Tax Questions

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Rental income tax while reside abroad by Zaffiro Started by Zaffiro, 24-10-2020, 18:08 PM	4 responses 87 views 0 likes	Last Post by Gordon999 19-12-2020, 02:52 AM
Tax return needed? by Newbie549 Started by Newbie549, 17-12-2020, 15:08 PM	5 responses 68 views 0 likes	Last Post by jpkeates 18-12-2020, 10:32 AM
Tax return payment on account by Sunshinesetter Started by Sunshinesetter, 13-12-2020, 14:22 PM	5 responses 65 views 0 likes	Last Post by Gordon999 17-12-2020, 22:51 PM
Residence Query by josswallace Started by josswallace, 10-12-2020, 14:09 PM	6 responses 105 views 0 likes	Last Post by jpkeates 14-12-2020, 16:39 PM
Buying property in my company or personally? by Northcave Started by Northcave, 14-12-2020, 11:56 AM	1 response 51 views 0 likes	Last Post by Gordon999 14-12-2020, 12:40 PM
PRR for CG on 2nd home disposal by lllccc Started by lllccc, 12-12-2020, 00:20 AM	8 responses 110 views 0 likes	Last Post by jpkeates 14-12-2020, 11:42 AM
National Insurance Contributions by Grim Started by Grim, 11-12-2020, 13:06 PM	16 responses 131 views 0 likes	Last Post by jpkeates 14-12-2020, 11:33 AM
Deed of trust for tax efficiency by ThePalmist Started by ThePalmist, 12-10-2020, 17:33 PM	23 responses 292 views 0 likes	Last Post by ThePalmist 13-12-2020, 17:40 PM
Tax Return- Mortgage Interest by annam222 Started by annam222, 10-12-2020, 09:43 AM	3 responses 123 views 0 likes	Last Post by annam222 11-12-2020, 18:31 PM
Asking for a friend by 1600e Started by 1600e, 11-12-2020, 11:34 AM	16 responses 131 views 0 likes	Last Post by TykeL&L 11-12-2020, 14:52 PM

Class 4 NIC on rental property

by stockport1965

My accountant has completed my tax return. I work as a self employed cleaner and that is my income. Last year I earned less than my personal tax allowance. I rent out a property and I make a profit. Can someone please confirm that class 4 is NOT payable on rental income?
- Channel: Tax Questions
11-01-2021, 14:48 PM
Reply to Class 4 NIC on rental property

by pebblepebble

Are you certain it's for NIC's? I think its the two payments on account which is towards the tax for the next year.
- Channel: Tax Questions
27-01-2021, 23:19 PM
Reply to Class 4 NIC on rental property

by Gordon999

Do you mean £20K profit after expenses ?

If the rental income comes from properties held long term, it is "investment income" and not subject to class 4NIC.

http://accountant-preston-lancashire...e-lettings-tax...
- Channel: Tax Questions
27-01-2021, 23:01 PM
Reply to Class 4 NIC on rental property

by Gordon999

The rental profit ( rental income after deducting allowable expenses ) is taxed as " income + your job income " = total income which is tax at 20% and 40% after deducting the personal allowance.

The class 4 NIC rate is charged on " trading income" but not charged...
- Channel: Tax Questions
27-01-2021, 22:54 PM
When do you have to lodge the Declaration of Trust of beneficial ownership with HMRC?

by Berkshire45

This is for 2 unrelated parties tenants in common with beneficial ownership (rental and proceeds of sale) 100% to one party. They are selling up soon and want to know if the CGT will only fall on the beneficial party....
- Channel: Tax Questions
02-11-2020, 08:01 AM
Reply to When do you have to lodge the Declaration of Trust of beneficial ownership with HMRC?

by pebblepebble

And also the relevent HMRC page has a link...
- Channel: Tax Questions
27-01-2021, 22:00 PM
Reply to Class 4 NIC on rental property

by bhodgkiss

Hi All

my partner's only income is property income, and this year she has £20k profit after tax (first time she's had a decent amount)

Weve got to the end of the self assessment return and it says £1600 too pay in tax, which is fine, but then apparently we need to pay the...
- Channel: Tax Questions
27-01-2021, 21:56 PM
Traditional accounting or Cash Basis ....

by Singhno1

I have a Self Assessment to fill. In the section where they ask about Traditional Accounting or Cash Basis Which one shall I choose.

I have one Studio flat BTL for which I receive rent and expenses earning below £150k of course. I also have a job.

1) What option to choose...
- Channel: Tax Questions
26-01-2021, 14:19 PM
Reply to Traditional accounting or Cash Basis ....

by Singhno1

So if I am choosing Traditional and get paid say £100 on 3rd of Apr rent in advance then I could split it. For eg say rent is £100pcm paid on 3rd Apr then £100x12 / 365 = £3.28 x 3(3rd, 4th and 5th apr) = £9.86 for current financial year and £3.28 x 27 = £88.56 in to the next financial year....
- Channel: Tax Questions
27-01-2021, 19:05 PM
Inheritance and capital gains

by Tlugz55

Hello All, hope everyone is keeping well. I think I'm on the right topic. I just wanted to ask a couple of inheritance tax questions.
my dad approach me and asked me to help sort his finances so we do not have to pay too much tax later.
Both parents still married and own a family house worth...
- Channel: Tax Questions
27-01-2021, 17:01 PM

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