Tax Questions

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Tax return advice needed by Cuff4 Started by Cuff4, 15-11-2017, 15:59 PM	12 responses 284 views 0 likes	Last Post by jpkeates 20-11-2017, 14:15 PM
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CGT When Lease Extended by clarrieblue Started by clarrieblue, 15-11-2017, 16:48 PM	9 responses 2,298 views 0 likes	Last Post by Gordon999 18-11-2017, 05:11 AM
Capital Gains Tax question? by rugbyroom Started by rugbyroom, 16-11-2017, 14:20 PM	4 responses 220 views 0 likes	Last Post by leaseholder64 16-11-2017, 17:47 PM
Shared Ownership: 99:1 ownership by landforce Started by landforce, 06-11-2017, 20:12 PM	6 responses 708 views 0 likes	Last Post by Gordon999 15-11-2017, 13:56 PM
Should I complete a BTL property before or after the budget? by nick_noal Started by nick_noal, 14-11-2017, 18:06 PM	5 responses 122 views 0 likes	Last Post by jpkeates 15-11-2017, 09:28 AM
Pre-letting expenses - Windows by evsy Started by evsy, 11-01-2010, 23:23 PM	15 responses 4,031 views 0 likes	Last Post by bluebonnie 13-11-2017, 17:11 PM
CGT liability by splodge2001 Started by splodge2001, 12-11-2017, 21:06 PM	4 responses 99 views 0 likes	Last Post by jpkeates 13-11-2017, 10:04 AM
Scottish BTL by jambo Started by jambo, 01-11-2017, 13:08 PM	1 response 95 views 0 likes	Last Post by Gordon999 07-11-2017, 10:20 AM

Switching mortgage to BTL and tax implications

by dotcotton999

Evening all,

I am currently looking to move house and also have a rental property that has around £200k equity in it.

The rental house had consent to let and on a repayment mortgage and has 3 years to go until I can switch deals.

I have spoken to a mortgage broker...
- Channel: Tax Questions
08-04-2021, 19:52 PM
Reply to Switching mortgage to BTL and tax implications

by Gordon999

D999,

The taxman's method of calculating :

Capital gain is the Sale Price ( say £200K ) minus Purchase Price ( say £130K ) = £70K capital gain.

But buying and selling expenses are allowable and include the conveyancing cost : say £1K plus estate agent'...
- Channel: Tax Questions
12-04-2021, 14:17 PM
Reply to CGT and tax returns

by Lots on

Thank you for your kind words JP and the tips re using an accountant. Having been taxed at source all my working life this is very useful information. I will look round for an accountant. A friend of mine who is also a landlord as well as having a day job has one, so maybe a personal recommendation...
- Channel: Tax Questions
12-04-2021, 10:04 AM
CGT and tax returns

by Lots on

Hello all, just need some advice re CGT. I have a house which I refurbished entirely, mostly in this financial year and I could start my tax returns on the 6th of April 2021. I spent nearly £30000. New kitchen and bathroom, re doing the garden, new flooring throughout ,total electrical re wire, re...
- Channel: Tax Questions
02-04-2021, 09:46 AM
Reply to CGT and tax returns

by jpkeates

Thank you for your work in the NHS!

I've found that the first sessions were the most valuable in terms of what could be saved, and the value has diminished slightly and the costs of the returns being done has stayed the same/slightly increased, so it feels like it's less worth it.
...
- Channel: Tax Questions
12-04-2021, 08:28 AM
spreadsheet

by jase222

I been looking at spreadsheets to list my expenses and every template I find seems to allocate expenses per house ie 5 houses = 5 separate sheets whereas I just put everything down on one sheet.
I would like to know if I have been doing it wrong all these years.
Any help...
- Channel: Tax Questions
11-04-2021, 13:53 PM
Reply to spreadsheet

by jpkeates

I use one page of a spreadsheet for all the income and expenses and have other pages which automatically summarise the data property by property.
- Channel: Tax Questions
12-04-2021, 08:24 AM
Reply to Switching mortgage to BTL and tax implications

by jpkeates

When you sell the property, you can't retain any of the equity, so that doesn't really make any sense to me.
On disposal, the mortgage will end and have to be repaid.

The value of the rental property when first let is also a limit to the amount of the loan against which interest can...
- Channel: Tax Questions
12-04-2021, 08:22 AM
Reply to Switching mortgage to BTL and tax implications

by dotcotton999

Gordon999 thanks for your reply. In regards to CGT so if I was due to sell a house I could request to remove all the equity before the sale and wouldn’t be subject to CGT... that doesn’t seem right.

In regards to switching my mortgage from repayment to and interest only... would I incur...
- Channel: Tax Questions
11-04-2021, 19:31 PM
Reply to spreadsheet

by Gordon999

Its good to keep a separate sheet for each property because when you come to sell one house , you may want to show the rental and expenses records for one house to prospective buyers.
- Channel: Tax Questions
11-04-2021, 19:08 PM

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