Saz Mo

Hi I my accountant submit my 22-23 tax returnd in NOV 2023 it also showing recived on hmrc website, but uptill now it is not been updated on the hmrc website. can you let me knowwhat is the resion for this delay Thank you 

Dear HMRC Team Thank you for your response. I would like to clarify the arrangement outlined in the declaration of trust. my friend is designated as the 50% beneficial owner of the rental income, while i am the 50% beneficial owner of the rental income as well as the 100% beneficial owner of the mortgage payments. according your response I would be able to claim the full amount of mortgage interest as an expense on my tax returns. have I understood correct? Thank you

Dear HMRC Team Me and my friend purchased a property, friend put 50% cash and I put my 50% by getting mortgage on my sole name also property is only on my sole name. So I am paying mortgage from my 50% share of income my friend dosent pay towards the mortgage because he put full cash towards his share. We have created a declaration of trust in it we have mentioned that I will be responsible for mortgage payments. I like to know can I claim mortgage expenses only for my self or do mortgage expenses have to be split?? Thank you [details removed by admin]

Hi HMRC Admin 17 thank you for your response, can you enlighten in the following situation please my friend put 50% cash as his share towards purchasing investment property and i took out 50% mortgage on my name as my share. and when we create declaration of trust we put a clause that i am responsible for the mortgage payments and the mortgage is only on my name. as i am paying mortgage from my share is it possible that i can use the whole mortgage interest expense towards my tax account kind Regards Sazid

Hi HMRC Admin 2 the following was your response, (Posted 2 months ago by HMRC Admin 2 ) (Hi, Where there is evidence such as a declaration of trust that your friend is entitled to a share of the income, then it is not necessary for their name to be on any tenancy agreement. How you split the share of any income from the property and how you split any expenses claimed, including mortgage interest payments, against that income is a matter between you and your friend. There are no definitive rules for this.))) so my accountant is saying that income and expenses have to be split 50/50, he wants to know where can he find about the split of expenses as you have mentioned, in HMRC manual. Thank you Sazid

Hi HMRC Admin 20 this is the same question but previously I put it down incorrectly so it was misunderstood. so can you clarify it again please. I have purchased a property on my name ( the legal title is only on my name ). my friend put money towards the purchase but his name is Not in the legal title, ( NOT JOINT Names) so I have made a declaration of bare trust to split the rental income. Could you please help me with some questions 1) does my friend's name have to be on the tenancy agreement as a landlord with my name or only my name as a landlord can work? 2) the mortgage is only on my name, do i have to split the mortgage interest with my friend as an expense or only I can use it as the certificate of interest will be only on my name Thank you 

Thank you HMRC Admin 17 Can you tell me what do you mean jointly owned? As I have mentioned the legal title is only on my name, Does this count as jointly owned? Thank you 

Hi HMRC Admin 20 Thank you for your prompt response, You have mentioned (This guidance relates to a property owned jointly with a friend as mentioned in your question.) Just want to clarify that the property is only on my name ( only my name is on legal title) my friend is 50% beneficiary on the deed of trust Regards 

Hi HMRC Admin I have purchased a property with my friend, but the legal title is only on my name so i have made a declaration of bare trust to split the rental income. Could you please help me with some questions 1) does my friend's name have to be on the tenancy agreement as a landlord with my name or only my name as a landlord can work? 2) the mortgage is only on my name, do i have to split the mortgage interest with my friend as an expense or only i can use it as the certificate of interest will be only on my name Thank you Sazid

Hi HMRC Admin 10 I have sent a declaration of trust to determine whether it is valid as you have asked me to do, its been two months no response from HMRC so i called, but they can't find my documents it was posted recorded delivery. i also have send form 17 in April they have all the documents but not dealing with it. so can you help me with these matters, please Thank you Sazid