Tax Questions

		Statistics	Last Post
Vat on major works by Carine Started by Carine, 22-01-2015, 20:04 PM	4 responses 733 views 0 likes	Last Post by Gordon999 23-01-2015, 16:50 PM
Working out my tax position? if I sell my rental.... by bpascua Started by bpascua, 19-01-2015, 14:56 PM	23 responses 2,513 views 0 likes	Last Post by Gordon999 23-01-2015, 06:41 AM
Tax on foreign property by splodge2001 Started by splodge2001, 22-01-2015, 11:36 AM	4 responses 593 views 0 likes	Last Post by splodge2001 22-01-2015, 19:46 PM
Do I need to elect main residence? by Ed209 Started by Ed209, 21-01-2015, 12:39 PM	6 responses 746 views 0 likes	Last Post by King_Maker 22-01-2015, 10:40 AM
Transferring ownership by Aida Started by Aida, 19-01-2015, 13:56 PM	9 responses 975 views 0 likes	Last Post by Aida 21-01-2015, 19:48 PM
Interest relief following remortgage by jackboy Started by jackboy, 19-01-2015, 14:05 PM	3 responses 728 views 0 likes	Last Post by King_Maker 21-01-2015, 10:15 AM
income tax and pensions by neilm Started by neilm, 17-01-2015, 09:20 AM	8 responses 895 views 0 likes	Last Post by MisterB 18-01-2015, 22:08 PM
Wear and Tear allowance, changing from Part Furn to Fully Furnished by kellyk Started by kellyk, 16-01-2015, 11:00 AM	9 responses 1,324 views 0 likes	Last Post by jpkeates 17-01-2015, 09:01 AM
Tax relief on the provision of furniture for fully furnished let by fredfox Started by fredfox, 13-01-2015, 20:26 PM	4 responses 769 views 0 likes	Last Post by fredfox 17-01-2015, 08:47 AM
SA - Can I claim cost of new fencing? by gcltd Started by gcltd, 16-01-2015, 08:14 AM	1 response 604 views 0 likes	Last Post by King_Maker 16-01-2015, 08:39 AM

Reply to Need CGT help or do i ned an accountant

by Sara2

Unfortunately i rented it out in 2010. My tenant stopped paying rent in 2019. When i purchased the property for 140,000 it was valued by 3 Estate Agents at that time ranging from 140,000 to 15,000. I presumed i had to use the actual amount i purchased the house for.
- Channel: Tax Questions
16-06-2021, 21:24 PM
Need CGT help or do i ned an accountant

by Sara2

Mother died in 2007 left house to me and my 2 sibs it was family home and i lived in it until 1985 when i had my own house. My brother also lived in house at point mum died and he remained there until 2010 when not being able to sell the property i purchased whole of property by buying brother and...
- Channel: Tax Questions
13-06-2021, 11:53 AM
IHT, CGT and Income tax avoidance

by clairol

So I’ve been listening to some property investment seminars where the suggestion is to buy ‘good’ properties, regularly put the rent up and never sell them.
The advice is to keep them forever so you do not pay CGT; re-finance regularly and either enjoy the money or re-invest it; pay minimal...
- Channel: Tax Questions
16-06-2021, 16:40 PM
Reply to Need CGT help or do i ned an accountant

by Piffy

For what it would cost (£150 - £200) you could get a Specialist Tax Accountant to look at it for you. Unless I am mistaken the payment of CGT has changed, you no longer do it on your Self Assessment form, you have 30 days after the sale to pay the CGT.
PS, If there was a substantial gap between...
- Channel: Tax Questions
16-06-2021, 15:12 PM
Reply to Need CGT help or do i ned an accountant

by jpkeates

I don't believe that the eviction costs are allowable against CGT.
They're an operating expense, not a capital expense.

Legal costs associated with the actual purchase and sale are allowable against CGT.
- Channel: Tax Questions
16-06-2021, 14:47 PM
Reply to Need CGT help or do i ned an accountant

by Sara2

Thanks for taking the time to answer. I am pleased i can set eviction costs against it. I have now found the separate form to fill in. Many thanks hopefully i can do this without an accountant.
- Channel: Tax Questions
16-06-2021, 13:32 PM
Capital gain tax on property bought jointly but later changed into sole ownership.

by Jeniken

Hi Everybody,

Please could anybody help me the correct calculation on an investment property bought as joint tenants with a partner (we have never been married) in 1999 for £80,000.
We split up and I took out a mortgage for £112,500 and became the sole owner of the property. I have...
- Channel: Tax Questions
12-06-2021, 12:48 PM
Reply to Capital gain tax on property bought jointly but later changed into sole ownership.

by jpkeates

Thank god for that!

Anytime I don't agree with you about tax, I know I'm wrong!...
- Channel: Tax Questions
15-06-2021, 15:03 PM
Reply to Capital gain tax on property bought jointly but later changed into sole ownership.

by Gordon999

Jpk,

Yes, you are right , adding some cost items to the sale price does not make sense. The brackets to show all cost items are deducted from the sale price are missing.
- Channel: Tax Questions
15-06-2021, 14:09 PM
Reply to Capital gain tax on property bought jointly but later changed into sole ownership.

by jpkeates

That calculation adds the costs associated with the sale into the gain.
Are inferring some brackets?...
- Channel: Tax Questions
14-06-2021, 06:41 AM

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