User Profile

[Gordon999]

If you offer to pay for extending both leases to 999 years , I am sure the other leaseholder will not object.

[Gordon999]

Dormant Company is one with no significant transactions - so if the company has no ground rent income and no bank account , you can declare it is a dormant company.

https://www.gov.uk/dormant-company/d...ompanies-house

[Gordon999]

I think you can tell "Smart Alec", the Company owns the freehold title for the building and is reported to Companies House as a dormant company.

It does not engage in any trading activity with outside parties or with any members of the public and the company is NOT operating...

[Gordon999]

Company B is owned by the flat owners ( Leaseholders ) and owns the freehold of land under the buildin. The Company has the legal right to charge annual ground rent but does not charge ground rent from company members who contributed funds to purchase the freehold. So company has no income...

[Gordon999]

Yes , download the SA105 Tax Form and SA105 Notes for 2016-2017 and do a trial exercise .

[Gordon999]

This website has tried to identify the best business bank account for start-ups ( but not to your set of criteria ) :

https://www.simplybusiness.co.uk/kno...tartups-in-uk/

[Gordon999]

I think your question should be best answered by an accountant because "book value" was usually applied to cost of a property asset purchased by an investment company and recorded in the balance sheet of its accounts . But nowadays, the accounting standards require assets to be shown at the...

[Gordon999]

If you can reduce the outstanding mortgage to below £79 K before transfer to wife , you will be gifting a half share to wife at under £40K and she may escape paying the sdlt.

[Gordon999]

What does the wording inside your lease say about getting freeholder's consent for alterations ? Usually if there is no structural alteration, the consent is given for paying a fee such as £75. Qualified solicitors in provincial towns may charge £200 per hour but paying £400 for a paralegal...

[Gordon999]

Catdog1121,

If total of your job income + rental income comes out below £45K, your tax rate remains at 20% . If you are in the 40% tax bracket, then you may consider using a Ltd Company .

If your 2 properties are managed by your Ltd company,you would be paying about 15% of...

[Gordon999]

Is the Lease a 3 party agreement between Lessor, Management Co and Lessee ? Is the Management Co demanding £120 from you, the same company named in the Lease ?

Just write back to Management Company and say the lease does not require any fee for registration of AST rental agreement...

[Gordon999]

You submit one 2016-2017 tax return, for your annual rental income and expenses arising from all 3 properties

Your Annual Rental income = R(1) + R(2) + R(3) = R(Total )is entered in the "Property Income" box.

Your Annual Rental expenses + E(1) + E(2) + E(3)...

[Gordon999]

I suggest you prepare a letter to inform the HMRC Office :

Dear Inspector of Taxes ,

We A and B are joint owners of the property at Flat 2, 88 Rosetree Gardens . We have agreed commencing from 6 April , 2017 the rental profit from the property shall be shared 90% to A and...

[Gordon999]

See VAT Notice 708 :

https://www.gov.uk/government/public...esidential-use

[Gordon999]

The contractor company has to charge its bill ( job expenses + profit margin ) at the VAT rate to the property owner ( you) .

The chargeable VAT rate can be 5% or 20% ( according to VAT Notice 708.)

https://www.gov.uk/government/public...e-708-building...

[Gordon999]

Yes, after Brexit negotiations have been concluded in 2019 , the tax rules may be changed. So yes , I am guessing ....

[Gordon999]

If your house has been owner-occupied since Jan 2001 and you move out at end of month , the entire period plus 18 months from moving out ( up to May 2019 ) is exempt for capital gains tax . You have capital gains over 18 years period of £280K ( £480 less £200K ) and this is fully exempt for cgt....

[Gordon999]

The list of members are filed by the Company Secretary ( or by Director ) and you should ask the company secretary to explain.last annual filing to Companies House .

If 5 flats have changed owners, you could have 5 new names added to list of members but 5 previous members should be removed...

[Gordon999]

This link to hmrc test may help you :

https://www.gov.uk/guidance/check-em...status-for-tax

[Gordon999]

You can find shops in local shopping parades ( not in city centres ) run by tax accountants offering bookkeeping services, filing of company returns to Companies House/ tax office and tax advice for local businesses. You can approach such firms for advice and ask them to quote their charges for their...