Tax Questions

		Statistics	Last Post
Inheritance and capital gains by Tlugz55 Started by Tlugz55, 27-01-2021, 17:01 PM	7 responses 136 views 0 likes	Last Post by Sunnyv 02-02-2021, 11:54 AM
Tax expense? by ben100 Started by ben100, 29-01-2021, 15:18 PM	5 responses 141 views 0 likes	Last Post by Madmax86 31-01-2021, 10:06 AM
Traditional accounting or Cash Basis .... by Singhno1 Started by Singhno1, 26-01-2021, 14:19 PM	8 responses 250 views 0 likes	Last Post by Codger 30-01-2021, 10:41 AM
Stamp Duty - temporarily moving into rented by kirkstmoritz Started by kirkstmoritz, 27-01-2021, 15:26 PM	1 response 61 views 0 likes	Last Post by Gordon999 30-01-2021, 09:01 AM
Class 4 NIC on rental property by stockport1965 Started by stockport1965, 11-01-2021, 14:48 PM	9 responses 152 views 0 likes	Last Post by jpucng62 29-01-2021, 14:36 PM
Calculating tax owed after allowable expenses by Celibin Started by Celibin, 25-01-2021, 13:06 PM	4 responses 148 views 0 likes	Last Post by Celibin 28-01-2021, 06:24 AM
When do you have to lodge the Declaration of Trust of beneficial ownership with HMRC? by Berkshire45 Started by Berkshire45, 02-11-2020, 08:01 AM	12 responses 180 views 0 likes	Last Post by pebblepebble 27-01-2021, 22:00 PM
Cgt periods when owner is liable by Celibin Started by Celibin, 27-01-2021, 04:44 AM	4 responses 56 views 0 likes	Last Post by Gordon999 27-01-2021, 13:38 PM
Return deadline extended by boletus Started by boletus, 26-01-2021, 11:04 AM	6 responses 69 views 0 likes	Last Post by theartfullodger 26-01-2021, 15:46 PM
Early inheritance of a property and avoiding the usual taxes by nick_noal Started by nick_noal, 24-01-2021, 08:30 AM	15 responses 224 views 0 likes	Last Post by alice123 25-01-2021, 12:57 PM

Reply to New to Renting out my property - Some tax questions

by DoricPixie

Your tax situation in Australian depends on whether you’re a permanent resident/citizen or a temporary resident. If you’re a temporary resident you find yourself in tax sweet spot where HMRC doesn’t care about your Australian income and assets and the ATO doesn’t care about your UK income and...
- Channel: Tax Questions
24-06-2022, 14:29 PM
New to Renting out my property - Some tax questions

by mucker973

Hi All,
I have a property I used to manage myself. The tenant paid me directly and I never declared it with the taxman. Going forward I have decided to use a letting agent to manage all of this. I currently reside abroad and when filling in the forms there is question which essentially is asking...
- Channel: Tax Questions
24-06-2022, 07:39 AM
Reply to New to Renting out my property - Some tax questions

by Gordon999

If you are living overseas, you must register as a non-resident landlord using NRL1 form to Tax Office if you receive rental income from a UK property. If you don't register , the letting agent is required to deduct 25% tax on any rental money paid to you.

After being registered...
- Channel: Tax Questions
24-06-2022, 09:31 AM
Reply to New to Renting out my property - Some tax questions

by jpkeates

https://www.gov.uk/government/public...g-a-disclosure

There's a "not quite an amnesty" operating at the moment.
- Channel: Tax Questions
24-06-2022, 09:02 AM
Reply to New to Renting out my property - Some tax questions

by mucker973

Thanks JPkeates, I knew you'd know!

I've been thinking of reporting it for a while. If I declare these past "earnings" do you think I'll just have to pay the tax (if there is any) or do you think there will be any penalties? Penalties are usually applied when you are caught out...
- Channel: Tax Questions
24-06-2022, 08:47 AM
Reply to New to Renting out my property - Some tax questions

by jpkeates

I don't know what the situation is with Australian tax on UK rented property, and you'd probably better enquire locally.

There are two different things to address.
If you've been receiving income and not declaring it, you need to own up and pay what you owe - which sounds like nothing...
- Channel: Tax Questions
24-06-2022, 08:32 AM
Reply to New to Renting out my property - Some tax questions

by Covent Garden Girl

Your questions are more complicated than you imagine.

1) Yes, firstly as a non resident landlord, the agent or indeed tenants have to deduct tax at source, or you have to send off a form, but also wait for HMRC to send confirmation that they think it is okay for you not to have the tax...
- Channel: Tax Questions
24-06-2022, 08:17 AM
Are utility bills tax-deductible?

by Bigpat

I've had a buy-to-let on a standard Assured Shorthold Tenancy for a few years and my tax return has been pretty simple. But since last year I have also had two lodgers, staying with me at my own residential property. Now I have purchased a small additional property, which I have moved into myself and...
- Channel: Tax Questions
21-06-2022, 14:26 PM
Reply to Are utility bills tax-deductible?

by jpkeates

Even if you don’t need a licence, managing an HMO can be quite onerous. You’ll need a fire risk assessment, and then to comply with its requirements as a first step.

That usually means fire retardant doors, different door locks, hard wired fire and smoke and heat alarms for a start....
- Channel: Tax Questions
24-06-2022, 07:08 AM
Reply to Are utility bills tax-deductible?

by Bigpat

Thanks. Yes I checked the local authority who said that only "large" HMOs have to be licensed, and that counts as 5 or more tenants.

I had no idea that separate TV licences would be required. How do HMO landlords usually handle this?
(a) should I purchase three additional...
- Channel: Tax Questions
23-06-2022, 21:38 PM

Latest Topics