Tax Questions

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Self Assessment: 1st payment on account by max_co71 Started by max_co71, 27-01-2020, 12:49 PM	2 responses 79 views 0 likes	Last Post by max_co71 27-01-2020, 14:19 PM
I do not like the invoice I received from the letting agency by annabanana Started by annabanana, 26-01-2020, 18:07 PM	3 responses 99 views 0 likes	Last Post by annabanana 26-01-2020, 18:42 PM
Can you claim improvement costs necessary to make a house rentable against tax ? by inthelandlordzone Started by inthelandlordzone, 22-01-2020, 12:11 PM	17 responses 260 views 0 likes	Last Post by Little_Fish 26-01-2020, 12:38 PM
Unused residential finance costs brought forward Box 45 by Little_Fish Started by Little_Fish, 26-01-2020, 11:27 AM	0 responses 125 views 0 likes	Last Post by Little_Fish 26-01-2020, 11:27 AM
When is Stamp Duty Triggered During Transfer? by beccajohnson Started by beccajohnson, 24-01-2020, 10:49 AM	4 responses 57 views 0 likes	Last Post by Gordon999 24-01-2020, 13:25 PM
Set up Limited Company last April do I need to send tax return? by mrs. sparkle Started by mrs. sparkle, 20-01-2020, 11:13 AM	7 responses 105 views 0 likes	Last Post by jpkeates 22-01-2020, 13:14 PM
rental property and stamp duty for adding spouse by mathews Started by mathews, 03-01-2020, 11:29 AM	11 responses 221 views 0 likes	Last Post by Kape65 21-01-2020, 20:48 PM
How can I dispose of a property in a cheap tax efficient way? by SnowyDays Started by SnowyDays, 18-01-2020, 22:30 PM	5 responses 144 views 0 likes	Last Post by jpkeates 20-01-2020, 16:27 PM
Transfer beneficial interest by drdes Started by drdes, 19-01-2020, 08:47 AM	2 responses 84 views 0 likes	Last Post by jpkeates 19-01-2020, 10:19 AM
Entrepreneur's Relief for refurb + let investment, CGT by Farrella Started by Farrella, 18-01-2020, 20:56 PM	2 responses 57 views 0 likes	Last Post by jpkeates 19-01-2020, 10:09 AM

Stamp duty / Tennents in common

by Jk2020

Hi,

I'm a first time buyer currently living with parents and looking for a buy to let, for example house worth 150K (in cash)

I understand i dont need to pay stamp duty (first time buyer)

I would then like to be tennants in common with my dad, and split it (Dad...
- Channel: Tax Questions
07-07-2020, 09:42 AM
Reply to Stamp duty / Tennents in common

by jpkeates

1 - Yes, but it's a sale.
2 - Yes, they'll pay SDLT at the market value (well 99%) with the surcharged VAT.

I don't really see the point of the arrangement.

At the end of the transactions, you've spent £150,000, gifted £148,500 of property to your father and could now...
- Channel: Tax Questions
07-07-2020, 10:50 AM
Reply to Moving overseas - forms to submit to HMRC

by Gordon999

I would submit your tax return for 2019-2020
- Channel: Tax Questions
05-07-2020, 19:54 PM
Moving overseas - forms to submit to HMRC

by JamesHopeful

I'm about to move overseas for a couple of years.

I know that I need to submit an NRL1 to allow my letting agent to continue to pay my rent to me gross. However, do I need to submit any other forms at this stage? (e.g. a form informing HMRC that I'm going overseas in the first place?)...
- Channel: Tax Questions
05-07-2020, 15:43 PM
Reply to Changes to Landlords tax relief and landlords tax credit

by jpkeates

When you complete your tax return, you no longer deduct the interest (and any other finance related costs, e.g. a setup fee) you have paid as an allowable expense.
You calculate the tax you would pay without that deduction (i.e. income less other expenses at the appropriate rate(s))
Then...
- Channel: Tax Questions
04-07-2020, 12:40 PM
Changes to Landlords tax relief and landlords tax credit

by cadence248

Good afternoon all,

I've been getting to grips with the changes to landlord's tax relief over the last few years. One thing that worries me considerably is that since all rental income is now taxed, and I must pay my loan interest and repayments out of this also, that really doesn't leave...
- Channel: Tax Questions
02-07-2020, 15:11 PM
Reply to Changes to Landlords tax relief and landlords tax credit

by Kape65

The 20% credit is automatically applied, you would have been getting it for the last 3 years!
- Channel: Tax Questions
04-07-2020, 10:19 AM
Reply to Changes to Landlords tax relief and landlords tax credit

by jpkeates

The only people negatively affected by the change in how the interest can be claimed are higher rate tax payers and standard rate tax payers who were close to the higher rate threshold.

For most landlords, the change is simply in how the tax is calculated, the outcome is the same.
- Channel: Tax Questions
04-07-2020, 08:58 AM
Reply to Can we claim back the VAT?

by Gordon999

Your lease should require the leaseholders to pay annual service charge contribution to the management company.

To keep the non-profit making Management Company dormant which is easier for filing annual returns to Companies House, the service charge money collected from the leaseholders...
- Channel: Tax Questions
04-07-2020, 08:18 AM
Can we claim back the VAT?

by 529 Charlie

We are 3 Leaseholders each with a share of the freehold of our shared building. Purchase of our flats meant we also became Directors of a dormant Management Company. We need urgent maintenance/Major Works doing and wondered how and if we can claim back the VAT charged by the builder(s).

...
- Channel: Tax Questions
03-07-2020, 18:13 PM

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