Contents. About Arthur Weller What Expenses Can I Offset Against Rental Income? Switch Property With Your Spouse...

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1 Contents About Arthur Weller INCOME TAX 1. What Expenses Can I Offset Against Rental Income? Switch Property With Your Spouse Any Tax Due For Unemployed Person? I Am A Pensioner; Do I Still Need To Pay Tax? Can I Change My Intention To Help Reduce Tax? The Most Tax Efficient Way To Take Out A Mortgage What Is Rent-A-Room Relief? Can I Offset The Rent I Am Charged? Can I Offset Property Losses Against Other Income? Is Property Now Classed As Business Income? Is There A Limit To The Amount That Can Be Claimed? Can I Offset The Cost Of Buying A Vehicle? Can Interest Be Claimed As A Business Expense? Can I Offset Money Paid To The Tenant? Should I Contact HMRC Myself? Can I Offset These Losses? Is There A Difference When Offsetting Interest? Can I Lease My Commercial Property To My Company? Will Rent-A-Room Relief Impact Me? Can Interest Incurred In Funding A Development Be Offset? Can My Client Re-Arrange His Affairs To Offset Interest? When Do I Pay My Tax If I Have Sold A Property? Can We Merge Our Portfolio And Split The Income? Should My Property Company Become VAT Registered? Page - 3

2 25. How Do I Handle General Portfolio Costs? Can I Bring My Undeclared Loss Forward? I Rent Storage. Can I Offset The Costs? Look To Claim Costs As Revenue Costs? I Am Unsure If The Cost Is A Capital Cost Can I Claim My Costs For Re-Mortgaging? Are These Costs Of A 'Capital' Or 'Revenue' Nature? Should I Declare My Rental Losses? Do I Need To Have Receipts? Re-Mortgaging A Property After Cash Purchase Offsetting The Cost Of A 5,000 Property Seminar Can I Claim Tax Relief On Drawdown Money? Can I Maximise Tax Relief? Can Service Charges Be Deducted? Can I Transfer The Property? Can My Son Live Rent Free In UK Property? Can Our Property Business Hire My Self-Employed Partner Is My Building Of A House Classed As A Property Trade? Will My Rental Income Affect My Tax Credits? Non-Refundable Fees How Will I Be Taxed? Starting Out As A Landlord? Can I Claim Mortgage Relief? Are We Liable To Tax On Interest Free Loans? Can I Offset The Repayments? Can I Pay A Family Member To Manage My Property? Can We Offset Our Cost? Can Mortgage Interest Be Offset? What Is The Highest Rate of Income Tax I will Pay? Is This A Good Idea...? Page - 4

3 54. Can I Deduct Capital Expenses From Profits? Can I Claim VAT on Purchased Property? Can I Offset Interest from Our Re-Mortgage? Should I Buy in Sole or Joint Name? Can I Pay Myself for the Time Spent on Managing My Property Business? What Can I Offset Against Income? Should I Pay Cash Or Get a Mortgage to Purchase Buy to Let Property? Are These Legitimate Expenses? How Do I Go About Submitting a Tax Return Without the Help of an Accountant? How Long Should I Live In A Property For It To Become My Main Residence? Do People 80 Plus Have to Pay Council Tax? Repairs to Commercial Property NI Payments I Am Extending a Leasehold Flat Lease Will There Be Anything Tax Deductible? The Cost And Tax Implications of Separating Title Deeds Am I Eligible For Council Tax Exemption? Would This Be Classed As An Equity Release Scheme? What Steps Can I Take With My Accountant And The Taxman? Will I Have to Pay Tax? Claiming Mortgage Interest Relief On Buy-To-Let Property? Will We Be Subject To Income Tax? As Joint Tenants Are We Forced To Split The Income 50%/50% for Tax Purposes? When Can You Change From Claiming 10% Wear And Tear To Renewals System? What are the Tax Implications of Making Overpayments to My Mortgage? Is the Cost of Felling a Tree an Allowable Expense? Can I Claim for Landlord s Energy Saving Allowance? Can Mortgage Interest Be Included on My Tax Return? Can We Merge Our Portfolio and Split the Income? Tax On Rental Income Page - 5

