Tax Questions

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Hmrc refund. Is this ok? by Celibin Started by Celibin, 08-01-2021, 11:47 AM	1 response 59 views 0 likes	Last Post by jpucng62 08-01-2021, 11:57 AM
Property Tax by dhoops97 Started by dhoops97, 01-01-2021, 14:48 PM	9 responses 189 views 0 likes	Last Post by Gordon999 07-01-2021, 12:09 PM
CGT liability on 2 houses by Gunsho Started by Gunsho, 06-01-2021, 15:07 PM	3 responses 52 views 0 likes	Last Post by theartfullodger 06-01-2021, 16:23 PM
CGT on Buy to Let Property Sale with Lease Extension by clarrieblue Started by clarrieblue, 10-03-2020, 15:15 PM	11 responses 142 views 0 likes	Last Post by stuco 06-01-2021, 16:10 PM
capital gain on death by halfax Started by halfax, 06-01-2021, 13:03 PM	2 responses 33 views 0 likes	Last Post by halfax 06-01-2021, 14:09 PM
Income tax relief on new boiler in let flat by Celibin Started by Celibin, 06-01-2021, 08:25 AM	1 response 71 views 0 likes	Last Post by jpucng62 06-01-2021, 08:53 AM
Private Residence Relief + Letting Relief by Claymore Started by Claymore, 05-01-2021, 13:17 PM	3 responses 78 views 0 likes	Last Post by Gordon999 05-01-2021, 23:42 PM
Deceleration of trust / CGT by Deeks67 Started by Deeks67, 05-01-2021, 02:52 AM	5 responses 75 views 0 likes	Last Post by jpkeates 05-01-2021, 11:51 AM
Caught by the end of the SDLT holiday by jpucng62 Started by jpucng62, 04-01-2021, 14:12 PM	0 responses 35 views 0 likes	Last Post by jpucng62 04-01-2021, 14:12 PM
SDLT refund by Alan010 Started by Alan010, 03-01-2021, 14:53 PM	1 response 51 views 0 likes	Last Post by doobrey 03-01-2021, 17:43 PM

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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