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  • Renting through LTD Company and Mobile Phone

    Good Evening All,

    Normally I would send this question to the Accountant but he is away on a family emergency so didn't really want to ask him this now as it's not mega urgent.

    I am renting Property through a LTD Company and my Accountant said that each Director of the LTD Company...
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  • Can I claim £1000 tax relief on my residential let?

    Hi, Just filling out my self assessment for my flat I let, my income was £5650, my expenses were £615 when claiming for half the mortgage interest, £806 with full mortgage interest. Just wondering, am I allowed to claim the £1000 tax exemption allowance and forget the expences figures
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  • Tax on UK property when living and earning a salary abroad

    Hello,

    We are considering a move abroad (America) with my work but own a few rental properties in the UK - does anyone know how we would get taxed on our rental earnings? I’m guessing we won’t receive the £11k/each tax free allowance and 20% thereafter up to £46k. I can’t work out...
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  • 2015 fully furnished tax allowance 10% or actual cost.

    Hi

    I bought a fully furnished flat in Feb 2015, the furniture was negotiated as part of the purchase price.
    The tenant left so I got it with vacant possession.
    In the end we had to replace quite a bit of this prior to letting it out including a new oven, hob, fridge freezer,...
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  • Tax query on furnished letting (re abolition of wear and tear allowance)

    Hello all,

    I will be a first time landlord from next month onwards. My question is specifically relating to the abolition of wear and tear allowance for fully furnished property letting.

    In my case, I am moving out of my own home (due to work relocation), so I am becoming...
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  • BigPete
    started a topic 2020 Tax Laws on B2L (Capital + Interest)

    2020 Tax Laws on B2L (Capital + Interest)

    Hi all,

    I decided to join here as I'm trying to work out if renting my flat is a sensible option (while taking a 2nd mortgage for a new purchase) or not but would rather know all the facts before jumping in.

    So with that said the 2020 tax laws have me querying something, all...
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  • Joint Ownership of Rental property, how to move all Tax to Wife

    Hi everyone,

    I found numerous threads, but non which specifically answer my question (at least not in the last 8 years)

    My wife and I joint own a rental flat. For the last few years we have been declaring 50% of the profits each.

    I pay the 40% tax, my...
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  • pdhmobile
    started a topic Mortgage free rental property taxable profit

    Mortgage free rental property taxable profit

    Hi everyone,

    this is the situation, my current house(which is mortgage free) is going to be rented out and we have just bought another house with mortgage that we are going to live in.
    We have been told that because the rental house is mortgage free ill have to pay tax on the full...
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  • New landlord struggling with the tax system

    Hi everyone
    Im totally new to this so I'll give you a quick background. I failed to sell a property I previously live in so have decided to rent it. I'm struggling to get my head aorund the taxation part. Im not out to make a major profit, just get the mortgage paid but at the same time I...
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  • nephalion
    started a topic Letting Tax Allowances

    Letting Tax Allowances

    I apologise unreservedly of this question is already answered elsewhere but I wanted to be as certain, as possible, my particular circumstances were clear in asking the question.

    I have a property which is my sole owned (mortgaged) property. For one reason and another I have now let this...
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  • Woodville
    started a topic Using up wife's tax allowance. Confused.

    Using up wife's tax allowance. Confused.

    Hi, we need some general advice with regards to investment and tax. My wife and I are shortly due to let a property that we jointly own outright. The anticipated rent is likely to be c. £7500 per year.
    We are both basic rate taxpayers but my wife's income is very small (less than £1500 per...
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