4 83. Signing Over A Property To A Child What Is The Tax Position On Lender And Conveyancer Fees For Re-mortgages? Can I Still Claim Tax Relief? Do I Need to Inform HMRC About This Change? How Do Capital Allowances Work for Small Commercial Property Investors? Can I Claim Council Tax Exemption On My Empty House? Is The Following Possible In Relation To Buy To Let? Can I Use Equity Released To Pay For My New Residence? What Is Our Tax Position? Can I Offset Interest Payments? Is There A Tax Liability? Is This An Expense Or A Capital Charge? Am I A Landlord Or Not? Can I Claim Outgoings Against Rental Income? Is This A Tax Deductible Expense? What's The Tax Position On Rental Income Received By Joint Owners? How Far Back Will HMRC Go To Assess My Income Tax Liability? What Do I Have To Do To Qualify? When Is The Tax Due? What Is My Tax Position And Should I Form A Company? Is This A Wasting Asset? Am I Entitled To Entrepreneurs' Relief? When Can I Claim For These Required Repairs? How Does A Deed Of Trust Work? Can I Utilise Loss Relief? Can I Claim For 'Wear And Tear'? Tax Relief On Mortgage Payments - How Far Back Can I Go? Property Held On Trust For A Company? Can I Offset The Interest On The Loan Against The Rental Property? Page - 6

5 112. Can We Split The Rental Profit This Way? Are These Modernisations Capital Or Revenue Costs? Do You Have To Split Income According To Ownership? Can My Daughter Be On The Deeds Even Though She's Not Paid A Penny? Can I Revalue To Save Tax? Is The Replacement Of Wooden Double Glazed Windows An Allowable Expense? Do I Have To Pay Tax On The Money I Receive After A Property Buy-Out? Who Takes The Cost Of The Mortgage And Other Costs? How Should We Split The Ownership? Are HMRC Correct? Can We Claim Tax Relief On The Interest? What Constitutes Repairs To The Property Or An Improvement? What Costs Are Allowable? Can You Advise Me On What I Should Do For The Best? Can You Advise Me On What I Should Do For The Best? Do I Need To Pay Tax Twice? Can I Claim The Repairs On My Tax eturn? Joint Ownership Or Gifting Properties - What Is The Best Option? Can I Claim Interest Relief On These Borrowings? Should We Move The Property Into A Company? Property Owned By A Minor - Can This Be Done? Can I Gift My Half Share? How Can We Reduce The Amount Of Tax We Pay Back? Do I Need To Include This In My Self-Assessment Form? Are There Any Tax Implications We Need To Be Aware Of? What Are Our Tax Positions? Tenants-In-Common And Property - What Will Be The Tax Position? Rental Income Losses Can I Offset? Individual Or Collectively Taxed? Page - 7

6 141. Is There A Requirement To Declare? CAPITAL GAINS TAX 142. Any Tax If I Sell My Home? What Is The Most Amount Of Tax? Is Letting Relief Restricted To Upper Limit Of 40k? Can I Select Any Property As My PPR? Can I Claim Private Letting Relief? Can I Offset Costs If I Have Lived In The Property? Can I Sell My Property Below Market Value How Can I Make Sure I Pay Minimal Capital Gains Tax? When Should We Gift Our Son a Property We are Buying? What Are The Tax Implications, If Any, of Selling Part of My Garden? Do I Have To Live In It To Be Exempt From Tax? Do I Qualify For Principal Private Residence Relief? Acceptable Or Not? Do I Have More Than One PPR? Part Residential, Part Business - Can I Claim PPR? Being Eligible For Private Residence Relief How Long In A Property Before I Get PPR? Can I Defer Capital Gains Tax? What CGT Liability For Property That Is Partly PPR? Can I Avoid CGT By Moving Funds? Can I Increase Borrowing To Minimise Or Avoid CGT? Do I Pay CGT If I Build Apartments In My Residence? Will I Be Able To Avoid CGT By Helping My Brother? How Can I Transfer To My Children And Avoid CGT? Will I Pay Capital Gains Tax Or Income Tax? Is There CGT Due On A Property Purchased For My Mother? Can I Buy Property For A Child Under The Age Of 18? Page - 8

