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Where Taxpayers and Advisers Meet

Search found 13 matches

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by Mason1880
Tue Apr 09, 2019 12:06 pm
Forum: Tax Investigations and Enquiries
Topic: Married couple and property income tax nightmare.
Replies: 6
Views: 2540

Re: Married couple and property income tax nightmare.

How did this pan out for you in the end?
by Mason1880
Fri Mar 08, 2019 3:48 pm
Forum: Property Taxation
Topic: HMRC Form 17 unequal split
Replies: 4
Views: 310

Re: HMRC Form 17 unequal split

Would land registry still need to be informed?
by Mason1880
Thu Mar 07, 2019 7:12 pm
Forum: Property Taxation
Topic: HMRC Form 17 unequal split
Replies: 4
Views: 310

HMRC Form 17 unequal split

Could someone clarify, if we were to change the split of beneficial interest via form 17, does anything need to be recorded at land registry or is this simply a tax matter.

Also are there other implications in the future through doing this?

Any help would be much appreciated
by Mason1880
Sun Mar 03, 2019 10:08 am
Forum: Property Taxation
Topic: Tax Free Allowance £1000
Replies: 3
Views: 321

Re: Tax Free Allowance £1000

Thanks I’ll take another look.

Also states on the gov website if income is less than £1k you don’t need declare? Again net or gross?
by Mason1880
Sat Mar 02, 2019 6:52 pm
Forum: Property Taxation
Topic: Tax Free Allowance £1000
Replies: 3
Views: 321

Tax Free Allowance £1000

Hi Looking at the gov.uk site it mentions that the first £1k of property income is tax free. How does this work in practice, does HMRC calculate this or do I need to show this somewhere in my tax return? It also states that rental income of less than £1k doesn’t require a return, I guess that is bec...
by Mason1880
Tue Feb 19, 2019 6:33 pm
Forum: Property Taxation
Topic: Property Ownership
Replies: 2
Views: 301

Re: Property Ownership

The best position is therefore to for my wife to keep her property solely as hers. The other 2 we complete a deed so that it is owned 50/50?
by Mason1880
Sun Feb 17, 2019 11:38 pm
Forum: Property Taxation
Topic: Property Ownership
Replies: 2
Views: 301

Property Ownership

I’ll try and keep this simple, I own a property in my name. Wife owns a property in her name and we own one in joint names. Whilst owned as above, we deal with everything between the 2 of us. I’m higher rate tax payer and my wife is lower rate. Previously as profit has been minimal a tax return in m...
by Mason1880
Thu Feb 07, 2019 10:16 am
Forum: Property Taxation
Topic: Property Tax Return Not Required
Replies: 4
Views: 381

Re: Property Tax Return Not Required

Thank-you for the comprehensive response it’s much appreciated.

When I did my own return I found it best to fully complete a return each year irrespective if they wanted it or not.

Can the previous years be corrected as profit was down from £2k to around £600 for the last 3 years?
by Mason1880
Thu Feb 07, 2019 10:01 am
Forum: Property Taxation
Topic: Is tax shared equally?
Replies: 5
Views: 404

Re: Is tax shared equally?

Why not transfer ownership to your wife instead if she would remain a lower rate tax payer? I believe this may be possible through a deed of trust?
by Mason1880
Thu Feb 07, 2019 9:57 am
Forum: Property Taxation
Topic: Property Tax Return Not Required
Replies: 4
Views: 381

Property Tax Return Not Required

Looking for some assurance, I completed a tax return for my property rentals 4 years ago, this gave me a profit of £2100 for which my tax code reflected the following year. Since then each year I have had a message from my accountancy firm that upon submission online they are given a message that no...

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