HMRC Admin 20 Response

Hi D629597,
How the payment made to a SIPP is made up is up to you. you cannot take into accounts the personal savings allowance or tax already deducted on the interest when working out what you want to pay.
Thank you.

Hi GMETax,
If your income is over £12570 then you will pay tax whether this is derived of dividends or earnings. F
or pension purposes the dividends are not earned income.
Thank you.

Hi Lesley Cooke,
You would need to advise HMRC to review if the Self Assessment needed.
You can contact HMRC at Self Assessment: general enquiries
Thank you.

Hi Karel Travnicek,
Please write your current address on the EIS Certificates. 
Thank you.

Hi Nicholas Prendergast,
I apologies for any confusion caused by previous answers given in respect to your previous questions.
Your wife must be a part owner of the property, therefore, you would need to amend the property deeds and include her as a beneficial owner.
Following this action, you can then split the rental income. Normally the rental income is split 50/50 unless form 17 and Deed of Trust is completed and submitted to HMRC.
Additional information can be found at PIM1030 - Introduction: jointly owned property & partnerships
and TTSEM9812 - Property held jointly by married couples or civil partners: Overview: two main rules
Thank you.
 

Hi sw2048,
You can claim Rent a Room Relief, which enables you and your wife to split the exemption limit of £7,500 and each utilise £3,750.
You would complete the supplementary income property page of your tax return and your wife would do the same.
Additional information can be found on our website at: -
PIM4012 - Rent-a-room: more than one source
and
PIM4020 - Rent-a-room: receipts below exemption limit
Thank you.

Hi romeeeeo,
Rent a room relief is an optional scheme that allows you to receive £7500 in rent each year from a lodger, tax free.
However, this only applies if you rent out furnished accommodation in your own home. If it is a shared property, you can claim £3750 each.
You need to live in the property to receive rent a room allowance.
If the income from your room is above the threshold you will need to complete a Self Assessment tax return.
Further guidance is available at: Rent a Room Scheme (Self Assessment helpsheet HS223). 
Thank you.

Hi markinnes74,
You will use the “foreign” section of your tax return to record your overseas income and gains.
You should include income that’s already been taxed abroad to claim Foreign Tax Credit Relief.
The double charge is relieved by deducting the overseas tax paid on the property income from the UK tax due on the same income.
Further information is available at: PIM4702 - Rent from property outside the UK: Income Tax (IT).
You will also receive notes to help you complete the foreign pages when you are sent your Self Assessment tax return.
Thank you.

Hi ASTJW,
The emphasis is the purpose of the loan, not how the loan is secured.  
The capital element is not deductible.
To the extent the loan is used for the rental business, then the loan interest and any loan arrangement fees are allowed as a deduction.
Note that from tax year 2017/18, the tax relief that landlords of residential properties get for finance costs is gradually being restricted to the basic rate of income tax. You will need to calculate your tax relief for finance costs for residential properties differently.
The amount of tax you pay will stay the same unless your total income (without a deduction for the finance costs) exceeds the higher or additional rate threshold.
For guidance, please see:- Tax relief for residential landlords: how it's worked out  
Thank you.

Hi Ella Harriss,
Yes as you are not in a business partnership please follow the guidance at PIM1030. “the share of any profit or loss arising from jointly owned property will normally be the same as the share owned in the property being let.  
But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed.”  Please draw up an agreement in writing & keep it in a safe place.  This might need to be sent in as evidence of the split but only if we ask to see this.
Thank you.