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  • Repair vs Improvement replacing heating system on a BTL

    I have a BTL with a warm-air heating system from the 1980s, which on last inspection was de-activated and condemned. If I replace this with a new, standard combo-boiler and radiators will I be able to offset the costs? Seems like it falls under the ‘technology’ improvements category which would...
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  • LisaMC
    started a topic Calculating mortgage interest for tax return

    Calculating mortgage interest for tax return

    Hi there,

    I'm filling in my self assessment tax return for rental income for Apr 20 - Apr 21.
    I stopped receiving payments in October 2020 and moved back into the property.
    I understand that we now receive a percentage of relief for the mortgage interest so we still have to...
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  • Can anyone recommend how I can set up an SPV online?

    Hi,

    I'm looking to setup an SPV for letting out my residential property. Creating a Ltd company online is so easy to do and can cost around £15+ (with a Business Bank account option too). My accountant said he could do this for about £300, but I thought that was a bit steep given its...
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  • Any complications caused from leaseholder refurbishing communal parts

    We are one of 2 leaseholders, converting an office building into 3 flats. The freeholder and other leaseholder, have agreed for us to refurbish the communal parts. We are aware of all the required building & fire regulations. Until now, we've simply split the cost between us, the leaseholders....
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  • jamieerst
    started a topic Tax while in full time employment

    Tax while in full time employment

    Hi,

    I currently work for an IT company which i have been with for nearly 20 years as an employee, not director etc.

    I am in the higher rate of tax based on my salary.

    I currently have 1 property that i rent out via a management company.

    I am looking...
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  • lbrent
    started a topic Paying wife a salary to manage property.

    Paying wife a salary to manage property.

    I am renting a house with personal ownership (No limited company) and also no property managing agent used. Been lucky to get good tenants who pays in time so all good. I do all the property management tasks, with a bit of help from wife in research good deals. Reading many articles it seems it is possible...
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  • Catfish Hurdles
    started a topic Sole to Joint Ownership

    Sole to Joint Ownership

    I've just got married (yay for me/us). In the spirit of "What's mine is yours" I was thinking of changing the deeds on the rental property I solely own, to that of Joint so that my new wife will have joint ownership of *my* house.

    What will this affect?

    Is this a...
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  • cuttingman
    started a topic Section 24 I don't get it

    Section 24 I don't get it

    Can't find a good explanation of section 24 or maybe I just don't get it.

    So now mortgage interest is added to rental income? but we get a tax credit. If you have no mortgage then it isn't a problem?

    If I earn £50,000 (paye job), get £10,000 rent, have £1,000 mortgage interest...
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  • Residential to LTD BTL stamp duty on new house?

    Hi all,

    I currently own a property ABC and want to transfer it into a limited company buy to let. My question is split into some parts;

    Will I become a guarantor on property ABC once it forms part of the limited company? If so will this appear on my credit report?
    ...
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  • Coronavirus Consent to Let Residential landlord and Taxes

    Hi,
    I am a first time Landlord. I took out a Consent to Let last year when i moved in with my mum to look after her. My mortgage is on SVR. I was suppose to move back into my flat but the government issued a 3 months stay put order due to COVID-19.

    i wanted to move back in before...
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  • Voluntary removal of one Joint Owner in a BTL house

    I own a BTL house with my two adult children as Joint Owners (tenants). I wish to remove my name from the Land Registry record. What would be the Tax implications of such action?
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  • Can someone tell me how much capital gains i will have to pay

    Hi all,
    I own 2 properties, one is my main residence and the other is a rental property which ive let out since ive owned it from 1996.
    I am mortgage free.
    I paid £43,000 for the rental property and its now worth around £500,000
    Does anyone know what the CGT would be if i...
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  • NDNUT
    started a topic Paying tax on rent

    Paying tax on rent

    HI all,

    Scenario below:

    I'm looking into renting out my flat as have moved to a bigger house with pregnant partner. My partner doesn't work but I am in the higher tax bracket. Which (if any) is the best way to proceed?

    Can I have the rent paid directly to partner...
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  • nicolabryan
    started a topic Renovation of empty property to let

    Renovation of empty property to let

    Hi

    i was hoping someone could help. My partner and i have bought a property to let. It has been empty for almost 2 years (2 years come January 2020).

    it needs a lot of work doing to make it liveable particularly in respect of damp. Am i correct in saying if the work would be...
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  • Buy to let property with mortgage - what can be put against tax

    Hi.

    We purchased buy to let property with a small 5 year mortgage.

    1. We paid 3% stamp duty on the sale (£4000). Can it be put against tax?
    2. Can we put the mortgage repayments against tax because we heard from our mortgage broker that tax relief is fazed out gradually,...
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