Tax Questions

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Commencement & Pre-Trading Expenditure by ciccio Started by ciccio, 13-05-2013, 12:20 PM	0 responses 550 views 0 likes	Last Post by ciccio 13-05-2013, 12:20 PM
capital gains tax when flipping properties by JulieJuls Started by JulieJuls, 23-11-2011, 20:26 PM	8 responses 8,090 views 0 likes	Last Post by mitch dior 09-05-2013, 08:06 AM
Self Assessment and Jointly Owned Property by Claymore Started by Claymore, 07-05-2013, 23:06 PM	3 responses 1,341 views 0 likes	Last Post by Claymore 08-05-2013, 17:08 PM
Transferring income to wife to reduce income tax by llc Started by llc, 02-05-2013, 20:08 PM	5 responses 3,104 views 0 likes	Last Post by King_Maker 08-05-2013, 16:26 PM
Costs of lease extension - tax deductible? by karenoc Started by karenoc, 01-05-2013, 18:28 PM	10 responses 26,837 views 0 likes	Last Post by karenoc 06-05-2013, 11:51 AM
Moving in together tax questions by Sadiej28 Started by Sadiej28, 03-05-2013, 20:13 PM	3 responses 726 views 0 likes	Last Post by TaxationPete 04-05-2013, 10:03 AM
Help Vat by Forums2you Started by Forums2you, 02-05-2013, 17:20 PM	1 response 572 views 0 likes	Last Post by Gordon999 03-05-2013, 12:09 PM
Cgt on Upvc windows by lurcherzip Started by lurcherzip, 29-04-2013, 20:11 PM	10 responses 1,818 views 0 likes	Last Post by King_Maker 01-05-2013, 12:10 PM
Transfer of beneficial interest? by Willow21 Started by Willow21, 29-04-2013, 19:57 PM	5 responses 4,158 views 0 likes	Last Post by Willow21 30-04-2013, 11:31 AM
confusedcad by confusedcad Started by confusedcad, 29-04-2013, 13:30 PM	2 responses 504 views 0 likes	Last Post by Gordon999 29-04-2013, 16:04 PM

Rent 2 Rent Tax Return

by dhoops97

Hi,

I'm currently receiving the rental income for my dads properties. I'm currently fully managing the properties for him and the tenants are paying the rent into my account. Once I receive the rent, I pay my dad a fixed amount and I keep the rest. Is this legal? And if so, do I pay tax...
- Channel: Tax Questions
03-08-2021, 14:24 PM
Reply to Rent 2 Rent Tax Return

by jpkeates

Yes - that's essentially it.

You should contact HMRC and tell them that you have a new source of income as a landlord and they'll tell you how they want you to report the income (probably an annual self assessment tax return).
In a couple of years you'll need to do quarterly returns...
- Channel: Tax Questions
03-08-2021, 17:36 PM
Reply to Rent 2 Rent Tax Return

by dhoops97

This is really helpful. My dad has changed the tenancy agreement and named me as landlord, so all payments are made to me. Therefore, all I need to do is declare all the income in the year as income and any payments to my dad, as expenses?

Also, does this need to be in writing. At the moment...
- Channel: Tax Questions
03-08-2021, 16:32 PM
Reply to Rent 2 Rent Tax Return

by jpkeates

It's legal.

If you're named as the landlord on the tenancy agreements, your business is rent to rent.
The amount you pay your father is a business expense, so you'll end up paying tax on the profit, but you need to declare the full amount as income and the payment to your father as...
- Channel: Tax Questions
03-08-2021, 14:44 PM
Reply to HMRC Section 36 notice

by Neelix

If you were unemployed and receiving benefits and didn’t tell them you may need to brace yourself for contact from the DWP too...
- Channel: Tax Questions
03-08-2021, 10:01 AM
HMRC Section 36 notice

by KILOCHARLIE

Wondering if anyone has any experience with one of these please?

I received a letter from HMRC a few months ago stating they were investigating my property affairs. I was told I could provide documentation regarding it to help but if I didn’t wish then they would complete the check on...
- Channel: Tax Questions
02-08-2021, 08:50 AM
Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?

by spikeg33

I know it’s 1% difference but was really asking what the legal implications are of either transferring it into 100/0 or 99/1. I’m not an expert in this field in any way shape or form and am merely asking for advice....
- Channel: Tax Questions
03-08-2021, 09:10 AM
Advice for DoT 100/0 or 99/1 is there a beneficial difference?

by spikeg33

I would appreciate some advice on getting our one rental property transferred into my beneficial interest as I have recently retired and now have the whole of my tax allowance to use against the rental income. I have researched and researched but would like some clarification about what to do . At present...
- Channel: Tax Questions
02-08-2021, 14:07 PM
Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?

by theartfullodger

Difference between 100:0 & 99:1?? 1%.
- Channel: Tax Questions
03-08-2021, 09:02 AM
Reply to Advice for DoT 100/0 or 99/1 is there a beneficial difference?

by spikeg33

Thank you jpkeates for your advice. I will now proceed with 99/1 and happy that you have clarified the situation for me....
- Channel: Tax Questions
03-08-2021, 08:51 AM

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