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Started by will_i_ams, 26-01-2017, 22:05 PM
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Started by newtoallthis, 27-01-2017, 09:53 AM
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Last Post DPT57
by DPT57
 
Started by pattester, 27-01-2017, 14:14 PM
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Started by pattester, 23-01-2017, 13:17 PM
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Started by 3Xlandlady, 23-01-2017, 14:53 PM
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Started by pattester, 24-01-2017, 03:01 AM
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Started by africadan, 21-01-2017, 16:18 PM
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by DPT57
 
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  • CGT evidence
    by PaulRs1
    Hi All,

    I’m an accidental landlord and about to sell the house. Lived in it for 4 years and rented it out for 6 (with the intention of moving back, which never happened)

    im aware I need to pay CGT and can claim improvement costs, I basically bought a wreck and renovated it...
    08-08-2020, 13:25 PM
  • Reply to CGT evidence
    by AndrewDod
    Most of those things are not capital expenses anyway. Your probably already claimed then as expenses against rental income. Painting a place which you then live in certainly is not a capital expense, not an improvement (in CGT terms). Building a wall where there was not one before is an example of an...
    09-08-2020, 23:25 PM
  • Can I Rent My Private BTLs to my own Ltd Company?
    by Crunchie
    I own 5 buy to let HMOs in my private name with mortgages and have to pay the higher rate of income tax. My properties are my only source of income.

    Can I set up a Ltd Company and rent my properties to it for a rental that is less than the higher rate tax band, say £45,000 total? The tenants...
    09-08-2020, 20:25 PM
  • Reply to Tax to Pay on Lease Extension
    by divadee
    We paid 18,000 for the freehold and had legal costs of approx 2k for the purchase. This was 4 years ago though. Can we still offset purchase price over income 4 years later?...
    09-08-2020, 20:20 PM
  • Tax to Pay on Lease Extension
    by divadee
    Myself and partner own the freehold to the building we live in, this is in the form of a limited company. We were accidental freeholders as the previous freeholder wanted to sell and no one else living here wanted to buy it so we bought it to have some control over the service charges etc....
    ...
    07-08-2020, 09:48 AM
  • Reply to First time self assessment calculation before submittnig?
    by Advice seeker
    Thanks JP, good to know.

    Does it make a difference I have never actually lived there?

    In a nutshell, was family home, to keep certain over sentimental family members happy, it wasn't touched for ten years, literally, until the council threatened a forced purchased. Even when...
    09-08-2020, 15:46 PM
  • First time self assessment calculation before submittnig?
    by Advice seeker
    Hi all

    This might be a simple one, or not.

    Can someone please advise if this seems correct?

    For 2019-2020 I have the following on the HMRC form:

    £9715 income
    £2558 total allowable expenses

    Profit £7517

    I believe mortgage...
    15-07-2020, 20:04 PM
  • Reply to CGT evidence
    by Gordon999
    Since you live in the house for 4 years plus you can claim 9 months after moving out as your main residence period = roughly 5 years .

    You will have to pay cgt for last 5 years whilst under rental . I suggest you pay for a "high valuation" for your property in Aug 2015...
    09-08-2020, 11:40 AM
  • Reply to First time self assessment calculation before submittnig?
    by jpkeates
    You sound to have about £300,000 in gain, spread over 21 years, with 11 of them in a business.
    You can feed the values into any CGT calculator around, but the CGT is likely to be £40-44k.

    The longer it stays in the business, the lower the proportion of CGT will be (but the gain...
    09-08-2020, 09:46 AM
  • Self assessement questions
    by Logical.Lean
    I'm just doing my wife and my self assessment.

    We own a property together in the a 90/10 % split.

    The first question online is whether my income from property is greater than £1000.

    No.

    I've itemized all costs and interest etc on a spreadsheet...
    08-08-2020, 15:44 PM
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