Tax Questions

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Landlord work by scribbler Started by scribbler, 23-08-2014, 16:08 PM	6 responses 1,120 views 0 likes	Last Post by simon_misiewicz 26-08-2014, 14:00 PM
Capital Gains or Allowable Expense ? Expenses when purchasing BTL Property. by johnchivers Started by johnchivers, 19-08-2014, 07:04 AM	5 responses 1,031 views 0 likes	Last Post by JamesHopeful 25-08-2014, 14:31 PM
Purhasing Property by Ltd Company - Which Taxes Apply? by Claymore Started by Claymore, 24-08-2014, 12:41 PM	9 responses 964 views 0 likes	Last Post by jpkeates 25-08-2014, 10:17 AM
Did not inform HMRC, what to do? by bobsam Started by bobsam, 20-07-2014, 04:39 AM	14 responses 4,138 views 0 likes	Last Post by Gordon999 22-08-2014, 18:38 PM
Landlord tax by yr20405 Started by yr20405, 18-08-2014, 09:46 AM	6 responses 1,008 views 0 likes	Last Post by Gordon999 18-08-2014, 20:52 PM
CGT Liability by slimjim13 Started by slimjim13, 22-06-2014, 04:05 AM	3 responses 744 views 0 likes	Last Post by TaxationPete 16-08-2014, 11:13 AM
Expenses for self employed landlord by rugbyroom Started by rugbyroom, 14-08-2014, 14:38 PM	5 responses 1,102 views 0 likes	Last Post by jpkeates 15-08-2014, 12:17 PM
wear and tear allowance tax query by dilbar Started by dilbar, 14-08-2014, 12:31 PM	1 response 640 views 0 likes	Last Post by King_Maker 14-08-2014, 14:21 PM
Is registering as a Non Resident Landlord a legal requirement? by thead Started by thead, 11-08-2014, 08:07 AM	2 responses 471 views 0 likes	Last Post by Gordon999 12-08-2014, 12:20 PM
Income tax efficiency - a frequently asked question! by shulatt Started by shulatt, 07-08-2014, 14:02 PM	5 responses 703 views 0 likes	Last Post by King_Maker 12-08-2014, 09:36 AM

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
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 Need CGT help or do i ned an accountant

by Sara2

I fail to see how i can notify hmrc that rental was terminated in 2019 whilt non paying tenant remained in the property until May 21
- Channel: Tax Questions
17-06-2021, 19:29 PM
Reply to Need CGT help or do i ned an accountant

by Gordon999

If you do not inform the Tax Office and just move back to live in the BTL property, the "rental business with tax losses" , can remain in existence for three years.

https://www.property-tax-portal.co.u...business.shtml

But the property owner can notify the Tax Office...
- Channel: Tax Questions
17-06-2021, 12:28 PM
Reply to IHT, CGT and Income tax avoidance

by jpkeates

But there's £750,000 mortgage lending to pay off when you die, so the "giving away" is more like a loan.

I'm not expecting anyone to pay 1p more tax than they should, but I find it's sometimes interesting to replace "the taxman" and "HMRC" with "we/us"...
- Channel: Tax Questions
17-06-2021, 09:38 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 IHT, CGT and Income tax avoidance

by Section20z

Yes but people who do maths in your example could give the £750,000 away before death so beneficiaries get £400,000 extra and tax man loses ....
- Channel: Tax Questions
17-06-2021, 09:01 AM
Reply to IHT, CGT and Income tax avoidance

by jpkeates

It might be popular, but only to people who can't do maths.

It's only a tax effective policy in the same way that having no money when you die means you don't pay that much inheritance tax.

Ignoring the reliefs and personal thresholds for simplicity, if you die with a portfolio...
- Channel: Tax Questions
17-06-2021, 08:10 AM
Reply to Need CGT help or do i ned an accountant

by jpkeates

Surely the business continued (the rent was still owed, even if not paid) and the business continued until the disposal of the property (assuming it was the only property in the business).

Your interpretation is more appealing if it can be justified....
- Channel: Tax Questions
17-06-2021, 07:54 AM
Reply to Need CGT help or do i ned an accountant

by jpkeates

Whoever gave you that advice doesn't understand how CGT works.
You straight line the increase between purchase and disposal and you can deduct any time the property was your main residence (plus some additional months) as that period's gain is tax free.

Any valuation when you start...
- Channel: Tax Questions
17-06-2021, 07:52 AM

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