Tax Questions

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Renting rooms to lodgers- how is tax assessed? by patrickyuis Started by patrickyuis, 31-10-2007, 13:38 PM	3 responses 1,772 views 0 likes	Last Post by tenant29 04-11-2007, 11:15 AM
Capital or income expense by ah84 Started by ah84, 02-11-2007, 09:12 AM	2 responses 1,517 views 0 likes	Last Post by ah84 03-11-2007, 19:17 PM
Is tax relief available on two improvement expenses? by windy Started by windy, 31-10-2007, 18:45 PM	4 responses 1,541 views 0 likes	Last Post by windy 02-11-2007, 18:56 PM
March 1982 valuation by lawstudent Started by lawstudent, 02-11-2007, 07:36 AM	0 responses 1,209 views 0 likes	Last Post by lawstudent 02-11-2007, 07:36 AM
Three joint BTL funders- how to reduce CGT? by RayLondon Started by RayLondon, 30-10-2007, 19:20 PM	3 responses 1,080 views 0 likes	Last Post by TaxationPete 01-11-2007, 13:40 PM
Does he pay capital gains Tax? by cute boxer dog Started by cute boxer dog, 29-10-2007, 19:44 PM	3 responses 1,472 views 0 likes	Last Post by TaxationPete 01-11-2007, 13:35 PM
Owner-occupiers vacate and let; how is tax assessed? by ganymede Started by ganymede, 30-10-2007, 16:13 PM	3 responses 1,072 views 0 likes	Last Post by TaxationPete 30-10-2007, 18:32 PM
Soon to be landlord - when will CGT liability start? by Becci73 Started by Becci73, 06-10-2007, 14:51 PM	14 responses 3,122 views 0 likes	Last Post by Becci73 29-10-2007, 15:35 PM
non business asset or business asset? by inform Started by inform, 28-10-2007, 19:18 PM	0 responses 2,466 views 0 likes	Last Post by inform 28-10-2007, 19:18 PM
Tax On Rented Properties Again by taheemr Started by taheemr, 20-10-2007, 22:35 PM	12 responses 2,624 views 0 likes	Last Post by taheemr 28-10-2007, 16:36 PM

CGT and income

by slopemaster

Considering selling our rental property and trying to estimate how much CGT is due. We are both basic rate tax payers and the gain from the property will take us into higher rate, so the amount of tax we pay will depend on income for that year – it does vary year to year. I presume the relevant income...
- Channel: Tax Questions
06-07-2022, 05:47 AM
Reply to CGT and income

by Gordon999

The capital gains Tax form SA108 is submitted after sale of property .

https://assets.publishing.service.go...sa108-2022.pdf
- Channel: Tax Questions
07-07-2022, 11:38 AM
Reply to CGT and income

by slopemaster

Thank you all
- Channel: Tax Questions
06-07-2022, 14:47 PM
Reply to CGT and income

by Lesney Park

Yes

You do, or better an accountant but essentially you report and pay the gain at HMRC https://www.gov.uk/report-and-pay-yo...r-6-april-2020 estimating what you need to, and then report it again essentially in your tax return...
- Channel: Tax Questions
06-07-2022, 08:34 AM
Reply to CGT and income

by jpkeates

You estimate your income for this year and declare and pay the tax accordingly.
When you complete your tax return for the tax year, the figures are adjusted then....
- Channel: Tax Questions
06-07-2022, 08:27 AM
Reply to CGT and income

by theartfullodger

60 days not 2 months.
- Channel: Tax Questions
06-07-2022, 07:50 AM
Reply to SDLT and first time buyers

by DoricPixie

How old are these children if they have yet to go to university?...
- Channel: Tax Questions
04-07-2022, 22:50 PM
SDLT and first time buyers

by mpppen

Hello again.

Just wondering if someone can advise.

If I sell a BTL to my children who do not own their own property, I understand that they'll get the stamp duty relief.... two questions then.

If they're buying the £350,000 jointly, does the relief count for...
- Channel: Tax Questions
03-07-2022, 21:52 PM
Reply to SDLT and first time buyers

by jpkeates

If the buyers are going to rent the property while they go to university, it may meet the criteria for Stamp Duty Relief but it may not.
It would be unusual for siblings leaving university to be able to commit to cohabit in a particular place when they graduate.

There's obviously...
- Channel: Tax Questions
04-07-2022, 15:14 PM
Reply to SDLT and first time buyers

by AndrewDod

Apart from anything else, if you are selling the property to the kids, you are getting cash and they have a 100% mortgage - and then they are not actually paying a mortgage on 100% of 350K you will be paying it -- it is not a classic GROB, but risks falling foul of GROB rules - so when you die, even...
- Channel: Tax Questions
04-07-2022, 14:45 PM

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