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Started by landlord-man, 02-01-2021, 10:34 AM
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Started by bobcat, 20-12-2020, 15:40 PM
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Started by haywana50, 28-12-2020, 14:51 PM
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Started by adviceseeker457, 21-12-2020, 01:23 AM
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Started by Gambatte, 22-12-2020, 09:20 AM
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Started by Conflicted, 17-12-2020, 23:19 PM
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  • 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...
    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...
    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...
    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"?
    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...
    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...
    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.
    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 .
    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...
    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....
    17-04-2021, 21:35 PM
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