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Topics Statistics Last Post
Hayward
Tax implication of switching mid-year from rent-a-room to letting out whole flat by Hayward
Started by Hayward, 07-01-2018, 21:47 PM
2 responses
53 views
0 likes
 Last Post DPT57
by DPT57
09-01-2018, 16:55 PM  
tazzkay
dormant company by tazzkay
Started by tazzkay, 08-01-2018, 09:25 AM
3 responses
55 views
0 likes
 Last Post Gordon999
by Gordon999
08-01-2018, 10:59 AM  
daxu
who should claim the interest as expense? by daxu
Started by daxu, 07-01-2018, 14:09 PM
4 responses
95 views
0 likes
 Last Post jpkeates
by jpkeates
08-01-2018, 08:30 AM  
geek84
Forming a company with Buy To Lets by geek84
Started by geek84, 06-01-2018, 15:29 PM
6 responses
120 views
0 likes
 Last Post loanarranger
by loanarranger
07-01-2018, 13:40 PM  
vik2001
CGT on selling property by vik2001
Started by vik2001, 30-12-2017, 12:57 PM
3 responses
160 views
0 likes
 Last Post buzzard1994
by buzzard1994
06-01-2018, 17:33 PM  
Little Rabbit
Removal of conservatory - tax deductible against rental profits? by Little Rabbit
Started by Little Rabbit, 30-12-2017, 12:12 PM
4 responses
118 views
0 likes
 Last Post Little Rabbit
by Little Rabbit
05-01-2018, 21:13 PM  
daxu
how to work out stamp duty if I transfer my flat to wife? by daxu
Started by daxu, 28-12-2017, 13:56 PM
7 responses
131 views
0 likes
 Last Post Gordon999
by Gordon999
31-12-2017, 12:31 PM  
daxu
Is my window replacement can be claimed or not? by daxu
Started by daxu, 29-12-2017, 14:09 PM
4 responses
112 views
0 likes
 Last Post Gordon999
by Gordon999
29-12-2017, 19:13 PM  
Frascati
Service charge - letting expense - which tax year for deduction? by Frascati
Started by Frascati, 26-12-2017, 09:39 AM
6 responses
191 views
0 likes
 Last Post Gordon999
by Gordon999
26-12-2017, 23:07 PM  
Danm30
Renovation/VAT Query by Danm30
Started by Danm30, 26-12-2017, 17:04 PM
2 responses
63 views
0 likes
 Last Post Gordon999
by Gordon999
26-12-2017, 22:53 PM  
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  • Allowable expenses on property income
    Landlord123!
    Hi,

    Are the following costs allowable (tax deductible) expenses on property income?

    1. Accountant fees for compiling and submitting my self assessment every year.

    2. Legal fees for transferring the ownership of the property from my sole name to joint names (with...
    25-05-2018, 11:30 AM
  • Reply to Allowable expenses on property income
    jpkeates
    I don't see that.

    A fee paid to a solicitor for legal advice or for conveyancing is not a "fee paid for ...registration of title on property purchase".
    That's something that would be paid to the land registry.

    It's an anomalous exception in any case, because...
    26-05-2018, 09:40 AM
  • Reply to Allowable expenses on property income
    AndrewDod
    Correct. And not legal fees relating to this aspect either....
    26-05-2018, 09:11 AM
  • Rent a room scheme
    K335D
    Hi,

    I have read up on this subject but I am unclear re the following scenario.

    I own my own home in Glasgow. This is my only home.

    I have been made redundant, and my work is offering relocation to London.

    I would like to retain my home in Glasgow -...
    24-05-2018, 13:59 PM
  • Reply to Rent a room scheme
    theartfullodger
    Gordon spot on, but in Scotland a lodger is does not have a licence but a "common law tenancy" (paperwork suggestions Gordon makes I'd agree with...) and if he doesn't go when asked you need a Sheriff Court decree - see...
    https://scotland.shelter.org.uk/get_...vice_topics/re...
    26-05-2018, 08:43 AM
  • Reply to Rent a room scheme
    Gordon999
    There is nothing to prevent OP keeping his home in Glasgow and taking on a lodger.

    But the lodger must be covered by a licence stating the payment of rent ( weekly or fortnightly or monthly ) and what notice period must be served to quit by each side .

    https://www.gov.uk/p...
    26-05-2018, 04:16 AM
  • Reply to Allowable expenses on property income
    Gordon999
    The Notes for SA105 Tax return gives the expenses for entering in box 27 as shown below :

    Box 27 Legal, management and other professional fees

    You can claim:
    • management fees paid to an agent for rent collection, advertising and administration
    • legal and...
    26-05-2018, 02:10 AM
  • Reply to Allowable expenses on property income
    AndrewDod
    I am not sure I agree on the legal fees for transferral jp.

    Take spouse part out of it as that complicates it. If I were to transfer part of a property to my friend, that cost of transfer would be capital and offset against later capital gains. Not really different from selling the whole...
    25-05-2018, 19:14 PM
  • Reply to Allowable expenses on property income
    jpkeates
    If the property is let or about to be let, 2 is definitely allowable.

    1 is debatable.
    It's something that everyone does (including me), but it probably fails the solely and exclusively test, so it probably shouldn't be allowed.
    For many people, the need for it arises as a direct...
    25-05-2018, 12:42 PM
  • Reply to Rent a room scheme
    jpkeates
    There's a significant difference between a main residence for tax purposes and a main residence for a property licence.
    You can nominate your principle residence for tax purposes (as many MPs do) which is fine for tax purposes.

    It doesn't have the same effect when it comes to determining...
    25-05-2018, 09:35 AM
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