Tax Questions

		Statistics	Last Post
Tax query - expenses and carrying over by boink2007 Started by boink2007, 13-03-2020, 20:43 PM	2 responses 82 views 0 likes	Last Post by DPT57 15-03-2020, 09:35 AM
Avoiding big SDLT / Flipping main residence? by SkipFeeney Started by SkipFeeney, 10-03-2020, 21:50 PM	3 responses 96 views 0 likes	Last Post by DPT57 14-03-2020, 23:31 PM
When CGT declaration required tax/years 19/20 & 20/21 by theartfullodger Started by theartfullodger, 26-02-2020, 11:12 AM	10 responses 177 views 0 likes	Last Post by clarrieblue 14-03-2020, 09:27 AM
SDLT on additional property and Ltd Company - reclaiming because of main residence by Vikesh Started by Vikesh, 12-03-2020, 16:38 PM	2 responses 49 views 0 likes	Last Post by Vikesh 13-03-2020, 09:23 AM
Unpaid tax on a rental property - help please! by Advice seeker Started by Advice seeker, 11-03-2020, 15:35 PM	2 responses 123 views 0 likes	Last Post by Advice seeker 11-03-2020, 21:46 PM
CGT on Buy to Let Property Sale with Lease Extension by clarrieblue Started by clarrieblue, 10-03-2020, 15:15 PM	8 responses 65 views 0 likes	Last Post by clarrieblue 11-03-2020, 15:19 PM
SDLT 3% surcharge by Badgerrus Started by Badgerrus, 10-03-2020, 15:37 PM	5 responses 63 views 0 likes	Last Post by jpkeates 11-03-2020, 10:44 AM
Transfer Property into LTD by Cameron9988 Started by Cameron9988, 10-03-2020, 09:00 AM	0 responses 53 views 0 likes	Last Post by Cameron9988 10-03-2020, 09:00 AM
If there is, what tax do I pay on main home if we sell? by Johnc2020 Started by Johnc2020, 04-03-2020, 16:15 PM	5 responses 85 views 0 likes	Last Post by jpkeates 05-03-2020, 17:54 PM
property income lower than tax return threshold - what details? by bowsden Started by bowsden, 01-03-2020, 16:26 PM	6 responses 111 views 0 likes	Last Post by bowsden 02-03-2020, 15:50 PM

Tax Return - HELP!

by Brian862107

Does anyone know of any good online tutorials/guides for filling out your self-assessment tax return? I don't know about you's but I hate filling out forms (they always ask you to tick a box to say the information you've put in is correct too!!)!

This is my first year filling out the self-assessment...
- Channel: Tax Questions
01-07-2020, 15:51 PM
Reply to Tax Return - HELP!

by jpkeates

I'd include the 12th month.

While you're correct that the income fell into the 2018/19 tax year, you didn't declare it then, which is could trigger a fine and a penalty.
It probably won't, but you need to be very careful with your tax - getting on the wrong side of HMRC is a lifetime...
- Channel: Tax Questions
02-07-2020, 08:51 AM
Reply to Tax Return - HELP!

by Brian862107

I've had a look over my rental statements and remembered the reason I have 11 months this tax year and not 12 was that the 1st month rental statement was on the 5th April 2019 (like one day before the 6th April 2019 tax year). I just want to confirm that this is correct or do I need to include the 5th...
- Channel: Tax Questions
02-07-2020, 07:50 AM
Reply to Tax Return - HELP!

by Brian862107

jpkeates Thanks for the informative and quick reply. I didn't mean i'd charge for labour when doing repairs (might not be a lot for paint/shower or whatever i would need to buy but adds up but understand i'd keep receipts and add on form later as expense.) but your post is quite clear and think I've...
- Channel: Tax Questions
02-07-2020, 06:26 AM
Reply to Tax Return - HELP!

by Jon66

The electronic self assessment is fairly easy. If you're not doing this I would recommend you get it set up for next time. There are also explanatory notes as you go along. Just done mine, it must be the covid effect! Doesn't normally get done until after Christmas.
- Channel: Tax Questions
01-07-2020, 23:00 PM
Reply to Tax Return - HELP!

by Gordon999

Are you preparing the paper tax return SA105 ? The figures declared in each box are for one year .

So rental income = £5500.( box 20)

Insurance and rates := ( box 24 )

Prop Repairs = ( box 25 )

Prof Fees ( letting agent ) = £660 ( box...
- Channel: Tax Questions
01-07-2020, 21:38 PM
Reply to Tax Return - HELP!

by jpkeates

I get an accountant to complete my tax return.
It costs, but it's an allowable expense and it's worth it just to know that I'm keeping the tax I pay to a minimum.

You are taxed on your net income (which is rent less expenses - like the management fee and repairs), but you don't...
- Channel: Tax Questions
01-07-2020, 16:54 PM
Reply to Returning from oversea landlord taxation

by jpkeates

When you began your new business you should have told HMRC.
They would have confirmed how they wanted you to complete your tax return.

If you get in touch now, they'll confirm what they want you to do.

Tax returns are based on the tax year, which runs from 6th April to...
- Channel: Tax Questions
01-07-2020, 16:13 PM
Returning from oversea landlord taxation

by LAN45

Hello,

I have been living abroad and paied rental income taxes, according to legislation, to HMRC as oversea landlord.

ue to recent developments I'm moving back to UK looking for a job and would like to understand how to handle paying taxes? I will have no further income for...
- Channel: Tax Questions
22-06-2020, 12:15 PM
Reply to Returning from oversea landlord taxation

by LAN45

Thank you. Since I've never done a self assessment when is it due for? In this thread people wrote end of year, is it calendar year 31/12 or fiscal year 01/04? Or something different?...
- Channel: Tax Questions
28-06-2020, 15:09 PM

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