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niccolo

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  1. Thank you for the reply and yes, that's a great point. I read about the change of guidance case. Because of that I download the current guidance I am using. https://www.accountingweb.co.uk/tax/hmrc-policy/hmrc-altered-guidance-to-deny-interest-relief I am keeping the balance sheet and capital accounts to ensure the partners have their inital capital investment returned and they don't go overdrawn. As capital introduced I am counting; the property value (accounting for; mortages, deposit or cash purchase) and any other costs associated with the property acquisition which qualif
  2. Thank you, I am considering the implications of returning capital which was initialy lent by the partners after property is refinanced. The key area I found interesting is; Increasing a mortgage If you increase your mortgage loan on your buy-to-let property you may be able to treat interest on the additional loan as a revenue expense, as long as the additional loan is wholly and exclusively for the purposes of the letting business. Interest on any additional borrowing above the capital value of the property when it was brought into your letting business is not tax
  3. I'm looking at the forms SA800 - Partnership Tax Return SA801 - Partnership property return The 2 partners are running their business as a general partnership. They buy a propery in their own names and include it in the partnership tax returns. The properties are either cash bought or mortgage and deposit. Do the properties, mortages, cash, deposit get accounted for in the balance sheet and capital accounts?
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