Wojciech

Thank you - though I thought that this was one of the ways to contact HMRC and get an explanation of the rules, is it not the case? If not, how can I contact HMRC? The ways I tried thus far: 1 Sending a paper letter - sent one in February this year (on another topic), still have not received a response 2 Called, waited for well over an hour to get connected and when the advisor was going to put me on hold, he apparently hang up by mistake - and never called back 3 Tried using online chat, but never got connected to a real person and the chatbot I spoke to was completely useless How can I get in touch with HMRC, other than the three options above? Thank you

Yes, that is exactly the reason why I am asking. The general enquiries site you linked does not answer my question and based on guideline from HMRC: 'If you keep your shares in a SIP until you dispose of them, you will have no CGT to pay in respect of this disposal.'
That is why I am asking to confirm if this is correct, to make sure I pay the correct tax (in this case none, for employee shares).
Can you please confirm.

Thank you very much for the information. Can I just clarify on HRMC's exact requirements and the next steps myself and my parents would need to follow - in order to avoid potential problems and penalties. My understanding based on what you said and guidelines online is the following - can you please confirm that is correct: 1 Write trust deed (me being legal owner of the property my parents being beneficiary owners), expressing the split of income - I can look up example / template online for this 2 Send a cover letter to HMRC - stating my name, my parent's names, addresses, DoBs and explaining that I am the legal owner and my parents would be the beneficiary owners. Is there anything else I need to write in this letter? 3 Taxation - my parents live in Poland which has double taxation treaty with UK and you stated earlier that UK has first taxation rights on any UK property income - therefore: 3.1 I assume that by default, either my parents or myself on their behalf would need to submit the self-assessment each year. Is that necessary if the rental income for each of them would be below the £12,570 tax free allowance threshold (assuming they have no other income in UK)? They also do not have UTR or any other UK identifier (NINO etc.) - would I need to obtain those for them? 3.2 Does the income need to go to a specific bank account (held in my parent's name or trusts name) or can it go to any account? As they do not have UK residency, getting an account with UK bank might be difficult. Kind regards, Wojciech

Hi, sorry perhaps there is some confusion. I am not asking a financial planning question, I don't need a financial advice from you. I am asking two questions - which should be fully within HMRC's remit: Are landlords really liable to pay approximately 80% tax on their rental income - or am I missing something? I was told that Form 17 can be used to declare a different beneficiary owner of a property (from a legal owner) - as far as I can see, it only contains field for a spouse, not a parent. Which form can I use? Thanks Wojciech

Thank you. However I already asked a professional but they pointed me to HMRC as you are the ultimate decision makers on what I can or cannot claim. Who in HMRC can answer the above questions, if not you on this advisory forum?

Thank you - however when I had a look at Form 17, it would appear that it only allows me to fill a spouse / civil partner for joint ownership of a property. What I need is a form to declare my parent as a beneficiary of the income from the property, while me being the sole owner. What form can I use please? Also - what evidence is required? Is it copy of the written declaration of trust? Thanks

Thank you. The guide however does not say what the interest calculation would be. In my example, the interest would be approximately 1500 per year over 8 years? I am a higher rate tax payer, which I understand has 500 tax free interest per year (and I had no interest income over those 8 years). So suppose I would receive interest payment of approximately £12,000, use the 8x£500 tax free allowance and paid interest of 40% on the £8,000 = £3,200 - is that correct? As for my girlfriend, she would not actually receive a dividend from her employee shares - it would be a disposal of shares, which according to the information should be tax free. Does that need to be declared and / or taxed?

Thank you - but after watching the video, it did not actually answer the question - let's suppose below scenario: Assuming approximately 25,000 annual rental income 15,000 interest payments 1,000 tax free allowance (with no expanses being allowed) Being in Higher tax band of 40% from my employment income So based on that and the fact that I can only claim 20% of my interest payments as expanses (not even counting all the others - service charge, ground rent etc., need to look into those further) Then my calculations (hopefully incorrect) are: Paying to HMRC 40% of (25,000 - (0.2 x 15,000)) = 40% of 22,000 = 8,800 tax. Now I use the 1,000 tax free allowance, but still need to pay 7,800 tax. So in reality, I get 25,000 rental income, pay 15,000 interest to my lender and 7,800 to HMRC, I am left with 2,200 = effectively 78% taxation (not 40%) on rental income. Is that correct?

I have a question on tax and possible tax relief for employees. Specifically my case - I am an employee in a company, work regular office job using laptop provided by my company. I commute to our office daily. Recently however it was announced that our office would be relocating - current office would be closed for a period of three months and the new office would be further from my home, increasing my travel time and costs - significantly. Based on information I found online, employees can claim equipment 'if you use the equipment for work and there’s no significant private use' and travel / overnight stay but 'You cannot claim for travelling to and from work, unless you’re travelling to a temporary place of work.' https://www.gov.uk/tax-relief-for-employees/travel-and-overnight-expenses https://www.gov.uk/tax-relief-for-employees/buying-other-equipment This seems rather limiting as in my case: I would be traveling to a 'regular' place of work - it is just far and it is expensive (my initial estimate is around £15,000 per year) I might need to use hotel / overnight stay given the time and costs - though again, it would be a 'regular' place of work, not a temporary one I would need to buy equipment to work from home for three months - though I don't know if the equipment would qualify as 'having no significant private use' - I need things like chair, monitors, desk etc. What options do I have to claim tax reliefs on the above? I have regular job and regular place of work - though I would have significant (new) expanses because of the relocation of the office - approximately 20,000 the first year and 15,000 each of the following year (which is a significant percentge of my salary). Am I able to reduce my tax liability?

Thank you for the information - much appreciated. Can you please confirm: The declaration of trust - where, how would I need to submit it in order for HMRC to recognise this and not require the full tax from me? Or can I simply write the declaration of trust (using the example you linked), have a copy of it myself and another copy for my parents - and don't need to submit it anywhere? As for the 'default' taxation, are my calculations above correct - would rental income really be taxed at 90% effective tax rate - assuming approximately 25,000 annual rental income, 15,000 interest payments and 1,000 allowance (with no expanses being allowed) = paying 40% of 25,000 = 10,000, with the 1,000 allowance I would be paying 9,000 annual tax on rental income, which would only leave me with 1,000 of net income for myself? Even if I claim expanses, that might be around 2,000-3,000 GBP per year, it would still pretty much leave me with nothing if I pay 15,000 interest to bank, 9,000 to HMRC and only keep 1,000 myself - is that correct or am I missing something here?