Tax Questions

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transfering assets to a limited co by fudge Started by fudge, 30-10-2006, 21:45 PM	5 responses 1,523 views 0 likes	Last Post by Tax Accountant 01-11-2006, 10:42 AM
Re-mortgage primary residence for overseas property by Jezzer Started by Jezzer, 30-10-2006, 14:54 PM	5 responses 1,717 views 0 likes	Last Post by Tax Accountant 31-10-2006, 13:24 PM
Multilet + Rented + own house by multipropertyguy Started by multipropertyguy, 30-10-2006, 11:53 AM	3 responses 1,144 views 0 likes	Last Post by Tax Accountant 30-10-2006, 15:14 PM
Transfer PPR to spouse to save CGT by bighousesmallhouse Started by bighousesmallhouse, 25-10-2006, 19:09 PM	5 responses 2,557 views 0 likes	Last Post by Tax Accountant 30-10-2006, 12:57 PM
Taxing question ! by drmaxell Started by drmaxell, 29-10-2006, 15:16 PM	1 response 933 views 0 likes	Last Post by Tax Accountant 30-10-2006, 12:16 PM
CGT for non residents by sretosf Started by sretosf, 23-10-2006, 16:03 PM	3 responses 1,139 views 0 likes	Last Post by Tax Accountant 28-10-2006, 17:46 PM
Selling BTL property- should I nominate it as my PPR? by Polly Started by Polly, 26-10-2006, 13:22 PM	7 responses 1,704 views 0 likes	Last Post by Tax Accountant 27-10-2006, 21:32 PM
Save CGT by wizard Started by wizard, 25-10-2006, 19:44 PM	1 response 987 views 0 likes	Last Post by Tax Accountant 25-10-2006, 20:00 PM
Should ex-owner (now letting) sell or keep? by clueless Started by clueless, 23-10-2006, 13:53 PM	7 responses 1,179 views 0 likes	Last Post by Tax Accountant 25-10-2006, 09:57 AM
CGT on previous main residence by thankgodsvensgone Started by thankgodsvensgone, 23-10-2006, 12:12 PM	1 response 1,093 views 0 likes	Last Post by Tax Accountant 23-10-2006, 15:03 PM

Switching mortgage to BTL and tax implications

by dotcotton999

Evening all,

I am currently looking to move house and also have a rental property that has around £200k equity in it.

The rental house had consent to let and on a repayment mortgage and has 3 years to go until I can switch deals.

I have spoken to a mortgage broker...
- Channel: Tax Questions
08-04-2021, 19:52 PM
Reply to Switching mortgage to BTL and tax implications

by Gordon999

D999,

The taxman's method of calculating :

Capital gain is the Sale Price ( say £200K ) minus Purchase Price ( say £130K ) = £70K capital gain.

But buying and selling expenses are allowable and include the conveyancing cost : say £1K plus estate agent'...
- Channel: Tax Questions
12-04-2021, 14:17 PM
Reply to CGT and tax returns

by Lots on

Thank you for your kind words JP and the tips re using an accountant. Having been taxed at source all my working life this is very useful information. I will look round for an accountant. A friend of mine who is also a landlord as well as having a day job has one, so maybe a personal recommendation...
- Channel: Tax Questions
12-04-2021, 10:04 AM
CGT and tax returns

by Lots on

Hello all, just need some advice re CGT. I have a house which I refurbished entirely, mostly in this financial year and I could start my tax returns on the 6th of April 2021. I spent nearly £30000. New kitchen and bathroom, re doing the garden, new flooring throughout ,total electrical re wire, re...
- Channel: Tax Questions
02-04-2021, 09:46 AM
Reply to CGT and tax returns

by jpkeates

Thank you for your work in the NHS!

I've found that the first sessions were the most valuable in terms of what could be saved, and the value has diminished slightly and the costs of the returns being done has stayed the same/slightly increased, so it feels like it's less worth it.
...
- Channel: Tax Questions
12-04-2021, 08:28 AM
spreadsheet

by jase222

I been looking at spreadsheets to list my expenses and every template I find seems to allocate expenses per house ie 5 houses = 5 separate sheets whereas I just put everything down on one sheet.
I would like to know if I have been doing it wrong all these years.
Any help...
- Channel: Tax Questions
11-04-2021, 13:53 PM
Reply to spreadsheet

by jpkeates

I use one page of a spreadsheet for all the income and expenses and have other pages which automatically summarise the data property by property.
- Channel: Tax Questions
12-04-2021, 08:24 AM
Reply to Switching mortgage to BTL and tax implications

by jpkeates

When you sell the property, you can't retain any of the equity, so that doesn't really make any sense to me.
On disposal, the mortgage will end and have to be repaid.

The value of the rental property when first let is also a limit to the amount of the loan against which interest can...
- Channel: Tax Questions
12-04-2021, 08:22 AM
Reply to Switching mortgage to BTL and tax implications

by dotcotton999

Gordon999 thanks for your reply. In regards to CGT so if I was due to sell a house I could request to remove all the equity before the sale and wouldn’t be subject to CGT... that doesn’t seem right.

In regards to switching my mortgage from repayment to and interest only... would I incur...
- Channel: Tax Questions
11-04-2021, 19:31 PM
Reply to spreadsheet

by Gordon999

Its good to keep a separate sheet for each property because when you come to sell one house , you may want to show the rental and expenses records for one house to prospective buyers.
- Channel: Tax Questions
11-04-2021, 19:08 PM

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