Tax Questions

Topics	Statistics	Last Post
CGT calc / estimate by Hillsy101 Started by Hillsy101, 27-04-2018, 12:37 PM	18 responses 318 views 0 likes	Last Post by Hillsy101 03-05-2018, 15:36 PM
Carrying forward property losses 2018 TR by sajio Started by sajio, 29-04-2018, 09:42 AM	7 responses 409 views 0 likes	Last Post by sajio 02-05-2018, 09:45 AM
A few tax queries by michaelhill80 Started by michaelhill80, 26-04-2018, 14:44 PM	5 responses 147 views 0 likes	Last Post by tatemono 30-04-2018, 09:17 AM
Odd CGT question on different rates of property vs other by AndrewDod Started by AndrewDod, 27-04-2018, 12:43 PM	6 responses 91 views 0 likes	Last Post by Gordon999 28-04-2018, 12:07 PM
BTL - List Of Accepted Tax Deductable Expenses by GeddyMortgage Started by GeddyMortgage, 05-04-2018, 12:36 PM	8 responses 358 views 0 likes	Last Post by jpkeates 26-04-2018, 08:05 AM
Change joint tenants to tenants in common 99/1 split with unmarried partner by johnsmith0774 Started by johnsmith0774, 19-04-2018, 11:55 AM	7 responses 146 views 0 likes	Last Post by Gordon999 24-04-2018, 12:06 PM
Additional Tax With New Mortgage Interest Relief Rules by AnthonyLHD Started by AnthonyLHD, 23-04-2018, 15:07 PM	1 response 108 views 0 likes	Last Post by jpkeates 24-04-2018, 08:39 AM
Allocation of rental income between married couples for tax purposes by Silver Fox Started by Silver Fox, 23-04-2018, 10:01 AM	6 responses 100 views 0 likes	Last Post by Silver Fox 23-04-2018, 21:17 PM
Mortgage arrangement fees from times gone by - reclaimable now or not? by Commanders2000 Started by Commanders2000, 22-04-2018, 00:17 AM	5 responses 102 views 0 likes	Last Post by loanarranger 23-04-2018, 12:08 PM
Tax return calculations by dotcotton999 Started by dotcotton999, 20-04-2018, 21:03 PM	8 responses 153 views 0 likes	Last Post by dotcotton999 22-04-2018, 19:20 PM

Retroactively declaring income/loss on tax return

MrsOliver

Hello,

I am in the process of filling my Self Assessment Tax Return for April 2017-2018.
This self-assessment will include for the first time, the rental income I am making on my apartment, that I have rented out during this period.

I also rented it out during June 2016-December...
- Channel: Tax Questions
15-11-2018, 10:37 AM
Reply to Retroactively declaring income/loss on tax return

Gordon999

I suggest you submit a paper SA105 tax return for 2016-2017 , never mind if you are fined for late submission.

SA105 is the tax return form for property income and it has a box for carry any loss forward to the next year....
- Channel: Tax Questions
15-11-2018, 12:09 PM
Reply to Retroactively declaring income/loss on tax return

jpkeates

Because you didn't declare the income from the previous years, you would have to admit the tax evasion as part of repairing your history with HMRC.
They are likely not to take that well.

I'd talk to an accountant about how to proceed.

It is likely that the damp proof...
- Channel: Tax Questions
15-11-2018, 11:09 AM
mortgage cashback buy to let tax implications

Gooders

If you receive cashback when taking out a buy to let mortgage do you have to declare this as income and will it incur tax?
- Channel: Tax Questions
14-11-2018, 15:49 PM
Reply to mortgage cashback buy to let tax implications

Gordon999

The cashback is added to your loan and has to be paid back . Your real income come from rent paid by your tenant.
- Channel: Tax Questions
15-11-2018, 09:16 AM
Reply to mortgage cashback buy to let tax implications

Gooders

Great so no need to declare it on my tax return?
- Channel: Tax Questions
14-11-2018, 16:33 PM
Reply to mortgage cashback buy to let tax implications

loanarranger

Most lenders who offer a modest cash back do so to enable the borrower to use , if they wish, as a payment towards the basic legal costs instead of offering Free Basic Legal Fees or towards the cost of a valuation, so no it doesn’t have to be declared to HMRC as income , and remember such freebies...
- Channel: Tax Questions
14-11-2018, 16:29 PM
Don't think so, but not sure if entitled to PRR or lettings relief?

gmhmo

Hello,

I purchased a property in 2009 for £115k (and spent around £20k on improvements) and I’m thinking about selling it early 2019 for £300k. I’d expected an approx. £40k CGT bill, but now I’m not so sure and could really do with some high level pointers or peace of mind either way....
- Channel: Tax Questions
11-11-2018, 18:01 PM
Reply to Don't think so, but not sure if entitled to PRR or lettings relief?

jpkeates

Don't ever ask HMRC for tax advice.

A) they're not qualified to give it, b) you may have to give them information to get advice that they can use against you, c) it may cause them to mark your returns for attention and d) they're hardly unbiased.

Tax is part science and part...
- Channel: Tax Questions
13-11-2018, 08:43 AM
Reply to Don't think so, but not sure if entitled to PRR or lettings relief?

gmhmo

Thank you very much. I'll speak to an accountant. I also found a HMRC CGT helpline....
- Channel: Tax Questions
13-11-2018, 08:35 AM

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