Tax Questions

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Deductible Accountant or DIY by landlord-man Started by landlord-man, 02-01-2021, 10:34 AM	16 responses 190 views 0 likes	Last Post by jpkeates 03-01-2021, 16:22 PM
Gifts to tenants by bobcat Started by bobcat, 20-12-2020, 15:40 PM	17 responses 345 views 0 likes	Last Post by Section20z 02-01-2021, 13:30 PM
DIY Landlord by Jupiter1 Started by Jupiter1, 01-01-2021, 08:40 AM	14 responses 131 views 0 likes	Last Post by jpkeates 01-01-2021, 15:23 PM
Freehold Purchase and Capital Gains Tax by haywana50 Started by haywana50, 28-12-2020, 14:51 PM	3 responses 115 views 0 likes	Last Post by haywana50 29-12-2020, 19:42 PM
Can company still be registered dormant if the house is making revenue by adviceseeker457 Started by adviceseeker457, 21-12-2020, 01:23 AM	6 responses 97 views 0 likes	Last Post by Gordon999 26-12-2020, 06:30 AM
personal allowance for EU citizen resident in the EU by Gambatte Started by Gambatte, 22-12-2020, 09:20 AM	6 responses 111 views 0 likes	Last Post by tatemono 23-12-2020, 08:56 AM
Advice non-UK citizens investing in BTL in London by omszz Started by omszz, 21-12-2020, 07:58 AM	6 responses 102 views 0 likes	Last Post by islandgirl 22-12-2020, 10:44 AM
Declaration of Trust section in form AP1 by lllccc Started by lllccc, 18-12-2020, 17:46 PM	6 responses 75 views 0 likes	Last Post by lllccc 21-12-2020, 12:30 PM
Pay no stamp duty surcharge due to property in uninhabitable state by Conflicted Started by Conflicted, 17-12-2020, 23:19 PM	9 responses 127 views 0 likes	Last Post by AndrewDod 20-12-2020, 14:46 PM
How to minimise tax implication - advice needed by DBFan Started by DBFan, 18-12-2020, 11:00 AM	9 responses 190 views 0 likes	Last Post by jpkeates 20-12-2020, 13:58 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
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 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
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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