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Started by halfax, 08-01-2015, 14:07 PM
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  • Sunday Times Report 7 Aug 2022 ( on Welsh holiday lets.)
    by Gordon999
    This report was about a retired solicitor living in Cardiff , with 2 holiday lets in Solva , Pembrokeshire. His properties only let for around 18 weeks a year but Welsh Government require 26 weeks letting to qualify for business rates. The increase in council tax to treble rate compared to rate...
    13-08-2022, 17:22 PM
  • Reply to Giving/Gifting House to Kids
    by gnvqsos
    Did the labouring job jeopardise his position at Royal Mail? lt is strange no contingency fund was taken on holiday.. I don't think it makes sense to purchase, and insure/maintain a camper van to save on 7 days accommodation.The typical cost including depreciation exceeds £1500 pa...
    13-08-2022, 14:54 PM
  • Giving/Gifting House to Kids
    by Tony-Edwards
    Elderly parents in early 80s, one in not so good health.

    Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

    Looking ahead, if one has to go into care (or council provided home care) I understand there...
    11-08-2022, 11:12 AM
  • Reply to Expense Categories
    by theartfullodger
    The old saw was that you had 3 sets of accounts....
    ​​​​​​- one for yourself
    - 2nd for tax man
    - 3rd for wife/husband/partner
    How does your chosen software handle this?...
    13-08-2022, 12:14 PM
  • Expense Categories
    by philrosenberg
    I'm just in the process of buying my first property as a Ltd company and I have gotten FreeAgent accounting software free with my bank account.

    I have a list of categories to assign to my expenses, but they aren't all that relevant to residential property businesses. I wondered if others...
    13-08-2022, 10:53 AM
  • Reply to Higher rate LTT or not?
    by AddictedMonster
    Thank you very much. I appreciate the information.
    13-08-2022, 12:04 PM
  • Higher rate LTT or not?
    by AddictedMonster
    Hi my partner and I are looking to sell one of our rentals and our residential property and buy a larger property.

    I'm confused whether we will be charged the higher rate land transaction tax due to owning a third property that we own that will not be sold as of yet. It was our previous...
    13-08-2022, 11:26 AM
  • Reply to Expense Categories
    by AndrewDod
    What you record for your own purposes is up to you, but for purposes of tax return, for just one property, and rent < 80K, can just pop it all into "Other expenses" - so long as you can resurrect it when HMRC audits you.

    At least that applies to individual self assessment,...
    13-08-2022, 11:57 AM
  • Reply to Giving/Gifting House to Kids
    by Neelix
    in the eyes of HMRC all this is completely irrelevant...
    13-08-2022, 11:46 AM
  • Reply to Expense Categories
    by Jon66
    Most people I know use an excel spreadsheet.
    13-08-2022, 11:39 AM
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