Hi
I remember there being a rental income limit where you don't need to actually complete a property tax return. Instead of completing the tax return you can write a letter to the tax office declaring the income and net profit. Is this still in practise?
Also, if you do...
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17-02-2020, 16:41 PM
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Reply to Tax Return or Letter?When they contact HMRC to tell them they're starting a new business, HMRC will tell them how they want it reported.
If it's trivial, they may collect the tax through PAYE and allow a simple adjustment at the end of the year, but normally they seem to default to asking for a full return.
...17-02-2020, 17:13 PM -
Hi All
Just bought a BTL with my partner
im in the 40% tax bracket and she doesn't work so we'll be splitting the income 1%/99%
in the 1st year of ownership, I believe we'd benefit more if I took 99% income - as then I'd also take 99% of any running costs for that...16-02-2020, 14:00 PM -
Civil partnership is essentially the same as marriage for tax purposes.
Unmarried couples (who aren't in a civil partnership) don't have to split the ownership to account for the income how they see fit, and no form 17 is needed.
And no change of ownership means no lender issues....17-02-2020, 13:02 PM -
Hi,
Would you therefore class yourselves as a Civil partnership and are living together? I don't think a simple letter will suffice.
Joint Tenants are unable to split the ownership. You need to be Tenants in Common, then you need to complete Form 17.
However, the Mortgage...17-02-2020, 12:36 PM -
Obviously you should take advice from your solicitor over any opinion I offer.
The situation with jointly owned property for married couples is different to that of non-married couples.
There's a presumption that married couples (while having separate tax affairs) share everything...17-02-2020, 10:07 AM -
Thanks All
So yes this sounds like it's fine to do.
each year we simply decide the split and let HMRC know with a simple letter
And yes I understand ref product fees and now getting less relief under new rules
17-02-2020, 09:03 AM -
I appreciate tax evasion and avoidance are different jpkeates, but where do you draw the line?
My husband and I changed a BTL from joint names to my sole name to save tax. I was asked by my solicitor at the time whether I was likely to sell it in the near future because if HMRC deemed that...16-02-2020, 20:58 PM -
due to himo rule change, i have at the local council requirement had to change all doors to fire doors.
is this a capital expense or general maintance?16-02-2020, 14:49 PM