Tax Questions

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Changes to CGT When Selling a Previous Residential Property by Claymore Started by Claymore, 18-01-2020, 12:17 PM	3 responses 102 views 0 likes	Last Post by AndrewDod 18-01-2020, 19:49 PM
Filing Tax For First Time by beccajohnson Started by beccajohnson, 18-01-2020, 13:55 PM	3 responses 74 views 0 likes	Last Post by Gordon999 18-01-2020, 16:20 PM
Buying 2nd home to live, & converting 1st home to BTL - extra stamp duty on 2nd home? by endlessfees Started by endlessfees, 17-01-2020, 14:14 PM	2 responses 65 views 0 likes	Last Post by endlessfees 18-01-2020, 08:56 AM
Tax relief on BTL Mortgage Fees by MickyV Started by MickyV, 17-01-2020, 08:10 AM	3 responses 83 views 0 likes	Last Post by jpkeates 17-01-2020, 12:16 PM
Tax efficient way to extract money out of limited company BTL by LdnLandlord Started by LdnLandlord, 12-01-2020, 16:51 PM	2 responses 100 views 0 likes	Last Post by MickyV 17-01-2020, 07:58 AM
Stamp Duty Surcharge Refund for Property Transfered to Company? by npjacques Started by npjacques, 10-01-2020, 13:01 PM	2 responses 72 views 0 likes	Last Post by Gordon999 17-01-2020, 05:04 AM
Help please as non resident landlord tax, ltd or individual? by Zaffiro Started by Zaffiro, 15-01-2020, 12:44 PM	8 responses 80 views 0 likes	Last Post by Gordon999 16-01-2020, 13:30 PM
Tax Return - Allowable Repair Costs by deb_hyp Started by deb_hyp, 13-01-2020, 16:04 PM	4 responses 164 views 0 likes	Last Post by MdeB 15-01-2020, 15:05 PM
remortgaging to buy-to-let - Stamp Duty to pay? by tunstallhill Started by tunstallhill, 14-01-2020, 15:34 PM	4 responses 73 views 0 likes	Last Post by jpkeates 15-01-2020, 13:29 PM
Relief on mortgage interest - Self Assessment, box missing??? WHERE DOES IT GO? by bethkw Started by bethkw, 12-01-2020, 14:46 PM	5 responses 160 views 0 likes	Last Post by Gordon999 14-01-2020, 09:46 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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