying to figure the implications...
- Channel: Tax Questions
12-11-2018, 16:59 PM
queries about self assessment

djlandlord
Hi All

My wife has a property which we re-mortgaged on a buy-to-let mortgage to buy our home. This will be our first year doing the self-assessment, whilst I am certain on some things I have a few questions about others which I hope you all can assist with:
1. Can we claim the mortgage product
...
- Channel: Tax Questions
09-11-2018, 15:28 PM

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