HMRC Admin 25 Response

Hi colinbeckenham Erridge,
Thank you for your question.
With regards the mortgage interest, any expense must be incurred wholly and exclusively for the purpose of the rental business.
So long as you can demonstrate that you’re incurring the expenditure then it would be allowable.
Further information is available at:
Tax relief for residential landlords: how it's worked out
You can back-date your claim by up to 4 years so a claim for 2019-20 would need to be received by 5 April 2024.
Thank you. 

Hi Zoe Fong,
Thank you for your question.
We have assumed you are a UK tax resident.
As far as rental income is concerned you only need to complete a tax return if your net profit was £2500 or more or the gross rents (before expenses) were more than £10,000.
So based on the amounts you have quoted you do not need to complete a tax return.
You can either phone us and give details of the rental income and expenses or write to us with the details.
You can use this link to see whether you need to complete a tax return for any other reason:
Check if you need to send a Self Assessment tax return
Thank you. 

Hi celeste110,
Thank you for your further question
Although the tenancy contract ceased on expiration , rental income continued to accrue.
In much the same way as outstanding arrears of rent are taxed on receipt, the only expenses allowable would be the costs incurred in collecting that debt.
Although there is no valid contract , it is not possible to claim your own rental expense as a deduction from your rental income.
Thank you. 

Hi Eunice Tang,
Based on the limited information given in the original question you have referred to it as share option that has been sold and therefore falls under Capital Gains Tax. as the amount is within the annual exempt allowance, no tax would be due.
Thank you. 
 

Hi ACTS,
The period 17-31 August will be considered UK income as it was carried out here.
You will therefore need to apportion your August salary to reflect this and then claim Foreign Tax Credit Relief for the tax paid - this will also need to be apportioned.
Thank you. 
 

Hi jspenc125,
It depends on how much you pay in for the pension and the amount of gain that you have as it will be based on your total income.
Please refer to:
Capital Gains Tax rates and allowances
Income Tax rates and Personal Allowances
Thank you. 

 

Hi Cookie Cook,
Yes it is always Taxable in the UK.
Thank you. 
 

Hi Carla Capeto,
We can't comment on HMRC policy.
There is a set list of items that can be used for verification.
Thank you. 

 

Hi Karen,
You might as it depends on any UK income that you receive.
Please refer to:
Tax on your UK income if you live abroad
Thank you. 

Hi Tony
For those figures no. you may however want to report it in a letter so that the losses are on record should you wish to use them at a later date.
Thank you.