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Found 10 results

  1. Im an accountant who deals with a lot of individuals who are investing in BTL and those who have a property portfolio. Dealing with the tax compliance and advice. If anyone would like any advice please do not hesitate to contact me.
  2. Afternoon all, We have just finished work on the updated version of our buy-to-let tax calculator, which includes a new function that landlords might find useful. As well as the standard income tax calculations, the 2016/17 version includes an optional drop-down menu that allows you to select a future tax year between 2017/18 and 2020/21 onwards. (If you don't select anything, the calculator will default to the current tax year.) Using this option will provide an indication of how the phased withdrawal of BTL tax relief might affect your tax bill at each of the four stages. htt
  3. I have been gifted a monthly amount of money from my dad for the last few years and it qualifies under 'normal expenditure out of income' (section 21 of the Inheritance Tax Act 1984). I was just wondering if I am able to boost my salary by adding this monthly gift to it? and in turn apply for a larger mortgage? for example; I have been gifted £500 per month, for the last 7 years from my dad ('normal expenditure out of income'). Can I add this to my main salary of £2500, to boost my salary to £3000 and receive a larger mortgage? Cheers
  4. My mother-in-law wants to gift her residential property to my partner and I, but remain living in it. The house is worth about 180k with a mortgage of about 30k. Our plan was to apply for a BtL and release the equity, gifting some back to her to enjoy, but ensuring she pays rent. I believe there are some caveats on BtL to family which would need to be considered. Are there any tax implications in gifting? My thoughts after some research were: - no IHT if she lives for >7y - no capital gains for her because it is a residential property, though w
  5. Hi all, I hope you are all well. i have a few questions about investing in my fiancé’s BTL property. My partner and I are looking to add myself to the deeds of the property and pay off 75% of the current mortgage, which is in her name. I will then collect the rental income in my name, pay the relevant tax and pay my Fiancé a percentage that reflects the percentage she has in the property. Current situation we both pay the higher rate of tax and are in the process of buying a main residence together. I own 2 other btls. questions are there any tax impli
  6. Louise and her team of property tax specialists have been speaking with a number of clients that are concerned about income tax, given the budget changes, and how they should structure their property business within a family. There are a number of concerns that people ought to be aware of: - Are you keeping your fair share of earned income or is HMRC taking more than what seems reasonable? - Are you protecting your hard earned wealth for future generations, or are your assets under threat from HMRC’s Inheritance Tax or family mis-use?
  7. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT) Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately
  8. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT)Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately, howeve
  9. The budget announcement changed an awful lot In previous years you could offset all of the mortgage interest you paid against your property income. If your property was furnished then you were also allowed a 10% wear and tear allowance. Both of these things helped to reduce your tax bill. But the world has changed since the most recent budget announcements, which I covered extensively in my previous article. Now you will not be able to offset all of your mortgage interest costs if you are a higher rate taxpayer, or even if your rental income before deducting mortgage interest costs pus
  10. Hi, I have recently purchased my second BTL property. The first was a relatively new property with a sit in tenant, so nice and easy
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