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Started by bengal, 30-04-2020, 17:10 PM
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  • Reply to Energy costs during a letting void period
    by jpkeates
    Of course you can.
    They're costs incurred wholly and exclusively in the course of the business.

    If they were mainly incurred as part of the refurb, strictly speaking they're capital expenditure, but it's unlikely to be an issue....
    05-12-2021, 16:22 PM
  • Energy costs during a letting void period
    by Carpet2011
    Hello, My BTL has been void for 4 months during refurbishment. Can I claim relief on it for this period? Thanks for reading.
    05-12-2021, 12:38 PM
  • Reply to Energy costs during a letting void period
    by theartfullodger
    As a taxpayer I'd be offended . Come on, decency, fair play.
    05-12-2021, 15:55 PM
  • Reply to Energy costs during a letting void period
    by landlord-man
    Hahahaha funny
    05-12-2021, 15:24 PM
  • Reply to HPI out-pacing PRR accumulation
    by lllccc
    Would you mind to show your figures? I tried some but maybe I'm getting it wrong.

    2012 July: Purchase for £300,000 (I've already added on improvements cost)
    2015 July: Move in
    2021 Nov: Value at £450,000
    Sell now: Value: £450000.00, Profit: £150000.00, PRR: 0.68,...
    05-12-2021, 12:47 PM
  • Reply to HPI out-pacing PRR accumulation
    by Gordon999
    The capital gain for the entire ownership period is apportioned between " live in period" which is "tax free" and "rental period" which is liable to capital gains tax at 18 % or 28% rate ( if you are paying 40% on your job income ), after deducting the tax free capital...
    05-12-2021, 12:16 PM
  • Will they raise taxes again?
    by JK0
    My accountant just finished my 2020/21 tax return, and my income is half of the previous year. I did not think it would be quite that bad. (Half my tenants moved out, and I had a job to replace them. Plus had to get fourteen EICR's!)

    I'm guessing you guys are in a similar boat. Never mind...
    27-11-2021, 20:20 PM
  • Reply to Will they raise taxes again?
    by jpkeates
    Another candidate for an increase in tax would be to take the 1.5% additional NHS element of NI and apply it to income that doesn't normally attract NI, like CGT - it wouldn't affect most people, would raise a lot of money, and could be presented as a "rich people paying their part" chang...
    05-12-2021, 10:30 AM
  • Reply to HPI out-pacing PRR accumulation
    by jpkeates
    The PRR is based on the proportion of time you have the property as your residence (currently plus 9 months) compared with the total period of ownership.
    So the calculation should be relatively simple.
    For every day you live there, you get one day more additional tax free period (and one...
    05-12-2021, 10:18 AM
  • HPI out-pacing PRR accumulation
    by lllccc
    I wondered if anyone else has been in this situation and what would you do about it? I now only own the one property (and live in it), but due to substantial renovation period before moving in the CGT will only increase now (assuming HPI increasing at 3.6% which is not unreasonable). I didn't understand...
    04-12-2021, 14:20 PM
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