Tax Questions

Topics	Statistics	Last Post
Income support and CGT by pick350 Started by pick350, 27-03-2006, 18:11 PM	1 response 1,584 views 0 likes	Last Post by Tax Accountant 27-03-2006, 21:54 PM
cgt and building work by nigel610 Started by nigel610, 27-03-2006, 20:26 PM	1 response 1,550 views 0 likes	Last Post by Tax Accountant 27-03-2006, 21:43 PM
Starting a company by graham Started by graham, 27-03-2006, 00:24 AM	2 responses 1,617 views 0 likes	Last Post by Taxation Solutions 27-03-2006, 13:38 PM
Alleviating CGT by newletter Started by newletter, 27-03-2006, 12:21 PM	1 response 1,749 views 0 likes	Last Post by Taxation Solutions 27-03-2006, 13:26 PM
PPR and CGT by srbuck Started by srbuck, 20-03-2006, 09:11 AM	1 response 4,070 views 0 likes	Last Post by Tax Accountant 22-03-2006, 10:05 AM
capital gains tax by srbuck Started by srbuck, 19-03-2006, 17:48 PM	2 responses 1,832 views 0 likes	Last Post by Tax Accountant 20-03-2006, 08:29 AM
Parents want to transfer property to grown up children by JDO Started by JDO, 10-03-2006, 12:33 PM	8 responses 4,708 views 0 likes	Last Post by Tax Accountant 18-03-2006, 10:35 AM
Rent a Room Help by thekingster Started by thekingster, 09-03-2006, 20:17 PM	5 responses 1,921 views 0 likes	Last Post by Tax Accountant 17-03-2006, 11:08 AM
Selling let flat (ex owner-occupied)- CGT? by soho_blue Started by soho_blue, 15-03-2006, 15:07 PM	3 responses 2,479 views 0 likes	Last Post by Tax Accountant 16-03-2006, 09:00 AM
CGT liability on sale by soho_blue Started by soho_blue, 15-03-2006, 12:07 PM	1 response 2,123 views 0 likes	Last Post by P.Pilcher 15-03-2006, 15:43 PM

Rental Income Split

jim_sohal

hi All,
Looking for a bit of advice on the way rental income is/can be taxed.
Me and my wife jointly own a rental property 50:50 (previously our residential home but we have recently moved out).
I am a higher rate tax payer and my wife is a basic rate payer as she only works part time....
- Channel: Tax Questions
22-06-2018, 12:06 PM
Reply to Rental Income Split

Gordon999

You +Wife should be declaring 50% of the rental profit on your tax returns . You can change the distribution by submitting Form 17 and a deed.of trust to prove the change from 50:50 to 1:99 or whatever.

https://www.gov.uk/government/public...on-of-benefici...
- Channel: Tax Questions
23-06-2018, 00:45 AM
Correcting mistake in your tax return

Gordon999

I've made a mistake: What can I do?

If you've paid too much tax because of a mistake on your tax return – for example by not claiming an allowance you were entitled to – you can correct your tax return within the first year of filing it - by 31 January 2018. To do this, you'll...
- Channel: Tax Questions
22-06-2018, 13:12 PM
Redemption penalty offset

Pacific Ocean

Under the new tax rules, can a redemption penalty (on the mortgage) be offset against rental income from the same tax year?...
- Channel: Tax Questions
20-06-2018, 00:56 AM
Reply to Redemption penalty offset

Gordon999
The finance costs that will be restricted include interest on:
- mortgages
- loans - including loans to buy furnishings
- overdrafts
Other costs affected are:
- alternative finance returns
- fees and any other incidental costs for getting or repaying mortgages and loans
- discounts, premiums and
...
- Channel: Tax Questions
20-06-2018, 08:13 AM
Reply to Redemption penalty offset

jpkeates

There's not much real life experience, but I'd presume that the redemption penalty is a finance cost and therefore subject to the same restriction on relief as interest.
- Channel: Tax Questions
20-06-2018, 07:41 AM
Reply to Redemption penalty offset

Gordon999

See advice for entry in box 26 , given in the SA105 Notes ( 2018)

https://assets.publishing.service.go...Notes-2018.pdf...
- Channel: Tax Questions
20-06-2018, 01:55 AM
relief on mortgage interest, self assessment

matty_hunt

Hi. I understand this is the first year of relief cuts on mortgage interest. What was 100% tax deductible is now only 75% tax deductible. On the tax return its asks for 'Loan Interest and other Financial Costs'. Do I put in the full 100% amount and they work it out or do I deduct the 25% off what I...
- Channel: Tax Questions
19-06-2018, 19:45 PM
Reply to relief on mortgage interest, self assessment

Gordon999

See Notes for SA105 ( 2018) and the advice for entry in box 26.

https://assets.publishing.service.go...Notes-2018.pdf
- Channel: Tax Questions
20-06-2018, 01:51 AM
Reply to relief on mortgage interest, self assessment

matty_hunt

Oh! On my self assessment I have
- Rents, rates, insurance, ground rent etc
- Property repairs and maintenance
- Loan interest & other financial costs
- Legal, management & other professional fees
- Costs of services provided
- other allowable property expenses....
- Channel: Tax Questions
19-06-2018, 21:14 PM

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