Can anyone help please, if a rental property is owned by two people 50 50. Would each owner be allowed to claim tax relief of £1000 each, or will the allowance of £1000 be split 50 50.
Thanks
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Reply to Tax Allowance on Rental Income.by jpkeatesIt's £1,000 each.
Most landlords don't use this though, because it's rare for income from a rental property to be low enough to qualify,-
Channel: Tax Questions
18-05-2022, 09:59 AM -
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by VIKKI99Hi, For kids school - we need to let out our Own House and move to a rental property close to school.
The rental money I receive from my tenants is exactly same as rent I pay on my property where I am a tenant.
Question : Rental money I receive from Tenants - should it be considered as income...-
Channel: Tax Questions
18-05-2022, 01:07 AM -
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by Madmax86Rent is income. All income needs to be declared, regardless of the mortgage you have
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Channel: Tax Questions
18-05-2022, 08:50 AM -
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The clue is in the name. INCOME tax. Make sure you keep all relevant records, possibly say 30 years , for CGT which on current rules you will probably pay when eventually sold. But yes, self assessment income tax to be comply and paid, online. Do you have registration for government gateway?
...-
Channel: Tax Questions
18-05-2022, 07:26 AM -
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by NeelixYour choice to move out and rent. I doubt you can use this to avoid paying tax on your rental income
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Channel: Tax Questions
18-05-2022, 05:58 AM -
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by Gordon999This thread posted on taxcafe may be helpful :
https://www.taxcafe.co.uk/resources/..._children.html-
Channel: Tax Questions
17-05-2022, 08:33 AM -
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by mpppenHello,
We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.
I'd really like to find someone who can advise us of the best way of either bringing the personal...-
Channel: Tax Questions
03-03-2022, 20:00 PM -
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by jpkeatesYes, a trust of some kind.
But that can be quite complicated.
What's the issue?-
Channel: Tax Questions
16-05-2022, 16:23 PM -