Tax Questions

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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 701 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 192 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
VAT paid on Apartment block maintenance by lampshade Started by lampshade, 20-07-2017, 08:37 AM	13 responses 296 views 0 likes	Last Post by leaseholder64 22-07-2017, 13:41 PM
Second Home SDLT by xavaar Started by xavaar, 19-07-2017, 16:01 PM	2 responses 98 views 0 likes	Last Post by tatemono 20-07-2017, 09:15 AM

Reply to tax / cgt question for renovating property

by dp17

See the following property income manual, from HMRC , may be of some help.

https://www.gov.uk/hmrc-internal-man...manual/pim2030...
- Channel: Tax Questions
02-07-2022, 16:19 PM
tax / cgt question for renovating property

by DroidEgg

I purchased a shell of a house that was structurally sound but needed complete refurbishment. The house had been ransacked many items. eg All the radiators & copper pipe had been ripped from the walls.
A builder completed all the work from start to finish. The final cost was an all-in job...
- Channel: Tax Questions
02-07-2022, 10:33 AM
Reply to tax / cgt question for renovating property

by Section20z

It may certainly be beneficial to allocate some of those expenses to running costs, electrical work required for the NEIC certainly is solely for the letting. Depends how much profit you are likely to make though, you'll have to do some sums .
- Channel: Tax Questions
02-07-2022, 13:00 PM
Reply to tax / cgt question for renovating property

by Gordon999

If you purchased a building shell , and had the builder carry out the refurbishment work , then enter all expenses as an improvement in your records. You paid the builder by cheque and should have kept bank statements to show all payments .

No need to break down the cost into operating...
- Channel: Tax Questions
02-07-2022, 11:59 AM
Reply to tax / cgt question for renovating property

by jpkeates

I'd suggest that based on that description, all of the work was probably capital.
- Channel: Tax Questions
02-07-2022, 10:43 AM
Reply to CGT query

by Gordon999

I believe your solicitor has to prepare a Deed of Trust which transfers 60 % interest in the property from wife to you.

You need to make clear to your solicitor that Deed is for HMRC only and not for registration at Land Registry

After signing the Deed , you...
- Channel: Tax Questions
01-07-2022, 16:51 PM
CGT query

by vik238754

Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
- Channel: Tax Questions
23-05-2022, 19:37 PM
Reply to CGT query

by vik238754

The existing declaration states 10:90 beneficial interest not legal interest
- Channel: Tax Questions
01-07-2022, 13:06 PM
Reply to CGT query

by Gordon999

The Declaration changing the beneficial interest to 70:30 is prepared only for showing to the Tax Office .

The existing registration of 10% :90% legal interest at Land Registry does not change and the Mortgage Lender has already accepted this situation. .
- Channel: Tax Questions
01-07-2022, 12:18 PM
Reply to CGT query

by vik238754

Hi. My solicitor has told me the declaration needs to be registered with the land registry otherwise there will be no effect of creating the declaration. Is this correct?

I have also spoken to my lenders and they have mentioned they will want a new copy of the title. I mentioned to them...
- Channel: Tax Questions
01-07-2022, 10:35 AM

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