HMRC Admin 17
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RE: State Pension reporting on Self Assessment return.
Hi,If you have a personal tax account then you can check your tax code which will show the state pension coded.
Alternatively you can contact HMRC for the details :
Income Tax: general enquiries
or contact DWP :
Contact the Pension Service .
Thank you . -
RE: NRL1 form
Hi,
Thank you for your question.
Here is then link from our web site to the form NRL1.
You will note that there is a link to the online form and the postal form .
Thank you . -
RE: non resident landlord tax
Hi,
Thank you for your questions.
You have many questions some relate to residency status which would not be answered in this forum.
My advice would be to call HMRC on 0300 200 3310 as you should discuss this with a technical adviser.
This is because depending on your residency status in a tax year can affect your reporting procedure as a landlord.
Thank you -
RE: Property Allowance and Tax Reduction
Hi,
Thank you for your question.
Firstly if you are completing an online SA return you can claim property income allowance or expenses whichever is the greater. interest on the mortgage is entered in 'residential property finance costs'.
The finance costs is a tax reducer not an expenses.
Therefore you should enter your total rents minus your total expenses(without the mortgage interest).
This will give you a net profit figure.
Once you enter the interest figure in the finance costs box the sysytem will automatically
calculate 20% of that figure and reduce your OVERALL tax liability accordingly.
You do not need to do anything further.
I have attached some guidance that may help :
Tax relief for residential landlords: how it's worked out
Thank you -
RE : Income Tax form 17
Hi,
Thank you for your question.
As you have stated, a Form 17 would correct in declaring beneficial interests in the property if they are to be of an uneven share.
I am unsure as to why the Deed of Trust would need redacting in this case, however, I would advise to complete a Declaration of Trust to accompany the Form 17 and have a copy available as HMRC hold the right to request this in the future.
I would contact the mortgage lender for further advice as different providers may have separate rules and regulations, although as this involves beneficial interests in terms on rental income and expenses, I would speculate this may not be necessary.
Thank you. -
RE: VAT Refund Delay - Payment to Insolvency Company
Hi,
Please advise your insolvency practionner to call our Helpline on 03002003700 so that we can look in to this as a repayment
shouldn't take this amount of time .
Thank you . -
RE: VAT for Deposit
Hi.
If the deposit is an advance payment then it will create a tax point when you receive the payment and
so if the payment is never received then no tax point is created.
Please see the guidance below,sec 14.2.3
See :
VAT guide (VAT Notice 700) .
Thank you .
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RE: Receiving rental income for a foreign property that is owned by someone else
Hi,
Thank you for your question.
Overseas properties are treated the same as UK properties for the purposes of rental income.
See :
PIM4702 - Rent from property outside the UK: Income Tax (IT) .
Therefore this means that expenses are allowable if the expense incurred was 'wholly and exclusively for the property business.
I have attached some guidance for your to consider .
PIM2010 - Deductions: general rules: applying the wholly & exclusively rule
Thank you . -
RE: Allowable expenses after tenant leaves sole rental property
Hi,
Thank you for your Question.
You can deduct from post-cessation receipts expenses that would have been allowable had the business continued from date the tenant left to the sale date.
This would be relevant to maintain the property for a later sale.
See: PIM3000 - Beginning and end of a rental business: post-cessation receipts and expenses .
Thank you . -
RE : How to claim Substantial Shareholding Exemption on CT600
Hi,
This would be Included in your computations which accompany the tax return .
Thank you .