Tax Questions

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transferring part of the Freehold by alteano1965 Started by alteano1965, 17-11-2014, 07:17 AM	0 responses 481 views 0 likes	Last Post by alteano1965 17-11-2014, 07:17 AM
Freeholder Purchasing Leasehold by Shaun_19 Started by Shaun_19, 15-11-2014, 23:20 PM	0 responses 490 views 0 likes	Last Post by Shaun_19 15-11-2014, 23:20 PM
Capital Gains tax by chirpatel Started by chirpatel, 12-11-2014, 10:11 AM	4 responses 1,006 views 0 likes	Last Post by Claymore 15-11-2014, 16:04 PM
remortgage fees by halfax Started by halfax, 14-11-2014, 09:54 AM	2 responses 877 views 0 likes	Last Post by King_Maker 14-11-2014, 11:06 AM
Unintended landlord tax advice by PaulRs1 Started by PaulRs1, 11-11-2014, 16:37 PM	6 responses 1,029 views 0 likes	Last Post by King_Maker 12-11-2014, 17:01 PM
Cgt by sq1 Started by sq1, 08-11-2014, 20:41 PM	12 responses 1,831 views 0 likes	Last Post by sq1 12-11-2014, 10:40 AM
Expenses deductable question (already installed/bought applience's) by Stock81 Started by Stock81, 05-11-2014, 15:54 PM	7 responses 902 views 0 likes	Last Post by JamesHopeful 11-11-2014, 22:27 PM
Buying a residential property with Ltd company and occupy as paying tenant by TommyGG Started by TommyGG, 30-10-2014, 15:07 PM	6 responses 1,162 views 0 likes	Last Post by jpkeates 10-11-2014, 13:42 PM
Self Assesment by sq1 Started by sq1, 07-11-2014, 14:08 PM	3 responses 726 views 0 likes	Last Post by jpkeates 09-11-2014, 11:12 AM
Cash basis vs Accruals basis: criteria for eligibility by ravi Started by ravi, 08-11-2014, 15:15 PM	4 responses 1,061 views 0 likes	Last Post by ravi 08-11-2014, 16:22 PM

Tax implications of remortgaging home for a deposit on a BTL

by Jerry777

Hi

I would be grateful if anyone could help with this query.

I am remortgaging my home to raise a deposit for a BTL property, and I wondered when I submit my SA tax return, if I would be entitled to a tax credit for the interest on the residential mortgage in the same way as...
- Channel: Tax Questions
20-06-2021, 18:58 PM
Reply to Tax implications of remortgaging home for a deposit on a BTL

by Gordon999

You should keep some documentary evidence to show the mortgage loan money raised on house was applied towards purchase of the BTL property.
- Channel: Tax Questions
23-06-2021, 05:05 AM
Reply to Tax implications of remortgaging home for a deposit on a BTL

by jpkeates

Yes, provided the loan is for the purposes of the business, it's a business expense.
- Channel: Tax Questions
22-06-2021, 08:53 AM
Reply to Need CGT help or do i ned an accountant

by Gordon999

I suggest you send a letter by recorder delivery :

Tax Ref: xxxxx xxxxx

Dear Tax Inspector,

I am the owner of a btl property at 88 Garden terrace , Toy Town .

I wish to inform you that my rental tenant stopped paying rent in Sept 2019 .
...
- Channel: Tax Questions
20-06-2021, 14:18 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
Reply to Capital Gain Tax on main home, but let in the past

by Gordon999

The first period used as main residence is 3 years plus 9 months after moving away. The second period as main residence is 2 years.

So out of 10 years ownership , the total capital gain is apportioned 5 years plus 9 months as "main residence and 4 years and 3 months under rental...
- Channel: Tax Questions
20-06-2021, 14:05 PM
Capital Gain Tax on main home, but let in the past

by Gep

Hi all,
I'm thinking about selling my flat and trying to workout how much capital gain tax I would have to pay.
Accordingly to the HMRC website the rate is 28% if you let the property out, but I'm currently living there so I'm not sure.

I've owned the property for 10 years:...
- Channel: Tax Questions
18-06-2021, 17:32 PM
inherited house - best to sell or rent

by Wobble1

Hi all,

My father sadly passed away in February, I already owned half of his house as tenants in common via my mothers will (passed several years before), although I didn't live there with him. Have my own house nearby. I am sole beneficiary of his will, and as well as everything else,...
- Channel: Tax Questions
17-06-2021, 20:32 PM
Reply to inherited house - best to sell or rent

by Gordon999

If you want to keep both houses and rent out one house, you should visit 3 local estate agents and make enquiries with lettings manager :
to check out the following info :

1. What is the rental demand for property in your district or street area ? flats or houses ? furnished...
- Channel: Tax Questions
20-06-2021, 13:57 PM
Reply to inherited house - best to sell or rent

by Gordon999

1. If you decide to sell father 's house now, the capital gain will come mainly from your own half share .

If the capital gain on your half share is around £50K , the cgt tax may be around £50K less £12K allowance = £38K at 18% = £7K .

The capital gain on the half...
- Channel: Tax Questions
20-06-2021, 13:32 PM

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