Tax Questions

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Furnished Letting What Can I Claim ? by Rodney1959 Started by Rodney1959, 15-02-2015, 20:48 PM	4 responses 797 views 0 likes	Last Post by Rodney1959 15-02-2015, 22:12 PM
Is it possible to apportion 'Rent-A-Room' + 'normal' Wear + Tear in same tax year? by bodger99 Started by bodger99, 12-02-2015, 16:20 PM	4 responses 1,128 views 0 likes	Last Post by Gordon999 14-02-2015, 08:00 AM
Registering for self assessment by #Craig Started by #Craig, 10-02-2015, 18:10 PM	8 responses 948 views 0 likes	Last Post by Gordon999 12-02-2015, 12:11 PM
Monthly Letting Fee - Tax Deductible? by Singbudo Started by Singbudo, 11-02-2015, 14:26 PM	2 responses 816 views 0 likes	Last Post by jpkeates 11-02-2015, 18:11 PM
Remortgage own home to fund rental property purchase - interest allowable expense? by merseygrit Started by merseygrit, 09-02-2015, 20:27 PM	3 responses 766 views 0 likes	Last Post by loanarranger 10-02-2015, 10:21 AM
inherited property by aolloyd Started by aolloyd, 08-02-2015, 22:07 PM	3 responses 584 views 0 likes	Last Post by jpkeates 09-02-2015, 14:51 PM
PPR and capital gains tax on let house by oracleplumbing Started by oracleplumbing, 08-02-2015, 21:41 PM	10 responses 1,043 views 0 likes	Last Post by TaxationPete 09-02-2015, 14:50 PM
Bought a new home, but now a change had a of circumstance, Q re main residence tax by Soled73 Started by Soled73, 28-01-2015, 22:07 PM	6 responses 763 views 0 likes	Last Post by jpkeates 08-02-2015, 10:10 AM
Tied Accommodation by dancing_ledge Started by dancing_ledge, 31-01-2015, 14:42 PM	3 responses 1,136 views 0 likes	Last Post by King_Maker 31-01-2015, 19:29 PM
furnished holiday caravan and capital allowance by kevupnorth Started by kevupnorth, 28-01-2015, 23:36 PM	4 responses 711 views 0 likes	Last Post by Gordon999 29-01-2015, 13:39 PM

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
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 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
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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