Tax Questions

		Statistics	Last Post
cgt tax by benji Started by benji, 05-06-2005, 09:25 AM	1 response 2,108 views 0 likes	Last Post by Tax Accountant 06-06-2005, 09:10 AM
Tax Relief when Remortgaging by Friston Started by Friston, 09-05-2005, 13:48 PM	6 responses 3,650 views 0 likes	Last Post by Tax Accountant 29-05-2005, 17:35 PM
House Sales and CGT... by trio Started by trio, 05-02-2005, 15:53 PM	3 responses 2,497 views 0 likes	Last Post by Tax Accountant 23-05-2005, 19:22 PM
CGT Position by bbjjcc Started by bbjjcc, 15-02-2005, 17:21 PM	2 responses 2,351 views 0 likes	Last Post by Tax Accountant 23-05-2005, 19:08 PM
Drawing a salary from BTL business by JDO Started by JDO, 19-02-2005, 13:46 PM	5 responses 3,422 views 0 likes	Last Post by Tax Accountant 23-05-2005, 10:25 AM
Limited Company by MrWoof Started by MrWoof, 06-04-2005, 08:44 AM	5 responses 3,541 views 0 likes	Last Post by Tax Accountant 20-05-2005, 16:54 PM
What can I claim against rental income by josswallace Started by josswallace, 11-05-2005, 16:33 PM	3 responses 5,063 views 0 likes	Last Post by Tax Accountant 20-05-2005, 16:43 PM
CGT again sorry by ctfrancis Started by ctfrancis, 13-05-2005, 11:45 AM	1 response 1,806 views 0 likes	Last Post by Tax Accountant 13-05-2005, 12:44 PM
CGT and IHT by nma Started by nma, 24-02-2005, 12:43 PM	1 response 1,865 views 0 likes	Last Post by Tax Accountant 13-05-2005, 12:18 PM
Principle Private Residence (PPR) by JAS Started by JAS, 23-02-2005, 22:40 PM	2 responses 2,668 views 0 likes	Last Post by Tax Accountant 13-05-2005, 11:41 AM

Tax question. relief for finance costs reduced to maximum allowable

by jackboy

Hi,

Quick question for my tax return. My mortgage interest costs this year were £67,710.19 so £16,667.55 went through as a deduction and £50k odd went into the box to calculate the relief for finance costs. But instead of calculating 20% on the £50k it has reduced this to the maximum...
- Channel: Tax Questions
27-02-2021, 14:34 PM
Reply to Tax question. relief for finance costs reduced to maximum allowable

by Gordon999

You can write to hmrc and ask for a statement showing how they calculated your tax ( on form SA302 ).
- Channel: Tax Questions
28-02-2021, 03:17 AM
Reply to Tax question. relief for finance costs reduced to maximum allowable

by jackboy

Hardly, the stamp duty tax was eye watering and the other expenses involved including remortgaging costs, solicitors fee, tax advice etc etc amounted to a large expense but it was teh only way forward if i wanted to expand. The personal borrowing restrictions that apply to individuals don't apply to...
- Channel: Tax Questions
27-02-2021, 15:22 PM
Reply to Tax question. relief for finance costs reduced to maximum allowable

by theartfullodger

Was incorporation solely for tax reasons?
- Channel: Tax Questions
27-02-2021, 15:13 PM
Reply to Tax question. relief for finance costs reduced to maximum allowable

by jackboy

Just to add a bit more info. I've recently incorporated all my properties. Instead of paying a punitive tax bill I chose to spend money on refurbishments effectively reducing my profit to zero. I did this as i basically got a 40% discount on any refurbishment work and then transferred everything over...
- Channel: Tax Questions
27-02-2021, 14:44 PM
spreadsheet

by Jase2222

Every tax year i give my accountant a list of rental income ,letting agent statements and receipts but recently he said could he have it all on a spreadsheet so it easier for him.

Has anyone got a example of a spreadsheet layout or any ideal of where to get one? ive put landlord spreadsheet...
- Channel: Tax Questions
27-02-2021, 08:46 AM
Reply to spreadsheet

by Gordon999

Your accountant should provide you with a sample spreadsheet to suit his system.

For my own use , I have a separate spreadsheet for each property and "column headings" ( left to right ) are shown below :

1. Date ( entries going down )
2. Monthly Rent income...
- Channel: Tax Questions
27-02-2021, 09:44 AM
Reply to spreadsheet

by Neelix

12 "month columns" plus 1 column for what it is eg rental income
as many lines as needed (1 per type of expense)

totals per month and per line and checks the totals agree

income first

out goings next

not too tricky

??...
- Channel: Tax Questions
27-02-2021, 09:37 AM
Reply to spreadsheet

by Mrs Mug

I also just hand all my receipts etc over to my accountant. If I had to go to the trouble of entering everything into a spreadsheet, or entering things online, then I might as well do the tax return myself.

The whole point of using the accountant, is that it is one less thing for me to...
- Channel: Tax Questions
27-02-2021, 09:26 AM
paying yourself to manage your own properties

by MarvinMin

Morning. Hi folks i'm new to all this and am wondering if what I'm going to propose is a done thing in the industry...I have a ltd company (a consultancy) and I have a couple of privately owned properties that I am thinking of renting out. Is it possible to take my rental income privately and then...
- Channel: Tax Questions
16-02-2021, 12:45 PM

Latest Topics