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Started by max_co71, 21-08-2017, 23:59 PM
3 responses
35 views
0 likes
Last Post jpkeates  
Started by glyall, 21-08-2017, 10:28 AM
1 response
35 views
0 likes
Last Post Gordon999  
Started by klinka01, 21-08-2017, 11:38 AM
2 responses
23 views
0 likes
Last Post Gordon999  
Started by londonrulz, 02-08-2017, 13:02 PM
17 responses
182 views
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Last Post Kape65
by Kape65
 
Started by klinka01, 21-08-2017, 11:08 AM
1 response
21 views
0 likes
Last Post jpkeates  
Started by globularity, 17-08-2017, 22:13 PM
2 responses
86 views
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Last Post Gordon999  
Started by bhodgkiss, 17-08-2017, 06:22 AM
6 responses
86 views
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Last Post bhodgkiss  
Started by Dutchnick, 08-08-2017, 08:08 AM
2 responses
67 views
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Last Post Gordon999  
Started by bonon, 16-08-2017, 08:47 AM
2 responses
63 views
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Last Post jpkeates  
Started by lllccc, 14-08-2017, 00:35 AM
3 responses
79 views
0 likes
Last Post Gordon999  
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Latest Topics

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  • Tax deduction on account and maintenance works
    max_co71
    Instead of hiring an accountant and services company, I have been doing the account and maintenance works myself on my buy-to-let property. While declaring tax return, can I include the hourly rate (as tax deduction) for the works I had done (the account and maintenance services works) ? If I can, is...
    21-08-2017, 23:59 PM
  • Reply to Tax deduction on account and maintenance works
    jpkeates
    It's nothing to do with the income being taxable - that's just a red herring.
    It's not allowed because HMRC has decided it's not - it's part of the job of being a landlord.

    If it were to do with the income being taxable, someone who earned less than the tax free allowance could happily...
    22-08-2017, 10:26 AM
  • Reply to Tax deduction on account and maintenance works
    AndrewDod
    Put another way, are you planning to declare the income you earn from doing this work (and pay tax on it)?
    22-08-2017, 10:09 AM
  • Reply to Tax deduction on account and maintenance works
    Gordon999
    You cannot charge for your own time against the rental income because its still part of your annual income for income tax calculation.
    22-08-2017, 06:03 AM
  • Capital Gains Tax Query
    glyall
    Hello,

    I am looking for help with regards to a query about CGT.

    First off, the situation. I own a flat in Dundee. It's been my main and only residence since September 2013 (nearly 4 years). I am planning to move to Edinburgh to be closer to my girlfriend. She owns a flat 50-50...
    21-08-2017, 10:28 AM
  • Reply to Capital Gains Tax Query
    Gordon999
    If you buy a cheap flat and re-sell after 6 months , the tax Office may decide the "profit is trading income" and subject to 20% or 40% income tax. You would have to live in the flat for atleast one year or longer to claim main residence and exemption for cgt..

    If you have a...
    21-08-2017, 17:31 PM
  • Clarification on ATED
    klinka01
    Hi guys,

    Just needing some clarification regarding the ‘annual tax on enveloped dwellings’ (ATED). From what I understand, there is a charge of £3500/ year for limited companies owning properties worth >£500,000.

    For arguements sake, if I bought a property for £499,000,...
    21-08-2017, 11:38 AM
  • Reply to Clarification on ATED
    Gordon999
    If you’re not sure which value band your property falls into, you may be able to ask HMRC for a Pre-Return Banding Check (PRBC) if:
    • you’re not due a relief that will reduce your ATED charge to nil
    • your property valuation falls within 10% of a banding threshold


    The 10% banding thresholds...
    21-08-2017, 17:03 PM
  • Will it trigger SDLT charges?
    londonrulz
    I was thinking through the process of informing HMRC about unequal shares of benefitors(in this case me and my spouse). As I understand, a form 17 along with evidence of unequal shares must be submitted. Evidence being declaration/deed of trust.

    Providing below details, will my spouse...
    02-08-2017, 13:02 PM
  • Reply to Will it trigger SDLT charges?
    Kape65
    If there is a mortgage on the property care must be taken only to transfer the net equity between the couple. Not only is a transfer of the mortgage interests likely to breach the terms of the mortgage with the lender, but being a transfer of an interest in land it could also trigger a stamp duty land...
    21-08-2017, 15:57 PM
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