Tax Questions

		Statistics	Last Post
Development Profit retained in flat by MikeGreene Started by MikeGreene, 01-08-2017, 08:39 AM	1 response 76 views 0 likes	Last Post by Gordon999 01-08-2017, 14:29 PM
Jointly owned property - 2 tax returns forms? by jonnyw1 Started by jonnyw1, 16-10-2010, 17:07 PM	14 responses 11,092 views 0 likes	Last Post by Eat76 01-08-2017, 10:01 AM
Confusion over what I can claim as deductions - mortgages for BTL by humanoid1 Started by humanoid1, 01-08-2017, 02:24 AM	2 responses 128 views 0 likes	Last Post by jpkeates 01-08-2017, 09:02 AM
Rental losses and S24 by Sandi Started by Sandi, 29-07-2017, 08:20 AM	9 responses 200 views 0 likes	Last Post by Sandi 01-08-2017, 08:10 AM
Mortgage arrangement fees by Laurasplog Started by Laurasplog, 28-07-2017, 20:28 PM	6 responses 154 views 0 likes	Last Post by jpkeates 30-07-2017, 13:19 PM
SDLT - cohabiting couple separating - 2 properties by floehopper Started by floehopper, 29-07-2017, 14:42 PM	6 responses 131 views 0 likes	Last Post by Gordon999 30-07-2017, 09:41 AM
First Time Self-Assessment: Help please by Matt_J Started by Matt_J, 26-07-2017, 12:06 PM	13 responses 700 views 0 likes	Last Post by Gordon999 29-07-2017, 19:18 PM
New government tax legislations by Damo-h666 Started by Damo-h666, 25-07-2017, 14:38 PM	7 responses 145 views 0 likes	Last Post by tatemono 26-07-2017, 09:23 AM
Renting below market rate by insightforthe Started by insightforthe, 21-07-2017, 23:28 PM	4 responses 191 views 0 likes	Last Post by Gordon999 26-07-2017, 08:35 AM
tax rate question by vik2001 Started by vik2001, 20-07-2017, 18:35 PM	4 responses 163 views 0 likes	Last Post by emwithme 22-07-2017, 19:45 PM

Reply to New to Renting out my property - Some tax questions

by DoricPixie

Your tax situation in Australian depends on whether you’re a permanent resident/citizen or a temporary resident. If you’re a temporary resident you find yourself in tax sweet spot where HMRC doesn’t care about your Australian income and assets and the ATO doesn’t care about your UK income and...
- Channel: Tax Questions
24-06-2022, 14:29 PM
New to Renting out my property - Some tax questions

by mucker973

Hi All,
I have a property I used to manage myself. The tenant paid me directly and I never declared it with the taxman. Going forward I have decided to use a letting agent to manage all of this. I currently reside abroad and when filling in the forms there is question which essentially is asking...
- Channel: Tax Questions
24-06-2022, 07:39 AM
Reply to New to Renting out my property - Some tax questions

by Gordon999

If you are living overseas, you must register as a non-resident landlord using NRL1 form to Tax Office if you receive rental income from a UK property. If you don't register , the letting agent is required to deduct 25% tax on any rental money paid to you.

After being registered...
- Channel: Tax Questions
24-06-2022, 09:31 AM
Reply to New to Renting out my property - Some tax questions

by jpkeates

https://www.gov.uk/government/public...g-a-disclosure

There's a "not quite an amnesty" operating at the moment.
- Channel: Tax Questions
24-06-2022, 09:02 AM
Reply to New to Renting out my property - Some tax questions

by mucker973

Thanks JPkeates, I knew you'd know!

I've been thinking of reporting it for a while. If I declare these past "earnings" do you think I'll just have to pay the tax (if there is any) or do you think there will be any penalties? Penalties are usually applied when you are caught out...
- Channel: Tax Questions
24-06-2022, 08:47 AM
Reply to New to Renting out my property - Some tax questions

by jpkeates

I don't know what the situation is with Australian tax on UK rented property, and you'd probably better enquire locally.

There are two different things to address.
If you've been receiving income and not declaring it, you need to own up and pay what you owe - which sounds like nothing...
- Channel: Tax Questions
24-06-2022, 08:32 AM
Reply to New to Renting out my property - Some tax questions

by Covent Garden Girl

Your questions are more complicated than you imagine.

1) Yes, firstly as a non resident landlord, the agent or indeed tenants have to deduct tax at source, or you have to send off a form, but also wait for HMRC to send confirmation that they think it is okay for you not to have the tax...
- Channel: Tax Questions
24-06-2022, 08:17 AM
Are utility bills tax-deductible?

by Bigpat

I've had a buy-to-let on a standard Assured Shorthold Tenancy for a few years and my tax return has been pretty simple. But since last year I have also had two lodgers, staying with me at my own residential property. Now I have purchased a small additional property, which I have moved into myself and...
- Channel: Tax Questions
21-06-2022, 14:26 PM
Reply to Are utility bills tax-deductible?

by jpkeates

Even if you don’t need a licence, managing an HMO can be quite onerous. You’ll need a fire risk assessment, and then to comply with its requirements as a first step.

That usually means fire retardant doors, different door locks, hard wired fire and smoke and heat alarms for a start....
- Channel: Tax Questions
24-06-2022, 07:08 AM
Reply to Are utility bills tax-deductible?

by Bigpat

Thanks. Yes I checked the local authority who said that only "large" HMOs have to be licensed, and that counts as 5 or more tenants.

I had no idea that separate TV licences would be required. How do HMO landlords usually handle this?
(a) should I purchase three additional...
- Channel: Tax Questions
23-06-2022, 21:38 PM

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