Tax Questions

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Started by halfax, 24-06-2018, 10:16 AM
4 responses
122 views
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Last Post halfax
by halfax
 
Started by Flatspin, 25-06-2018, 23:23 PM
1 response
26 views
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Last Post Gordon999  
Started by craig2222, 25-06-2018, 09:19 AM
3 responses
73 views
0 likes
Last Post AndrewDod  
Started by Gordon999, 22-06-2018, 13:12 PM
2 responses
80 views
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Last Post Gordon999  
Started by pink0806, 25-06-2018, 10:05 AM
3 responses
63 views
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Last Post Gordon999  
Started by jjsmi7h, 24-06-2018, 21:22 PM
1 response
65 views
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Last Post jpkeates  
Started by jim_sohal, 22-06-2018, 12:06 PM
4 responses
89 views
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Last Post jim_sohal  
Started by Pacific Ocean, 20-06-2018, 00:56 AM
3 responses
55 views
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Last Post Gordon999  
Started by matty_hunt, 19-06-2018, 19:45 PM
3 responses
79 views
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Last Post Gordon999  
Started by Devonborn, 16-06-2018, 09:33 AM
4 responses
69 views
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Last Post jpkeates  
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  • Banana Skin
    Flashback1966
    I feel I have messed up my life. Despite working hard, I have landed on a banana skin.

    I bought a 3 bedroom house many years ago. It seemed like a nice area. Little did I know, nearby the local housing associations had housed the thugs like the Kray twins and their chums. It was a "problem...
    17-07-2018, 15:22 PM
  • Reply to Banana Skin
    Claymore
    You will also get Letting Relief and Private Residence Relief and your personal Annual Allowance for CGT. Your bill maybe a lot less than you think.
    19-07-2018, 23:10 PM
  • Will I be OK when the new tac changes come in ?
    craig2222
    I currently earn £25000 from my job.I have 2 rental properties that bring in £12480 per year.I am thinking about buying another that would bring the total to £18720. £18720 plus £25000 is £43720. I'm I right in thinking as long as I am below the £46000 higher tax bracket I am OK and the new tax...
    19-07-2018, 16:05 PM
  • Reply to Will I be OK when the new tac changes come in ?
    mariner
    I think your assessed Tax Band is the key, not your Income, which can vary. eg Benefit in Kind, net profit from property etc
    Govt can easily alter qualifying Income.
    19-07-2018, 16:46 PM
  • Lease Extension Subject to Taxation?
    hmmlee
    Hi there. I live in a Victorian property which has been divided into 5 flats.
    Several years ago, three of the flat owners (including myself) purchased the freehold. The two remaining flat owners decided that they would not participate in the freehold purchase.
    A company was formed for the...
    17-07-2018, 11:10 AM
  • Reply to Lease Extension Subject to Taxation?
    Gordon999
    Normally the freehold company will report the income received from lease extension as "annual profit" in its annual acounts which are produced after the year end.

    The profit will be reported in the tax return and about 13 months later the company get a tax bill of around 20%....
    18-07-2018, 15:43 PM
  • Reply to Banana Skin
    jpkeates
    CGT is only 18% (28 If you earn a lot). You still get 82% of any increase in value.
    Plus the rental income.
    18-07-2018, 07:00 AM
  • Reply to Banana Skin
    Gordon999
    If you quote some details : we can work out roughly the cgt.

    When you bought the property and the price paid
    Dates when you lived in the property.
    Market value now .
    17-07-2018, 19:26 PM
  • Reply to Lease Extension Subject to Taxation?
    hmmlee
    Thank you very much for your response - I appreciate any assistance.
    The only trouble is that there are two companies involved (I should have mentioned this previously!)
    One company is the freehold company (representing the interests of the freeholders - collecting ground rent, leasehold...
    17-07-2018, 16:28 PM
  • Reply to Lease Extension Subject to Taxation?
    JK0
    I'd leave the money in the company, and relieve the directors of paying service charge until such time as the cash is depleted.
    17-07-2018, 15:43 PM
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