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Started by steveeeee5, 20-11-2016, 17:54 PM
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by Sicher
 
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  • Reply to New Landlord - Self Assessment Help
    by jpkeates
    There are two types of expenses allowable for tax for a landlord, operational and capital.
    Operational expenses are allowed against income and capital expenses deducted from any capital gain for CGT on disposal.

    A lot of the expenses that you have listed would be at least partially...
    28-03-2020, 16:13 PM
  • New Landlord - Self Assessment Help
    by mrdiy88
    Hi Guys,

    My wife and myself bought a property in December 2018. It needed repairs and other work such as:

    1) A New roof (Tiles felt and battens) due to porous tiles
    2) A new kitchen as it was in a bad state of repair and no one would spruce it up
    3) A new bathroom,...
    28-03-2020, 15:56 PM
  • Reply to Implications of Gifting a % of Property
    by Claymore
    jpkeates,

    That's lovely, thank you so much!
    24-03-2020, 01:50 AM
  • Implications of Gifting a % of Property
    by Claymore
    Hi

    My main residence is unencumbered. I am thinking ahead (with the thought of the 7 year rule on inheritance tax).

    If I gift my son 50% of my property now - would I still be OK to live in the house?

    Would there be any immediate tax consequences of gifting him...
    18-03-2020, 15:29 PM
  • Reply to Implications of Gifting a % of Property
    by jpkeates
    That's another reason to use a trust,
    The trust becomes the beneficial owner of the property, so it moves out of your estate for income tax purposes (over seven years).

    You and your son would be the beneficiaries of the trust, so should anything happen to either of you, the trust...
    23-03-2020, 14:32 PM
  • Reply to Implications of Gifting a % of Property
    by Claymore
    Thanks JP. I am thinking of gifting him 50%, he will still be living with me for a few years.

    My biggest concern is that if he marries and then divorces etc - how that would affect me!...
    23-03-2020, 13:53 PM
  • Reply to Capital Gains Tax confusion
    by FluffyBunny
    Thank you jpkeates, very helpful
    23-03-2020, 12:51 PM
  • Capital Gains Tax confusion
    by FluffyBunny
    Hi

    We are considering selling our second home and wonder if anyone can help.

    Background: My husband bought the home in 1988 for £44,000. Over the years it has been rented out for 1 year, empty for 2 years and rented out again for the last 3 years. Up until 3 years ago it...
    17-03-2020, 17:38 PM
  • Reply to Capital Gains Tax confusion
    by jpkeates
    Your main residence is the place that you live. If you live in more than one place, you need to tell HMRC which is your primary residence and update them if it changes.
    Most people only have one residence, so it's just a matter of fact.
    Based on what you posted, it was your main residence...
    23-03-2020, 10:03 AM
  • Reply to Capital Gains Tax confusion
    by FluffyBunny
    Thanks for the reply. Can anyone help with my other questions please?
    22-03-2020, 16:43 PM
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