Tax Questions

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Tax Question by bri45budgie Started by bri45budgie, 18-10-2015, 20:12 PM	4 responses 930 views 0 likes	Last Post by Gordon999 19-10-2015, 05:49 AM
18% or 28% capital gains tax by cairns Started by cairns, 18-10-2015, 17:46 PM	2 responses 968 views 0 likes	Last Post by Claymore 18-10-2015, 22:06 PM
Landlord Losses by kendogg323 Started by kendogg323, 16-10-2015, 10:26 AM	2 responses 965 views 0 likes	Last Post by theartfullodger 16-10-2015, 12:04 PM
A hopeful landlord's outstanding questions! by BCJ Started by BCJ, 14-10-2015, 17:32 PM	7 responses 1,386 views 0 likes	Last Post by theartfullodger 15-10-2015, 18:20 PM
How to transfer rental income to wife who is a 20% tax payer by DaveWil Started by DaveWil, 29-09-2015, 15:26 PM	9 responses 1,636 views 0 likes	Last Post by Lockwithoutstock 13-10-2015, 19:30 PM
Up-grading existing heating - tax deductible? by Loumag Started by Loumag, 11-10-2015, 11:16 AM	7 responses 701 views 0 likes	Last Post by Lockwithoutstock 13-10-2015, 19:23 PM
Tax advice for 2014/15 for BTL purchased Jan 14, rental started Oct 14 by Colink Started by Colink, 11-10-2015, 20:48 PM	3 responses 313 views 0 likes	Last Post by jpkeates 13-10-2015, 09:15 AM
Are new solar panel insulation tax deductible by peter2491 Started by peter2491, 12-10-2015, 11:54 AM	7 responses 1,036 views 0 likes	Last Post by jpkeates 12-10-2015, 15:27 PM
remortgaged house to buy flat outright by garyburger Started by garyburger, 06-10-2015, 14:06 PM	2 responses 352 views 0 likes	Last Post by jpkeates 11-10-2015, 11:14 AM
Kitchen / bathroom replacement before first let by vaila_street Started by vaila_street, 10-10-2015, 15:39 PM	5 responses 595 views 0 likes	Last Post by jpkeates 11-10-2015, 09:18 AM

Buying a property to live in (main residence) via LTD - TAX IMPLICATIONS?

wrocbloom

I wanted to buy a property under LTD. I would use this property as my main residence.
My intention would be to live in this property. I would not rent it out in long term or at least for 10 years.
I would be the main and the only director of this company.
What are the tax implications?...
- Channel: Tax Questions
16-02-2019, 16:52 PM
Reply to Buying a property to live in (main residence) via LTD - TAX IMPLICATIONS?

JamesHopeful

It sounds a bad idea. You'd be caught by both the 3% SDLT surcharge and, when you sell, corporation tax on any capital gain. In addition, I would guess it'd be difficult getting a mainstream mortgage for this arrangement (you may need to go to a specialist lender which would charge rather higher interest...
- Channel: Tax Questions
17-02-2019, 17:41 PM
Reply to Buying a property to live in (main residence) via LTD - TAX IMPLICATIONS?

leaseholder64

I would say benefit in kind at the full market rent.

It will probably also ring alarm bells at HMRC, so your tax position would need to be watertight.
- Channel: Tax Questions
17-02-2019, 10:41 AM
Reply to Buying a property to live in (main residence) via LTD - TAX IMPLICATIONS?

jpkeates

Not much of that makes any sense.
I'd talk to an accountant.

When you own the property you live in, there's neither income or expense, so tax isn't, generally, relevant.
Owning the property you live in via a company will be next to impossible if you want a mortgage.
- Channel: Tax Questions
17-02-2019, 10:26 AM
transfer title or deed of trust regarding CGT reduction

neilm

Hi All
I am selling a BTL which is currently in my name only. In order to reduce the CGT would I need to transfer the title to include my wife or would a deed of trust suffice?
- Channel: Tax Questions
08-02-2019, 09:32 AM
Reply to transfer title or deed of trust regarding CGT reduction

jpucng62

I am no expert - but I think that if HMRC believe you have transferred the property to avoid CGT they can charge the full amount anyway. HMRC always want their pound of flesh....
- Channel: Tax Questions
13-02-2019, 12:00 PM
beneficial interest to wife + her tax

miyo360

Hello,

I am the sole owner of a property, which is mortgaged. As a higher-rate tax payer I wish to transfer the beneficial interest of this to my wife, who is currently unemployed (full time mum). This will take effect from April 6th 2019.

Beneficial Interest
Do I need...
- Channel: Tax Questions
14-01-2019, 09:56 AM
Reply to beneficial interest to wife + her tax

jpucng62

Once transferred you wife will need to tell HMRC she is in receipt of income from renting a property out and fill in a self assessment form even if there is no tax to pay.
- Channel: Tax Questions
13-02-2019, 11:26 AM
Wife's tax liability

Cliddy

I know variations on this question have been asked before, so will keep it brief.
We jointly own a rental. My share of income needs declaring on tax return, no question.
But my wife has no other income.
Does she need to declare it, as it's well below her allowance. I've read that anything...
- Channel: Tax Questions
12-02-2019, 18:38 PM
Reply to Wife's tax liability

jpkeates

Your wife should tell HMRC about her new source of income.
They will decide how she needs to report her income - it may be a self assessment return or it may be less formal.
- Channel: Tax Questions
13-02-2019, 09:41 AM

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