Lucy

Hello, Should the Residence Address I nominate for capital gain tax purposes be similar to the Main Address I have in my personal tax account? Can I nominate a residence address but have my second address as the main address in my tax account? Thanks

HELLO, I bought my first property in Scotland in AUGUST 2021, and it was my main residence for eight months. Then, it was turned into a rental property, and I had a business partner sharing the ownership of the property with me in 2022. I bought a second property in 2023 and living in it. Of course, I have paid SDLT for a second home. I now want to sell my share in the first property. Would I be eligible to claim back SDLT on my second home, considering that more than 12 months passed since the date of buying the second property? and the fact that it was let for a year or so. I am still within 3 years from the date of buying the first property. Both properties are in Scotland. I appreciate your advice. Thanks

Hello, Is it possible to claim a tax credit (20% of mortgage interest payments) from a previous year? i.e. if I did not claim them last year, would I be able to claim them this year to be added to this year's tax-credit (a total of two years) tax credit? Thanks

Hi, thanks for your reply. The self-assessment account only shows the 2022-23 option. Could this maybe because the person wasn't registered before this year? And how to solve this? One more question: is the £100 penalty per year or per late filing (could be for more than one year)? Thanks

Hi, But I understand it is a business in my case here, as written here https://www.gov.uk/renting-out-a-property/paying-tax Running a property business {You have to pay Class 2 National Insurance if your profits are more than £12,570 a year and what you do counts as running a business, for example, if all the following apply: being a landlord is your main job you rent out more than one property you’re buying new properties to rent out]. Pls clarify ..

Hi, thanks for the information. Can you pls advise on how to file a previous year online? And how much would the penalty could be?

Hello, I have registered to HMRC - UK property income SA105 already and trying to file my self-assessment tax return now. I am a little bit confused and would appreciate your help. I run my own property business. It is my only full-time job. As far as I am aware, HMRC would consider this self-employment, and I can pay NI class 2. When I try to fill in the self-assessment, self-employment and rental income are two different sections. If I answer the question (Was your turnover more than £1,000 in total from all self-employments?) by yes, I have to add the earned amount later, then I would be also asked about (Did you receive income from UK land and/or property (including income from foreign property) over £1,000? ) and when I answer yes I would be also asked to add the earnings which make two entries for the same amount I earned. It seems to me that the only way is to delete the whole section of self-employment and only add the rental income section, which seems to disqualify me from Class 2 NI. My taxed earning is less than 11,900, and I am supposed to have NI class 2 treated as paid. Kindly advise on how to proceed with this. I would like to treat it as a self-employment business rather than just an additional rental income, as it is my only and main business.

Hello, If someone is filing a self-assessment tax return for this year 22-23 as year 1, is there any option to go back one more year and file for the year 2021-22, too? And will there be a penalty for the late tax return filing for 2021-22, considering that there will be no tax to pay? Thanks

Dear HMRC advisor, I am aware that gifts are not subjected to income tax. My question is if I have to declare the gift to HMRC when I file my tax return and if I would be asked to provide evidence that the amount received was a gift. The gift will be from abroad. I look forward to hearing from you

Thanks for the information. Could you please clarify if I am legally required to declare gifts to HMRC? if yes, how? and would they require evidence that the amount was a gift, if yes, what kind of evidence? Thanks