Tax Questions

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Confirmation of what my accountant said on CGT by PaulRs1 Started by PaulRs1, 01-02-2020, 20:16 PM	7 responses 147 views 0 likes	Last Post by PaulRs1 09-02-2020, 19:25 PM
Tax Credit for mortgage interest by Matt799935 Started by Matt799935, 09-02-2020, 15:09 PM	2 responses 46 views 0 likes	Last Post by Matt799935 09-02-2020, 17:25 PM
Property Income/Expense/Tax Tracking Template by akumaram Started by akumaram, 08-02-2020, 15:21 PM	0 responses 42 views 0 likes	Last Post by akumaram 08-02-2020, 15:21 PM
Selling residential property to move back home CGT? by LdnLandlord Started by LdnLandlord, 03-02-2020, 22:22 PM	3 responses 80 views 0 likes	Last Post by theartfullodger 08-02-2020, 12:09 PM
Joint property inheritance vs gift by lucylee Started by lucylee, 01-02-2020, 00:33 AM	9 responses 140 views 0 likes	Last Post by buzzard1994 04-02-2020, 23:39 PM
tax offset from loan to finance BTL flat by w068720 Started by w068720, 03-02-2020, 09:18 AM	2 responses 49 views 0 likes	Last Post by boletus 03-02-2020, 10:12 AM
Filling HMRC tax return 2018-2019 ..Can someone help with calculations PLS by alenuk Started by alenuk, 30-01-2020, 19:42 PM	1 response 137 views 0 likes	Last Post by jpucng62 01-02-2020, 18:31 PM
Adding Partner t rented property mortgage by Bri1980 Started by Bri1980, 01-02-2020, 06:47 AM	3 responses 53 views 0 likes	Last Post by Bri1980 01-02-2020, 13:18 PM
CGT on buy to let mortgage by ConfusedCookie Started by ConfusedCookie, 31-01-2020, 22:18 PM	1 response 48 views 0 likes	Last Post by jpkeates 01-02-2020, 09:09 AM
SDLT on transfer of interest to spouse by mudassiraslam Started by mudassiraslam, 30-01-2020, 16:40 PM	4 responses 77 views 0 likes	Last Post by jpkeates 31-01-2020, 14:42 PM

Can I combine Rent-a-room relief with the property income allowance

by jgb1990

Good morning all,

I am trying to find out whether I can claim both the £7,500 RAR allowance and the £1000 property income allowance. Here is my situation:

I occasionally rent out the room in my home whilst I am staying there, so this income would fall under the £7,500 RAR...
- Channel: Tax Questions
09-04-2020, 11:14 AM
Reply to Can I combine Rent-a-room relief with the property income allowance

by jgb1990

Thank you for your quick reply, jpkeates....
- Channel: Tax Questions
09-04-2020, 14:19 PM
Reply to Can I combine Rent-a-room relief with the property income allowance

by jpkeates

I don't think you can.
https://www.gov.uk/guidance/tax-free...ncome#property

Renting your property while you are away is risky if the tenant lives there and doesn't want to move out again....
- Channel: Tax Questions
09-04-2020, 14:07 PM
Reply to CGT under the threshold once split with husband?

by stuco

Thanks for the replies. I'll half everything and also write to the tax office to confirm....
- Channel: Tax Questions
09-04-2020, 11:56 AM
CGT under the threshold once split with husband?

by stuco

Hi hoping someone can clarify...

I'm busy doing 2019-20 return. We sold a BTL during that year for £79500. As it was jointly owned between me and husband do I treat it as selling for £39750 for my part (and his) and therefore below the £48000 amount that you have to report on SA for...
- Channel: Tax Questions
08-04-2020, 10:29 AM
Reply to CGT under the threshold once split with husband?

by jpkeates

I did this last year and you simply divide the figures into the shares owned.
So if the total sales value was £79500, your individual sales proceeds were £39750.
Same with the costs and purchase price.
- Channel: Tax Questions
09-04-2020, 09:57 AM
Reply to CGT under the threshold once split with husband?

by MdeB

I did this for a sale on my last tax return.

It is my recollection that you must use the full sale price in each tax return, but you (somehow, I cannot recall) declare the gain as 50% per return.
- Channel: Tax Questions
09-04-2020, 09:34 AM
Reply to CGT under the threshold once split with husband?

by stuco

Thanks for the replies. Will get in touch with the tax office. Am I correct in thinking the asset does have to be split across acquisition/sale/gain rather than 1 asset with 2 allowances attached as all SA are done at an individual level rather than as a couple?
- Channel: Tax Questions
09-04-2020, 08:22 AM
Reply to CGT under the threshold once split with husband?

by Gordon999

Send a letter to the tax office ( post by signed delivery ) and give your details for 50% share ( sale proceeds £39,750 and acquisition cost £28,250 ), capital gain = £11.500 which is below the Capital Gains Personal Allowance .

Am I required to submit any tax return for my 50% share...
- Channel: Tax Questions
09-04-2020, 08:11 AM
Reply to CGT under the threshold once split with husband?

by stuco

I do want to declare it but it appears the SA form isn't set up to do it/ doesn't need it if the asset is below £48k and no gain over £12k made? Once you tick the boxes to state that you don't get the option of filling in a CGT form. If the asset was in one name we would meet the criteria for declaring...
- Channel: Tax Questions
09-04-2020, 08:02 AM

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