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  • Half tax for current tax period due by end of January (for the first time)

    Hello everybody,
    I've just done my self-assessment for 2019-2020 and for the first time I've been asked to pay in advance half the tax for the current tax period, 2020-21 (see below).

    My self-assessment is rather simple, I only have my job and 1 rental property and none of that has...
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  • First Time Buy to Let investment advice

    Dear All,

    I am looking to purchase my first property as Buy to Let. I have never owned a property before and is in full time employment. I am writing to seek advice on the following matters:

    1) Do I have to pay the additional 3% stamp duty for Buy to Let?

    2) In...
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  • splodge2001
    started a topic Tax on foreign property

    Tax on foreign property

    A friend of mine has a flat with no mortgage that she has been letting out in Israel for the last 3 yrs. She has paid the local lettings tax and is a UK resident.

    The rental income has stayed in a bank in Israel. Is she due to pay UK income Tax? If so, at what point? When the money is...
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  • Landlord income Tax? -who's responsible for paying the income tax?

    Landlord income Tax? -who's responsible for paying the income tax?

    The landlord doesn't have to be the owner of the property necessarily does he ?

    If a property is rented out, then this is a form of rental income, so it has to be declared to HMRC.

    If the...
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  • Laddie Godiva
    started a topic Treatment of rent arrears in tax return

    Treatment of rent arrears in tax return

    Hi, I don't have a huge portfolio to use an accountant so what is the correct way to deal with rent arrears in a tax return? One advice is to enter the actual amount of rent received, another is to enter the contracted amount and then to enter the amount of arrears in the "other allowable expenses"...
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  • HMO = Income from Property or self employment

    I am looking for some feedback on a response I have had from HMRC. A friend has a large house and they have 3 lodgers, which makes them a HMO.
    They need and want to declare the income to HMRC and I would say it should be declared under income from property, but HMRC have said it should be treated...
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  • Tax relief due to increased mortgage costs on ppr?

    I moved house in April and after being unable to sell my existing property we have decided to rent it out. I'm really struggling to find answers to some specific questions, really hope you guys can help!

    1. We had to take a higher mortgage (tune of 60k) on the new house because we were...
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  • Setting Up a Rental Business on your own properties

    Do you know if you can set up a rental business that you pay a management fee to on properties that you own and manage. This rental business then pays you a salary as its employee. By doing this you can convert investment income to earnings which means that you can then pay the salary into a pension...
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  • sentry1
    started a topic Let-to-Buy - What should I be aware of? Help!

    Let-to-Buy - What should I be aware of? Help!

    Hi All,

    I'm a newbie on this forum and will be a newbie landlord.

    My wife and I are going to get a further advance on the mortgage on our current flat, let it out and move to a bigger property.

    I have agreements in principle for the mortgages (I will convert...
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  • elbrown
    started a topic Rental income tax + tenants in common

    Rental income tax + tenants in common

    I have a property that I rent out, and have a question on reducing income tax through tenants in common.

    At the moment it's in joint names between my wife and I, but I have read that it's possible to change to tenants in common and give my mother 1% ownership. The split would then by...
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  • Remortgaging main home to buy property

    My husband and I have raised a mortgage by remortgaging the property we live in. We are currently buying a flat we intend to let out. We have an offset flexible mortgage. In doing it this way can someone advise me what to bear in mind from an income tax point of view? The property will be only in...
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    Last edited by Smileyface; 17-03-2010, 15:59 PM. Reason: spelling error
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