7 169. How Will A Cash Back Offer Affect My Future CGT? Can We Save Tax By Buying In Children s Names? Should I Incorporate? The Easiest Way To Avoid CGT Can I Use Remainder Of My CGT Allowance? Can I Claim Unused CGT For Previous Years? Can I Transfer My CGT Allowance? How Can My Partner Reduce CGT? What Is The Tax Date For CGT Purposes? Will I Still Be Liable To Capital Gain Tax? How Can I Avoid Paying CGT? Can I Use The CGT Allowance Twice? How Do I Work Out Capital Gains Tax (CGT)? When Do I Pay Capital Gains Tax (CGT)? Will I Be Liable for Capital Gains Tax (CGT) On The Income From Let Property? Will I Just Pay CGT On Market Value If I Sell An Inherited Property? Will I Pay CGT On My UK Property? How Can We Avoid Capital Gains (CGT)? Will I Have To Pay CGT On a Let Property Which Was Previously Our Main Home Capital Gains Tax and PPR If We Sell At A Loss, Will We Still Have to Pay CGT? How Much CGT Will We Have to Pay? CGT Or Corporation Tax or Both? How much CGT Would We Pay, If Any? Is There A Capital Gains Risk And/Or An Offset? What Can I Expect To Pay In CGT? What Will Be My Capital Gains Position? Gift Of Property - Does It Attract CGT? Will This Avoid CGT? Page - 9

8 198. Should I Move Into Previously Rented Out Property? Can I Give A Family Member A Financial Gift? How Do You 'Gift A Property In Stages? Avoiding Tax When Splitting A Property Tax Treatment For New And Replacement Kitchens Transferring Property To Your Children What Tax If I Immediately Sell An Inherited Property? Using Your CGT Allowance On A New Build How is Property Ownership Determined? Can I Transfer My Property? Can My Brother Discount His Share Of Property? Should I Gift or Use a Lease? Is This My Main Residence Or Not? Tax Implications Of Gifting A Small Percentage Of Property How Do I Gift My Property To My Son? What Tax Will I Pay On A Transferred Property? What Is The Tax Position On Private Residence Transfers? What Is My Capital Gains Tax? What Is My Aunt's Tax Position Please? What IHT And Possibly CGT Would Be Payable? True Or False? Can I Offset The Cost For Extending The Lease? INHERITANCE TAX 220. Can We Gift Our Buy-to-Let (BTL) Property To Our Children? What Is My Inheritance Tax Liability? At What Rate Do My Inheritors Pay Inheritance Tax? Inheritance Tax Planning - Which Is The Best Way? Is There A Tax Efficient Way To Make Gifts? How Do I Minimise My Children's IHT On A Property? Page - 10

9 226. How Will A Discretionary Trust Reduce IHT? Can My Mother Live Rent-Free? Any Tax If I Sell Land That Forms Part Of Garden? If I Die Will IHT Be Due Immediately? How Can I Avoid Inheritance Tax? Can My Mother Live Rent-Free? The Tax Implications of Selling Below Market Value? Can I Offset A Loan From My Husband? STAMP DUTY LAND TAX 234. What Is The Tax Position For A Settlor And Trustee? Transferring Property From Sole To Joint Ownership - Any Pitfalls? What Is My Stamp Duty Liability? Can I Receive the Income In My Wife s Name? Any Stamp Duty If I Swap Properties? Am I Eligible For Stamp Duty Exemption? Am I Able To Claim Back Stamp Duty Land Tax (SDLT)? Will We Be Liable for Stamp Duty On Our First UK Property Purchase? Can I Claim Stamp Duty Land Tax Relief? Can We Benefit From Lower Stamp Duty Land Tax? Is Stamp Duty Payable? Can We Drop The Price Of One House? Should The Property Be Sold Or Put Into Trust? Will Stamp Duty Land Tax Be Payable? Page - 11