HMRC Admin 25

Hi Shades of Blue,
Webchat covers Capital Gains Tax enquiries and queries would be answered by our technical tax officers.
You may also find guidance  here:
https://www.gov.uk/browse/tax/capital-gains
Which includes calculators and advice on how to report and pay Capital Gains Tax.
Thank you. 

 

Hi James Eddie,
We can't advise of the reasons why anyone would voluntarily ask HMRC to check their valuation, as that is down to the individual.
However, some people, for example, may want the piece of mind that their valuation is accurate enough for HMRC and that it will not result in repercussion further down the line.
Thank you. 

 

Hi susan Finch,
Yes, you are correct. 
Thank you. 
 

Hi HMRCGEEK,
No, there is no tax liability arising from the gift for either you or your daughter.
The interest arising from the NRO account is not taxable in India, however, it is taxable in the UK.
As you daughter will be in receipt of the interest, your daugher will need to declare the overseas interest in a Self Assessment tax return.
Thank you. 
 

Hi CEP,
Thank you for your question.
Whether or not your Sister would need to complete a Self-Assessment tax return to disclose her 50% of the rental income would depend on the following criteria:
Her net share of the rental income exceeds £2,500,
Her gross income exceeds £10,000 or more irrespective of any expenses to be set off.
Or if her usual abode is outside of the UK, where she would then need to register as a Non-Resident Landlord under the NRL Scheme.
If none of these criteria are met, then she may wish to disclose her rental profit/loss via PAYE by phone on 0300 200 3200, via webchat Twitter to @HMRCcustomers or letter to “PAYE and Self-Assessment, HM Revenue and Customs, BX9 1AS, United Kingdom”.
Thank you. 

Hi abbeysea chan,
Thank you for your question.
HMRC do not get involved with who a customer decides to employ/hire as their property Agents.
Expenses for management fees are deductible.
Please refer to:
PIM2210 - Deductions: main types of expense: salaries and wages of employees
Thank you. 

Hi mitaka,
Thank you for your question.
Deductions for travelling expenses are covered in:
PIM2220 - Deductions: main types of expense: travelling expenses
The starting point will depend on if your rental business is administered from your home or an outside office.
If an office outside your home then the cost of the journey between home and the let property or that office will not be allowable.
But the cost of travel from your office to the rental property may be allowable if it is incurred wholly and exclusively for business purposes.
Thank you. 

Hi njc23,
Thank you for your question.
If you are receiving your property income from a letting agent, then you can include their details.
Thank you. 

 

Hi Amanda Fisackerly,
Thank you for your further question.
I would advise you that the rental income received by the estate since the date of death and up until the administration of the estate has been finalised will be taxable at a flat rate of 20%.
No Personal Allowances are available to offset against the income.  
Thank you. 

Hi njc23,
Thank you for your further question.
I would advise you that you would make a claim for UK personal allowances by completing the necessary part of the SA109 form so you would not be required to also submit an R43 form.
You will be required to submit a Tax Return each year by the 31 October following the end of that tax year if you are completing a paper tax return.( IE. 2023/24 tax year ending 5 April 2024 you will need to submit a paper tax return by 31 October 2024).
Please note that both yourself and your wife will need to register for Self Assessment and complete your own individual tax returns.
If you jointly own the rental property with your wife then you must split and declare the rental income in a 50:50 split.
If you wish to split the income in any other proportion then you will be reqiuired to make a Form 17 election.
Please refer to the following link :
Declare beneficial interests in joint property and income
You can claim any allowable expenses in respect of the rental property within the SA105 form.
Although you must keep evidence of any allowable expenses incurred in case they are requested in the future it is not necessary for you to submit any receipts/evidence at the same time as you submit your tax returns.
Thank you.